UPI Payment – Industry Insight- Finacus

Gone are the days when payments were made in cash, and one had to wait in long queues before he or she could withdraw some. UPI payment has brought about a revolution in the payment industry. It has helped enable seamless transactions across the globe from one bank to the other. Ever since the introduction of UPI, there was no looking back, and its success story continues to be a characteristic example. People are trying to explore the benefits of payments made through UPI and are spreading a good word about how it changed the way they made transactions.
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The Growth

Of the numerous digital modes of payment available in the payment industry, UPI has become the most preferred payment method. More and more people are relying on it for making online transactions. Eventually, the number of transactions being made through cards has declined instantly over the last few years. Not just this, many customers switched from Cash, Cards, Prepaid Payment Instruments to UPI and are already experiencing its best benefits. Given that, there is no doubt in the fact that there is a surge in the number of UPI transactions being made on a regular basis. The growth of this payment method is pretty visible and continues two-fold with each passing day.

Breaking Records

The UPI solution providers have tasted success and are climbing high on the ladder ever since they have introduced UPI. The payment method continues to break records and achieve greater milestones. As each day is passing, the payment method is crossing unexpected figures and a majority of the people are now relying on this method for making transactions. The value of transactions made through the UPI method within a month is already in trillions. Furthermore, a plethora of banks are now a part of UPI, and the numbers seem to increase every month.

The Role Of Regulators

While certain factors are governing the growth of UPI, the role of regulators is the most crucial amongst them all. The regulators are contributing to the growth of UPI adoption by expanding the acceptance of the UPI payment system. The regulators are not only promoting the adoption of this method but also introducing the same to new payment areas. It is removing fees on UPI transactions and helping in the easy adoption of this method. To simply put, the regulators are the drivers of UPI adoption and have paved the way for the acceptance of this method by all.

Increased Transaction Limits

While there is a low transaction limit for the traditional methods, these limits have been doubled per day by the National Payments Corporation of India for all the verified merchants. UPI allows users to not only pay credit card bills but also the payments for brokerage, loan installments, and mutual funds. The increased transaction limits ensure that the users can pay the required amount for their loan or bills in one go without any hassles.

The Features

The UPI payment gateway has made payments easy for customers without a doubt but the bonus of security assurance while making transactions is what makes this method a preferable choice. One can make payments through UPI with the click of a button and within seconds. This payment gateway is safe & secure while allowing users to even request money. You can make payments at any time and file complaints as well in case of any trouble. One cannot ignore the added advantage of paying bills through reminders that the users get.
  • Round the clock money transfer on all days of the year
  • Simplified merchant payments through a single device 
  • Easy bill sharing option 
  • Handling multiple bank accounts through single application 
  • Raising a complaint for your issue is easy 
  • The VPA or the virtual payment address is the only requirement. 

Final Thoughts

There is a lot of scope of UPI shortly and it is already paving way for digital platforms of the next generation. The gateway is providing better information and any bank interested in the same may request a demo of FinUPI to wisely take the decision.

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