The significant growth in online payments based on changing lifestyle and consumer behavior has led to the rise in UPI’s popularity. In fact, 2021 has been the year for UPI’s exponential growth – from the total value of UPI transactions of Rs 4.31 lakh crores in Jan 2021 to Rs 8.26 lakh crores in Dec 2021. Currently, there are 304 banks live on UPI (as of Feb 2022), making it easier for both consumers and merchants to start accepting payments online.
The ease of making payments, particularly the instant fund transfer, is one of the key reasons behind UPI’s growth as a digital payment option. If you are a business owner, no matter small or big, you must understand the benefit of accepting UPI payments for your business and various related aspects.
Before we move on to discuss the ease of accepting UPI payments via Paytm, let’s get into the fundamentals.
Online payments simplified using UPI
UPI, as an immediate real-time payment system, helps in transferring funds from one bank account to another through a mobile platform. It also allows multiple bank accounts to be added to a single mobile application. Some of its key features include:
- Instant fund transfer
- 100% digital usage
- 24 hours availability, even on holidays
- Unique UPI for different banks available for platforms like Android, iOS, and Windows
- Best suited for merchant payments and utility bill payments
UPI helps you streamline business payments with instant authentication and immediate money transfer. With this payment mechanism, your customers can pay directly from their bank account without entering bank account or card details. Here, they use Virtual Payment Address (VPA) to make payments through the UPI. Also, customers can pay via their preferred UPI apps that support UPI flow.
Recommended Read: Four Reasons Why You Must Consider UPI for Digital Payments
What’s in UPI payments for your business?
It’s simple and effective to accept business-related payments
The main intent behind using UPI is to give complete freedom and ease to the customers to pay via their smartphones. It is then coupled with the security of two-step authentication. With the selection of the right UPI app having an easy-to-use interface, both you and your customers can benefit from UPI payments.
UPI, as a payment platform, is highly reliable, interoperable, and secure. It has the required features to empower your business with easy payment acceptance.
It can help you grow your customer base
Many UPI payments solution providers offer some interesting features that make it efficient for modern businesses. For example, Paytm Payment Gateway offers UPI Intent integration to allow your customers via any UPI app or UPI-linked bank account. Similarly, there is UPI Collect via JS Checkout that enables you to accept payments online with minimal coding.
The easier it will be for your customers to pay you online, the bigger your customer base will be. UPI payments will not only improve the customer experience but also help you manage payments in a better way.
Benefit more from using Paytm UPI solutions
As the leading payment service provider in India, Paytm offers UPI payment solutions for merchants to make it easier for them to accept payments online. You can accept payments directly to your bank A/C with Paytm UPI integration.
On the other hand, customers can pay via various methods, such as:
- UPI ID (VPA): Customers can pay via UPI ID on the 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 payments page on your website or app.
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At Paytm, we ensure that merchants collect payments seamlessly while delivering an exceptional customer experience. With end-to-end UPI payment support, 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.
Also, Paytm has a high success rate and supports leading acquiring banks for UPI payments. All your UPI transactions are safe and secure with our 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.