UPI – The New Age In Money Transaction
Technology in finance or fintech has played a very important role in building a brighter and better future. People can handle their bank account, their transactions, and other formalities using their phones and computers without having to step out of the house, which is safe, less stressful, and very convenient. People can also pay their bills and other stuff online without having to deal with cash, which again is safe. Fintech has made people and the world well advanced, knowledgeable, and also tech-savvy. People nowadays have to be tech-savvy looking at how the world and everything around is advancing. The ultimate aim is to make everything virtual because of the pandemic, which is a really good initiative as people don’t have to step out of their houses with the virus around.
One of the most advanced and life-changing features under Fintech is the introduction of UPI (Unified Payments Interface) for online transactions. In this way, people can pay and receive money using their phones. This avoids the exchange of cash which is not safe during this pandemic. People can pay an individual, a merchant, a shopkeeper or can also pay their bills by scanning a QR code. The phone will be linked to your bank account, which will help in receiving and sending money. This method is possible because of a number of apps like Paytm, Google Pay, Paypal, etc.
UPI Is One Of The Best Inventions Of The Last Decade
The Unified Payment Interface or the UPI has proved to be one of the best and most important inventions of the last decade. It makes life much simpler and less complicated. There are many reasons behind the UPI being a successful invention. It is fast, hassle-free, easy and one of the safest ways of receiving and sending money to someone, this can be done anywhere and at any time. People don’t have to carry cash or cards wherever they go, people can pay money using their phones easily and without any hassle. UPI also saves a lot of time as it just needs a single click authentication and the UPI ID to carry out any transactions. Another great advantage and feature of the UPI is that you can easily link all your accounts to one ID on the UPI app. It also allows fund settlements in real-time. If the app is not responding or if there is any problem with the transactions, you can raise a complaint directly from the UPI app. With the invention of UPI, there is no need for a person to carry cash and access the ATMs unless they need cheques encashed. Again this is really helpful and safe as people can just sit at home and make all the payments, without going to the ATMs to withdraw cash and then paying the bills and other stuff. A single UPI can be used for different bank accounts which makes it more convenient to use. The transactions which are made with the help of the UPI app are free of cost. Another reason why UPI is better than wallets is that the wallets don’t pay you any interest in keeping your money. But in the case of UPI, the money stays in your bank account so you keep getting the interest on the money which is kept in the bank account. This is one of the main reasons why UPI is better than wallets. UPI is easy to use and more simple than online bank payments, starting off using UPI is worth it, safe, and less time-consuming.
The Future Of UPI
The UPI or the Unified Payment Interface has made a lot of progress in India. People are now exposed to technology and have gained more knowledge on how the world works. Every shopkeeper, vendor, and even the cab drivers have UPI nowadays, which is really good as the exchange of money through cash can be avoided, this is very important especially during this pandemic. India is becoming digital day by day and people are getting to live a simple and less complicated life. Study shows that in India 143 banks are live on UPI platform, the UPI has crossed 1 billion transactions and has over a 100 million active users, which is mind-blowing. India becomes the first country to cross 1 billion transactions in the UPI field, which is something to feel proud of.
Now the question arises regarding the future of the UPI. Study shows that UPI will continue to grow in India and at a fast pace which is great news. UPI serves the goals of the RBI such as cashless society, universal electronic payments, and financial inclusion. Since UPI has only one unique ID of the recipient, it can replace other modes of money transfer like NEFT, IMPS, and RTGS. The future aim is to replace the other modes of payments, as UPI makes the transactions very simple and convenient. The UPI should be encouraged in the areas where cash is still used to pay the bills and finish other payments. People in rural areas should be introduced to UPI so that life becomes easier and the future becomes brighter.