India has been constantly developing in various fields. One of the notable fields that has made our lives much easier now is banking. We do not need to visit the banks every now and then, at least to withdraw money or transfer them to some other account. Cashless transactions are one of the best things that have happened over the years and even if you do not carry your wallet for shopping now, you can still come back with hands full of bags. Your smartphone can work like your debit card and even that money transfer counter of your bank.
As a matter of fact, for online payment, it is best if you use UPI-enabled apps. Before we go further, let us first discuss the concept of UPI.
What is UPI?
A unified payments Interface (UPI) is basically an instant payment system that helps in transferring money from an individual’s bank account to the other individual’s bank account. It was developed by an RBI-regulated entity named NPCI (National Payments Corporation of India), over the infrastructure of IMPS. One of the best things about using this app is that you can use a UPI client app, and add several bank accounts to a single app.
UPI has already become very popular and helps people to go cashless even for daily transactions. In just a few years, many of the banks are going live on UPI and the values of the transaction are increasing. As per the UPI Product Statistics data shown by NPCI, 142 banks were live on UPI in June 2019.
Benefits of UPI
UPI has certainly gained a lot of popularity ever since it was founded. And there are lots of reasons behind its popularity; let us discuss some.
As you use a UPI-enabled app, you can experience the smoothest payment process. For example, you are transferring funds, you have to open the app, enter the 4-digit passcode. Now you have to choose the payee to who you intend to make the payment. Now enter the amount which will then be followed by entering the mPIN. And, you are done.
Round the Clock Availability
With the help of UPI, you can transfer funds at any time of the day. It is way faster than IMPS and NEFT. Through a UPI-enabled app, you can transfer money instantly.
No charges for transaction
To make a UPI transaction, you will not have to pay any extra charges. It is completely free.
It is better than Wallets
While you use wallets, the money that comes to you will stay in the wallets. However, in the case of UPI, the money will come directly to your account and also be deducted straight from your account.
Apart from these, there are several other benefits of using UPI. Although there are several UPI-enabled apps in India; however, if you are an Airtel customer, you can use Airtel Thanks App. It uses the interface of BHIM and sends and receives money instantly. To install Airtel Thanks App, you can use Google Play Store or iOS App Store.
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