Unified Payments Interface, more commonly known as UPI, has grown beyond bounds in 2021. Since its inception in 2016, it has grown in popularity across the masses. As per the most recent product statistics, this payment method recorded more than 4 billion transactions worth Rs. 7.71 trillion in the month of October 2021.
Most consumers in India now prefer using UPI for digital payments because of various reasons. These include:
- Works on IMPS and is available 24×7
- Consumers can initiate transactions from any UPI app
- Ease of transfers with virtual payment addresses
- No extra charges to be paid by the consumers to use UPI for digital payments
Local vendors, food courts, or online stores, consumers can pay anywhere using UPI as a payment method. However, it is not only beneficial for the consumers. Businesses can also benefit from accepting payments online using UPI.
Want to know more about UPI for digital payments? Read the key reasons to use UPI solutions for your business here.
Simplifies online payments
UPI will help you streamline business payments with instant authentication and immediate money transfer. With this payment mechanism, customers can pay directly from their bank account without entering the bank account or card details. Here, the Virtual Payment Address (VPA) is utilized to make payments through the UPI. Also, customers can pay via their preferred UPI apps that support UPI flow.
As a business owner, you would want to deliver a seamless shopping and payment experience to your customers, which is possible by integrating UPI for digital payments. It also enables you to provide an efficient checkout experience to the buyers who wish to pay via their smartphones using any of the UPI-linked accounts.
Read More: All About UPI AutoPay
Easy to go cashless
India’s excessive dependence on physical currency acts as a hurdle for many business owners who want to accept digital payments. If you want a solution to switch to cashless payment collection and disbursal, rely on UPI for digital payments.
UPI enables you to collect payments directly into your bank account, while customers can instantly pay you online through mobile devices. Major players in the online business sphere in India have made it big by making the most of UPI as a payment method. With UPI adoption, you can eliminate the conventional cash-based payment collection process and start accepting payments online.
Enhanced security of payments
Many customers avoid making online transactions or card payments because of their security concerns. This is one reason why many businesses also avoid accepting payments online. However, if you look at the digital payment adoption rate, one-third of Indian households now make digital payments in one form or the other, as per NPCI research.
Business owners now rely on UPI for digital payments because it ensures the security of payment transfer. This mobile-based payment method uses VPA or UPI ID for transactions. Also, 2-factor authentication and end-to-end encryption make it safer for online payments for both customers and businesses.
Fits all business use-cases
Do you look for features like instant notification of payments, simple authentication, real-time tracking, high-volume retail payments, and zero charges in a payment solution?
You are not alone. Every business – big or small, offline or online, needs these features, which is what makes UPI a highly popular payment method amongst businesses. It has all the features that an evolving business to deliver a simplified payment experience to their consumers.
Besides, you do not require any additional payment setup to avail the benefits of this disruptive payment method. You can easily integrate UPI solutions into your payment systems.
How can Paytm UPI solutions help you drive growth for your business?
Paytm, being the pioneer of digital payments in the country, offers comprehensive UPI solutions for businesses to empower merchants to create an enhanced customer experience. With Paytm UPI, you can digitize the whole process of business payments and make it more productive, flexible, and cost-effective.
With several useful features including UPI Intent and UPI Collect flow, Paytm brings the best value proposition for the growth & success of your business. Advanced technical infrastructure and high transaction success rates in the industry give Paytm UPI Solutions an edge over the competitors.
Accepting UPI for digital payments is crucial for modern businesses. You can stay ahead in your business landscape with Paytm’s highly trusted UPI solutions and start accepting payments online.