India being one of the largest economies in the world is mainly a cash-based economy. Cash transactions constitute around 12% of the GDP. This is quite a high percentage compared to other emerging economies. If the cash component is higher, it brings few challenges with it like cash management, lack of records, evasion of tax and forged currency. In order to make India less cash-dependent, in 2016 Reserve Bank of India (RBI) reaping the benefit of the emerging digitization trend gave birth to the National Payment Corporation of India (NPCI). The NPCI launched a mobile-based payment system through which real-time bank transactions can be done known as Unified Payment Interface (UPI). This move redefined the Financial Technology (FinTech) Industry.
Unified Payment Interface (UPI) is bank to bank instant real-time fund transfer system based on a mobile platform. For UPI a transaction, a smartphone is the principal device for both customers and merchants.
Unified Payment Interface has been a great revolution in FinTech Industry. Earlier, it was all about online web transfers and debit/credit card transactions. However, UPI has become instrumental in achieving a greater share for single transactions amounting to Rs. 1 lac.
Below are the main features that male UPI applications unique:
The primary benefits of UPIs are as follows:
Here is a step by step guide to check UPI ID post download and setting up the UPI app
Unified Payment Interface has now become a popular payment option and the need of the hour. Majority of small businesses have already adapted to UPI. Even medium and large businesses have also begun using UPI. It is highly convenient option and eliminates the hassles of cash handling marching towards making India, a cashless economy. For merchants, it is best to use to payment gateway services to feel a safe and secure transaction experience.
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