Gone are all those days when you had to carry a bulky wallet full of cash and debit/credit cards to buy something or pay the bills. Online payment in this digital world has made it extremely easy for you to make cashless transactions at your convenience. Access to real-time online payments has become an imperative notion in today's digital world. India has been making giant strides towards promoting a cashless economy with a Unified Payment Interface (UPI).
UPI refers to a digital payment platform that helps to enable fast interbank transactions. It is a system that allows to integrate multiple bank accounts into a single application. This digital platform helps to merge several banking features into one hood. UPI payment has made it extremely easy and seamless to transfer money or pay for expenses with just a few clicks on your smartphone while staying in the comfort of your home. Ever since the introduction of UPI service in 2016, it has achieved numerous milestones and has continued to be a success story till now. Do you wonder what is the reason behind this rise? Here is a detailed guide for you to understand the UPI payment development ever since its introduction.
What is UPI?
The National payments Corporation of India (NPCI) is an organisation that operates a retail payment and settlement system in India. In 2016, it conducted a pilot launch for UPI with 21 member banks to promote hassle-free transactions. With its introduction, several banks started to upload their UPI-enabled apps to Google Play Store to encourage online transactions.
The main reason behind the substantial hike in UPI transfer is its hassle-free functioning advantage to the large population. In addition, it further accelerated global innovation in payment technology by cutting out the intermediaries and inducing greater competition.
In order to digitise the fintech industry, the government of India has also started strategising different policies to promote digital payments over the past few years. These initiatives have been working to make India a digital and cashless economy. Riding on these initiatives, digital transactions have grown manifold in India from INR 2,071 crores in the financial year 2017-18 to INR 5,554 crores in the financial year 2020-21 and are growing exponentially.
The other facet of this digital journey is the 'Aadhaar digital-identity' program that has expanded economic inclusion for hundreds and millions of citizens. The motive behind the UPI payment introduction was to create a neutral marketplace and a platform that is easily accessible to all and at a low cost. To ensure healthier competition, the Reserve Bank of India (RBI) has wisely placed explicit limits on UPI transfers.
UPI apps like Bajaj Finserv are designed in a way that requires strong two-factor authentication to make sure that the users are safe from digital fraud. The Bajaj Pay UPI offered by Bajaj Finserv is undoubtedly the safest and most secure service. We ensure that our customers stay safe from financial fraud.
UPI payments can boost India's GDP by a greater amount in upcoming years.
How UPI works?
- Simple and individualistic
Paying and receiving payments using a UPI ID is quite simple. You can send money with just a few clicks on the Bajaj Finserv app. The UI/UX of our app has been enhanced and simplified so that it can be easily operated by anyone. - Innovative
The Immediate Payment Service (IMPS) has been paramount for UPI's success. Entering a UPI ID as opposed to the lengthy bank account number and/or IFSC code, has made transactions extremely effortless. - Inclusive
The interoperability feature of UPI lets use send or receive money seamlessly once you have signed up on the UPI app.
Security
UPI apps are fostered with reliable levels of security, ensuring end-to-end data protection to their customers.
For UPI payments, The Bajaj Finserv app should be your go-to app for UPI payments. We offer a 24*7 instant money transfer facility to our users and ensure complete confidentiality of your financial data. Furthermore, the interface of our app is quite easy and straightforward so that users can use them easily without any hassle.
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