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.
UPI services have put India at the forefront of the digital financial revolution and made it a global power. Not only making financial transactions easy, convenient, and accessible to the masses with functionalities such as scan and pay. But how does it work? What is the future of UPI Payments? How will this impact your business? Let us find out in this definitive guide to UPI payments for businesses. What is UPI? UPI is a payment integration that allows instant real-time inter-bank person-to-person or person-to-merchant transactions. It is so revolutionary that India is now exporting it to other G20 countries, with almost 30 countries already adopting UPI as a payment method. Popularity of online UPI payment has soared with the pandemic, clocking over 74.05 billion transactions in volume and ₹126 trillion in value, with its transactions volume and value almost doubling since 2021, according to a recent report. This means that a majority of businesses have already adopted UPI and are reaping the benefits from it. Whether you are a new adopter or someone using UPI for their business for years, this guide will help make things more straightforward and help you make the right choices. Benefits of UPI payments for businesses Integration with UPI payment gateways UPI services provide businesses with secured and free payment gateways to integrate into their existing systems or websites. This can be done by partnering with a payment aggregator or using software development kits provided by UPI apps. Payment Links UPI enables brands to request payment from customers directly using their preferred UPI apps. Businesses can generate and share payment links with customers through email, SMS, or other communication channels. Customers can click the link and complete the payment using their preferred UPI app. QR Codes Businesses can boost ease of payment by generating UPI-enabled QR codes and displaying them at payment counters or on their websites. Customers can scan these codes using their UPI app to initiate the payment. What is the impact of the availability of a Line of Credit on UPI Payments? India is an emerging economic superpower, and its citizens have been supercharged with easy credit availability from a host of lenders. This has made making financial decisions and purchases much more straightforward, enabling people to buy what they want when they want. When this thought is combined with UPI, we get an incredible vision for the future of UPI and UPI-based payments. UPI Pay Later is one aspect where people can buy now and pay later by paying that initial loan amount and interest at competitive rates. This is where Stashfin comes in. Stashfin is one of the best UPI app in India due to its integration of the groundbreaking aspects of UPI and its premier credit line offerings. Credit line or line of credit allows customers to make purchases or payments without immediate debit from their bank accounts, providing them greater financial flexibility and enhancing their purchasing power. This can, in turn, boost sales and customer loyalty for businesses. Conclusion Offline and online UPI payment have become a game-changer for businesses, enabling seamless and secure transactions. UPI transforms how companies accept payments with benefits like instant payments, versatility, cost-effectiveness, and enhanced security. By leveraging the best UPI apps in India, companies can tap into the vast potential of UPI payments and provide their customers with a convenient and hassle-free payment experience. Furthermore, the availability of line of credit options on UPI payments offers additional advantages, such as increased purchasing power and customer satisfaction. As UPI continues to evolve, businesses should stay updated with the latest features, integrations, and innovations to leverage its full potential.
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.
The world is looking for India and its revolutionary inter-bank instant payment system, UPI. India’s flagship instant payment system UPI has reached even France now, with Indian tourists being able to make payments using rupees starting at the top of the Eiffel Tower. This has put India on the map for digital payments and also put India in a position where it exports UPI to more than 30 countries. Although UPI apps are already widely adopted in almost every part of India, not many know what UPI is. How to use it, and what are its benefits? Let us find out. What is UPI? UPI is a payment integration that allows instant real-time inter-bank person-to-person or person-to-merchant transactions. UPI’s popularity has soared with the pandemic as people shifted from physical currency to digital payments. According to a report, it is now used by more than 300 million people monthly as of November 2022. Making it one of the most widely used payment systems in the world. What is the impact of the availability of a Line of Credit on UPI Payments? What are the features of UPI Payments? Instant Transfers UPI allows instant fund transfers between different banks in real time, making transactions quick and convenient for its users. QR Code Payments Scanning a QR code and paying is the quickest way to transact. All one needs to do is to open their UPI app, scan the code, input the amount you wish to send and confirm using a pin. This allows for a seamless transfer of funds without unnecessary steps. Virtual Payment Address (VPA) UPI apps allow users to create a unique VPA linked to their account, allowing for a secure transfer without remembering and sharing your bank details for every transaction. Secure and Encrypted With the growth of UPI, there has been a constant fear among a part of the population over its safety. But it is important to note that UPI transactions are highly secure and use state-of-the-art encryption techniques and multi-factor authentication to protect users’ information. Multiple Bank Account Linking Several UPI apps allow for linking multiple bank accounts, allowing for seamless switching and the ability to use all of them for payment when you wish to without having to juggle numerous apps. This allows for greater flexibility and choice when making transactions. How to pay through UPI? All you need to do is to add your bank account to a UPI app. Then you can scan the recipient's QR code or search them using their VPA or phone number. Afterward, you can choose whether you want to send the money through your bank account or the digital wallet linked to the UPI app. You will then be needed to input the amount you want to transfer to the recipient. Once you confirm the amount, you need to enter the pin to confirm the payment. This makes UPI simple and instant for both users and merchants who don’t need to do anything other than set up their accounts and get the QR codes for their physical stores. In the case of e-commerce, the merchant can integrate UPI using secure payment gateways, allowing for quick and easy money transfer. What is line of credit in UPI India is seeing an unprecedented rise in easy-credit availability as a growing economic superpower. This has allowed Indians to make financial choices they might not have been able to make thus far. It puts the power back in their hands and allows them to make the purchases they might not be able to then. UPI has added this functionality with UPI Pay Later, a buy now, pay later system which allows users to borrow money at competitive rates based on predetermined amounts. Building on that idea, Stashfin has continued to innovate and integrated its line of credit offering to UPI. This will enable people to make various purchases without dipping into their savings. Conclusion Now that you know what UPI payment is, how to use a UPI payment app, why it is beneficial to use UPI, and what the future of UPI payments in India looks like, allowing you to make better use of it. By integrating a line of credit into UPI, users can buy their weekly groceries and pay them within 30 days without paying any interest. This allows users to stave off debit when awaiting their salaries.
India is going through a digital financial revolution, and UPI payment app are leading it. This has put India on the world map for accessible instant payment apps. One of the main features of these apps is scan and pay, making it widely accessible and hugely accepted by everyone from 5-Star Hotels to the tea stall on the road. Stashfin is at the forefront of this revolution by offering the functionalities of UPI along with the benefits of its Line of Credit. Users can link their bank accounts to the Stashfin mobile app, and users who have applied for Stashfin’s LOC will get access to up to Rs. 10 Lakhs to make payments through scan and pay. What is Scan and Pay? Scan and Pay is a convenient and secure digital payment method that allows users to make payments by scanning a QR code using a mobile payment app. It eliminates the need for physical cash, cards, or manual entry of payment details. It is predominantly used in UPI-based transactions, which allow instant real-time interbank person-to-person or person-to-merchant transactions. UPI’s popularity has soared with the pandemic, clocking over 74.05 billion transactions in volume and ₹126 trillion in value, with its transactions volume and value almost doubling since 2021, as per a recent report. It is so revolutionary that India is now exporting it to other G20 countries, with almost 30 countries already adopting UPI as a payment method. But this has also been made possible partly due to scan and pay functionality. Why use Scan and Pay? Scan and Pay, along with UPI, offers unmatched interoperability and convenience. UPI apps in India have made inter-bank transfers easy and quick and has also boosted financial inclusion in the country, allowing anyone and everyone to use its functionalities. This interoperability has made UPI wallets an excellent choice for most people as it allows people to make small cashless payments without having to access their bank every time. This has helped make digital wallets that were not widely used or accepted due to being semi-closed and requiring people to have multiple wallet apps to pay and receive money a viable option for most people. It also adds an extra layer of security as it will enable you to carry a preloaded sum of money which can protect you in case someone gets access to your phone. How to use Scan and Pay for UPI payment? Making UPI payments using Scan and Pay is very simple. All you need to do is add your Bank account to the Stashfin Mobile app and select the Scan and Pay option. UPI payment apps in India activate the smartphone's camera, allowing the user to scan a QR code displayed at the merchant's store or on an invoice. You can then select the payment method, whether you want to pay through your bank or card or want to avail of our line of credit. You can then verify the payment details, such as the recipient's name and the payment amount. After which, you can just confirm the transaction using the UPI pin. The money will then be securely transferred to the recipient's bank account. This can be done within 30 seconds, and the money is instantly transferred, making UPI quick and convenient for users. Conclusion Scan to pay is thus leading the digital payments revolution in India by making convenience and accessibility its key features marking its spot firmly in the financial space. And integrating the functionality of line of credit to instant payments using UPI will further revolutionize this space with easy credit availability and allow people to make the choices they haven’t been able to do so yet. Enabling them to avail greater financial independence.
If you are self-employed, then you are well aware of the fact that the need for funds can arise at any point in life. Be it about expanding your business, renovating your residence, or planning a vacation with your loved ones; the list goes on and on. A personal loan for self-employed is relatively easy to avail these days. Long gone are the days when you actually had to travel to the nearest bank or financial institution to avail it. Nowadays, it is all about downloading the right application on your smartphone. What is an instant personal loan? As the term suggests, it is basically a loan type that offers quick and easy access to funds to borrowers who plan to fund their personal expenses. Unlike a car or home loan, an instant personal loan for self employed is unsecured and doesn’t require any collateral. The lender only takes into consideration the creditworthiness of the borrower. Once applied for, it is usually approved and disbursed quickly, often within just a few hours. Only basic information, such as income, employment details, credit score, etc., must be provided by the borrower. Why do people prefer a personal loan? Improves Credit Score When you avail this type of loan, you are in for a good ride. This is because when you make timely payments, your credit score improves. You demonstrate to the lenders that you are a responsible borrower, which in future helps you qualify for better loan terms and rates of interest. No Collateral Required These types of loans are unsecured in nature, which means you, as a borrower, don’t have to put up any collateral in order to secure it. So, by not having to put up collateral, an instant personal loan for self employed is a lower-risk option. It is entirely different from a home or car loan, where such a thing is mandatory. Flexibility When you go for this type of loan, you are not bound to use it for a particular purpose only, like in the case of a home or car loan. Instead, a personal loan means you can use the funds for your personal matters. For example, it can include renovating your home, buying an electronic appliance, or planning a vacation. Instant access to funds A personal loan is often approved and disbursed within just a few hours. This factor plays a very important role in times of emergency and urgent situations. Moreover, even the whole procedure for applying the same is relatively easy and straightforward, which also takes no time. Therefore, the potential borrower gets instant access to funds. Consolidating debt Another reason why people prefer a personal loan is because it helps in debt consolidation. So, in case you have multiple loans or credit card balances yet to be paid, this loan can help you consolidate them into one lower-interest-rate loan. This helps in saving money in interest charges and simplifies monthly payments. Conclusion Therefore, a personal loan for self-employed is one of the best options to go with if you are looking for instant funds. However, keep in mind that if they are easily accessible, you should not exploit them and spend them wisely. Moreover, due to the lucrative interest rate, it is a much better deal than a credit card.