As time has evolved, so have the payment methods around us. Ten years ago, for example, people used to rely heavily on cash and use it for every single purpose. Fast-forward to 2024, where we are all dependent on our smartphones for almost everything! This is where UPI (Unified Payment Interface) steps into the game.
Developed by the National Payments Corporation of India (NPCI), UPI has absolutely emerged as one of the game changers inside the financial panorama. When it comes to everyday transactions, UPI is a much better and better choice than traditional banking for obvious reasons.
Today, in this article, we’ll understand its benefits and features to determine why UPI overpowers traditional banking methods!
What is UPI? Why do most of the people rely on it only?
It is basically a real-time payment method in our country. That allows seamless cash transfers from one bank account to any other instantly, free of cost, and clearly via an internet-enabled mobile device.
Here, a UPI ID or a Virtual Payment Address (VPA) comes into play with the intention to transfer money. One may even send by means of deciding on the receiver’s contact from their phonebook or coming into the receiver’s touch.
Therefore, from transferring funds between individuals and businesses, making online purchases, paying utility bills, and shopping at even small stores via QR codes, UPI has come a long way.
Hassle-free and convenient
UPI’s number one appeal lies in its potential to offer unparalleled comfort. With a mobile device, an internet connection and the right UPI application hooked up on it, one could perform a variety of transactions without the need to visit a financial institution.
Instant and super fast
Traditional banking methods often involve delays, especially for interbank transfers, and they are not operational during holidays. UPI eliminates these delays by offering real-time transaction capabilities, making it ideal for immediate payments and transfers. Remember that UPI works 365 days a year and round the clock!
Wide adoption
This payment method is accepted across various platforms and services. From online shopping and bill payments to peer-to-peer transfers, you name it, and UPI offers the facility! Furthermore, the integration of UPI with major mobile payment apps like Bajaj Finserv has further driven its adoption, making it a crucial part of the digital payments ecosystem in India.
Easy to track
It is a well-known fact that keeping track of your expenses is quite a challenging task. However, UPI tends to address this concern. This is because it offers transaction history that captures every payment made via the platform.
Best UPI app in 2024
If you are planning to start your UPI journey or switch from the app you are using currently, then ‘Bajaj Finserv’ is highly recommended! This is basically a one-stop solution to all your financial needs, and trust me, it is simply the best application for UPI payments.
I’ve been using this application for more than a year now, and it is simply amazing. Apart from being the best UPI app, it has many perks, such as the ability to invest via this application and even avail any type of loan with just a few taps. Highly recommended!
Final thoughts
All in all, UPI is undoubtedly one of the best methods for everyday transactions. You don’t have to fumble for cash; you simply need to carry your smartphone with an active internet connection.
Lastly, its 24/7 availability, instant transfers, and wide acceptance of such digital wallet around the country make it a preferred choice.
