With significant growth in online payments due to the changing lifestyle and post Covid-19 effects, UPI has gained immense popularity among Indian customers. Mobile-based UPI payments have shown a great value proposition for one and all. It has created many opportunities for the whole payment ecosystem, including customers, merchants, and banks as well.
As of Sept 2020, 174 banks are live on UPI, and the number of UPI transactions grew to 1.80 billion. Ease of making payments and instant fund transfer is the key reason why UPI payments are gaining more interest. UPI as a payment method is a valuable option for any business, small or big.
Paytm is the major platform that provides comprehensive UPI solutions apt for your business. Before we move on to how Paytm helps you in the long term, let us discuss UPI more in detail, its effectiveness, and the opportunities it offers to modern businesses. But first things first:
What exactly do we mean by UPI?
UPI does not require any introduction, and its popularity has grown significantly. An instant payment system developed by the National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) allows immediate transfer of funds between any two bank accounts through mobile devices. It is an entirely digital process that offers benefits to both customers and merchants with seamless authentication and faster payment.
Simple yet effective
Simplicity and effectiveness are the two watchwords that describe UPI well. The main aim here is to give complete freedom and ease to the customers to pay via their basic smartphone coupled with the security of simple two-step authentication. Moreover, UPI apps like BHIM and Paytm provide a simple yet effective and easy-to-use interface to both customers and merchants.
UPI makes the sending and receiving of money faster and more convenient. Leveraging the increasing presence of mobile phones in India, UPI is a mobile-first platform that is more economical, reliable, interoperable, and secure. Thus, the integration of UPI features in your payment system will not only empower your business but also helps in increasing your customer base.
Gaining the interest of users
UPI technology offers some interesting features that make it efficient for modern businesses. With the UPI intent flow feature, customers can pay via any UPI app or UPI linked bank account on merchants’ app or website. Besides, merchants can leverage the UPI Collect feature to accept payments from customers through UPI easily.
All such advantages of UPI enable merchants to automate their payment process and grow their business essentially. It is a boon for all sizes of merchants across diverse industries.
With so much potential UPI has to offer to the Indian market, businesses must focus on integrating UPI payment solutions into their system/platform. It will not only improve the customer experience but also merchants manage customer payments better.
Also Read: A Merchant’s Guide to Payment Gateway Settlements
Discover more possibilities with Paytm UPI solutions
As the leading UPI service provider for businesses in India, Paytm offers profound UPI solutions for merchants who wish to improve their business payments. Now merchants can accept payments directly to their bank A/C with Paytm UPI integration. Accordingly, customers can pay via various methods, such as:
- UPI ID (VPA): Customers can pay via UPI ID on the merchant’s payment page during checkout.
- UPI apps: Paytm UPI allows customers to pay via their preferred UPI apps on mobile devices.
- UPI linked bank accounts: Customers can also pay via their bank accounts linked to Paytm UPI via the merchant’s payments page.
At Paytm, we do great at making sure that merchants collect payments seamlessly while delivering an exceptional customer experience. With end-to-end UPI transactions, Paytm offers brilliant features such as interoperability, easy two-step authentication, and all-in-one SDK to ensure smoother UPI payments and better management of your transactions, which ultimately helps in the business development. Multiple payment options and a custom checkout experience are other exciting features that Paytm offers for your enterprise.
Being the most reliable payment gateway for UPI, Paytm has one of the highest success rates and supports leading acquiring banks for UPI payments. All your UPI transactions are safe and secure with its anti-fraud technology and superior technology infrastructure. Rely on our robust UPI solutions and go digital with Paytm to ensure easy & efficient payments for your growing business.
