Tag Archives: UPI payment

The growth and acceptance of UPI can be entirely attributed to the ease with which it can be installed on the mobile phone and used without any complexity. The wide-scale availability has also been because of the widespread Digital India campaign. Today, UPI payment is not only used for payment purposes but also for fund transfers, paying recurring utility bills, and even investing options. All of this is under one umbrella entity.    What is UPI? A UPI is an online mobile application that connects different bank accounts for fund transfers for varied purposes, depending on the user's needs. It was introduced in 2016 by the National Payments Corporation of India(NPCI). It is instant and accessible as it has a user-friendly interface, enabling the switch to digital modes of payment. The fund transfers happen through a Virtual Payment Address(VPA), and there is no need to link the credit/debit card for the same.   Why has UPI payment become so famous in India? Safe and secure  The Central Bank of India regulates it. It has two-factor verification, followed by an authentication process by the merchant, providing extra security for the payments.    Hassle-free The best part of using this payment mode is its hassle-free process. There is no need to fill in the details repeatedly, and it only takes two-factor verification to set up the application on your mobile phone. All you need is to enter the PIN before making the transfer.   No transaction cost The UPI application charges zero transaction costs for making payments, which are instantly made using fiat currency within the financial system, providing interoperability among digital payment infrastructure.    Accessible It appeals to people of all generations as it has become reasonably accessible and easy to understand. Even the vendors nowadays use UPI, which shows that it does not need tech-related knowledge to operate it. It can not only be used in India, but it is also now available abroad.   Demonetization and Covid-19 The aftermath of demonetization led people to hold the currency digitally rather than in hand, giving UPI the boost it needed, and COVID-19 encouraged people to make paperless, no-touch transfers, making it even more popular in India.   Which is the best UPI application in India? You can enjoy all the benefits mentioned above by downloading the Stashfin app! It is a leading financial services platform that provides fund transfers supplemented by credit availing options, giving it an advantage over others.  It is highly user-friendly and available for both Android and IOS. It provides a simple, clean, easy and efficient navigation over the entire platform. Furthermore, it also has an option to buy now and pay later, giving the space to plan the budget accordingly. Users can link their credit lines to their UPIs, thus enabling them to make all kinds of purchases without getting a credit card. Conclusion  UPI is the future as it has revolutionized how people make transfers. As people become more accustomed to the technology, they find it more useful. This shows that its utility will increase manifold in the coming time.  If you plan to switch to online UPI payment, try Stashfin! It has become a favorite among its users and plans to take it further by providing seamless services as always.

India is undergoing a digital financial revolution that has shaken the digital payments landscape. India’s flagship instant payment system UPI has put India on the map for digital payments and also put India in a position where it exports UPI to other countries.  Around 30 countries have already adopted UPI, with Indian tourists being able to make payments in Rupees through UPI in France, starting with the Eiffel Tower, and more are expected to follow.  But what is the future of UPI Payment? How will this revolutionary payment system develop in the future? Let us find out. What is UPI?  UPI, or Unified Payments Interface, is a real-time Instant inter-bank payment system. It allows users to link multiple bank accounts to a single mobile application and enables seamless, instant fund transfers between individuals and businesses.  UPI payments are quick, secure, and convenient, eliminating the need for traditional payment methods like cash or cards. All you need to do is link your bank account to a UPI payment app, and you are ready.  What are the advantages of using UPI? There are several advantages to using UPI over traditional payment systems. Not only is it better regarding accessibility and reach, but you also do not need to carry cash and change everywhere.  And also, due to its nature, it is quick, widely accepted, and easy to use. Along with that, there are a few more advantages to consider.  Virtual Payment Address (VPA) Users can create unique VPAs linked to their bank account, making it simpler to make payments by removing the need to share bank details. Multiple Bank Account Linking  UPI apps in India allow users to link multiple bank accounts to a single UPI-based payment application, allowing you to choose and make payments for all your accounts without leaving the app. Scan to Pay  UPI enables users to make payments through QR codes, allowing users to scan the merchant's or their friend’s QR code using a UPI app and authorize the payment seamlessly. Secure and Encrypted  UPI transactions are highly secure, leveraging encryption techniques and two-factor authentication, such as PIN verification or biometric authentication, to protect user information.   What is the future of UPI Payments in India? 1. UPI Pay Later The availability of a line of credit, commonly known as UPI Pay Later, has further enhanced the appeal of UPI payments in India. UPI enables users to buy now and pay later to make purchases or payments without immediately debiting their bank accounts. This provides individuals to make payments using a predetermined credit limit.  2. Offline UPI Payment In a country like India, where internet connectivity can be spotty, offline UPI payments might be your savior. This game changer allows users to initiate transactions up to Rs. 5000 without an internet connection. 3. Instant foreign payments With the rapid adoption of UPI in the international market and the acceptance of the Indian Rupee in several countries, one can expect that UPI will allow for better trade as well as instant transfers of funds across borders.  Conclusion Now that you know what is UPI payment, why it is beneficial to use UPI, and what the future of UPI payments in India looks like, you will be able to make better use of it.  Building on this, Stashfin has continued to innovate and has built on the idea of buy now, pay later by integrating their line of credit offers to UPI. This will enable people to make all kinds of purchases without getting a credit card through the revolving credit method.  You can access their LOC of up to Rs 10 Lakhs to make payments everywhere UPI is accepted if you don’t want to dip into your savings.