Unified Payment Interface (UPI) is among the most advanced method of payment among all the options available for digital commerce.
This payment mechanism allows instant money transfers without bank details. It does so using a virtual payment address. In this article we look at the benefits of UPI:
1. Cheapest Way of Money Transfer
UPI is the most economical method for fund transfer. The nominal charges make UPI a strong way to promote non-cash transactions of small amounts.
UPI minimises and mitigates cyber security concerns. Since bank details and information isn’t requires for payments using UPI the risk of them being hacked is eliminated. Also the authentication takes place at your smartphone. The level of security is increased by using two different PINs. You can easily make it discrete while typing at your smartphone.
3. One UPI App Many Accounts
When you use an online payment gateway that has UPI as a feature, you no longer need multiple apps for different bank accounts. A single UPI can be used to access many bank accounts.
4. COD Without Paying Cash
About 80% people choose the option of cash on delivery while shopping online. Behind this choice lies a simple apprehension about being delivered the wrong product. Also for expensive purchases you may not always have cash on hand or an ATM nearby. UPI puts an ends to this hassle. With UPI you can choose the COD option without actually paying in cash and using the instantly UPI fund transfer. Of course the merchant should be using the UPI fund collection facility as well.
5. Immediate Payee Registration
Usually a waiting period is required before you can make transfers to a new payee online. This time could be from half an hour to up to 48 hours. UPI requires no waiting time, so an online payment gateway with this feature is the most preferred choice for e-commerce businesses.
Owing to the many advantages relating to cost, efficiency, ease for customers, and highly secure nature of transactions that UPI brings, it is the most coveted feature eCommerce owners look for while choosing an online payment gateway. If you are in search of a payment provider for your online business or are looking to change from your existing one, take care to check for the UPI feature before you finalise your decision.