If there was any impressive revolution noticed in the Indian payments space in 2019, then it was the UPI payment app undoubtedly. It is one of the beneficial things widely used and appreciated in the last few years. UPI navigated apps have also made a huge impact on the payment eco-system.
From being recognized as a “reliable source” to being one of the fastest payment modes ever introduced into the economy, UPI apps have completely revolutionized the orthodox thinking of people for money, banking ecosystem and the technology that overpowers it. The advanced features of the UPI payment app have changed the way we recharge our mobile, and pay bills. In addition to this, it has become a trusted source to send and receive money between the Bank Accounts linked with the mobile number.
Through this post, you will get to know that how the UPI app is a safe payment mode and what makes it better than IMPS. Have a look below which summarize the benefits of UPI apps presence in the 21st century.
- Free transfer of funds
There was a time when you were instantly charged approx 5% of the amount for the fund transfer. Also, VISA and Mastercard still charge 1-2 % of the amount for making payment. However, IMPS and NEFT fund transfer are not that much costly, but it would also charge a certain amount. On the other hand, the UPI is the cheapest. The cost of funds transfer via UPI is so low that Banks and most of the payment apps like paytm have made it free.
- Can be used for making small transactions
Earlier, nobody used their debit or credit card for paying ₹5 or 10. Usually, transactions from the card are costly and take a few minutes in processing. This is why many small shopkeepers used to avoid card payments. But the UPI payment app has completely changed the scenario. Now every shopkeeper, as well as street vendors widely, accepts the UPI payments. The ease and low-cost transactions had made it feasible for shopkeepers and consumers as well.
- Maintain the privacy of accounting details
You would agree that the comfort of online payment also comes with the possibility of fraud. This is why most of us are afraid to share the accounting details and card details with anyone. To address the security issues, UPI is a reliable solution to all problems. It has found a safe and secure way of transferring funds without the disclosure of bank and card details. Whereas in the IMPS, you have to share your banking details for funds transfer.
- Instant funds transfer
Generally, the UPI payment app is an advanced version of IMPS. Thus, it works 24/7 and allows you to transfer or receive money anytime and from anywhere. The UPI app not only allows for instant transactions, but its registration process is also instant as compared to IMPS.
The revolution of UPI is changing the way digital payments are being made in the country. There a number of certified UPI apps and there are more that are being launched. Use the UPI integrated app to transfer money at the pace of your convenience and reduce your frequent visits to ATM as well as to banks.