No doubt the dependence of people to their smartphone is more than anything else and this is the only gadget which incredibly supports online payment technology. There is no need to mention how the online payment assistance ushered its presence in today’s era which divides a thick line of difference between online and offline mode of payment. This online mode gets a complimentary bonus of UPI (Unified Payment Interface) introduced by National Payment Corporation of India (NPCI) which have potentially accelerate the growth in the digital payment system.
The only objective for introducing this advanced mode of payment interface is to make India and its residents habitual of the cashless transaction for every minute needs. Also, it aims to make the transaction process simple and easy to undertake for users so that they never mess with any sort of difficulty while processing. In short and simple sense, UPI enables all the bank account holders to send or receive fund transfer from another person via their Smartphone. This can only be done when they download their banking app or can also be possible with the digital wallets like paytm, phonepe, freecharge, tez like online payment oriented interface. Once the user of the app creates their own choice of Virtual Payment Address (VPA) and links it to their personal bank account, their journey to virtual world starts.
Benefits user will avail once they acknowledge the comfort-payment oriented features of UPI:
- Compliment the digital wallet platform for the user to avail rewards in return.
- Didn’t add the hassle of complicated procedure for the user
- Allow the user to get out of the IFSC code, bank account number type of outdated requirement
- Simplified the process to only a unique ID/Virtual ID for instant peer-to-peer payments
- User can independently link multiple VPAs to a single banking app or wallet application
- Didn’t charge a single paisa for providing the comfort of instant and hassle-free payment
- Offers safe, secure and frictionless transactions to all consumers
- Provides multiple platforms to the user to make its full use for seeking its much-added advantage
After going through its stress-relieving benefits for making spontaneous benefits, there is nothing wrong to say that UPI is a win-win for users in a way that they get their purpose to fulfill and avail rewards in return too. Because of its benefits for easing the task of the user, it is considered as a revolutionary innovation in the entire banking sector. Therefore, why depend on cash when the online mode is available to ease the need for money transfer. Without maintaining any official hours, you can justify the monetary transaction at your own pace as the online transaction is feasibly available for 24×7. There is no restriction on any restricted holiday or odd hours, or during the mid-night.
Thus, get off the outdated zone of standing in the long queue of the bank and do it at your own comfort which is safe, secure and spontaneously reacts for your instant needs.