We have been listening to UPI, net banking, mobile banking, and many such FinTech innovative words in little less than one decade. Well, it has all become possible because of the rapid digital transformation. This has not only brought every purchase under one click but also under one umbrella. UPI that stands for Unified Payments Interface is a system where multiple bank accounts can be accessed in a single mobile application. The system has merged all the banking facilities, merchant payments, fund routing in one interface. The best part of this UPI payment system is its “Peer to Peer” request to collect which can be scheduled as and when required. Since its launch in the year 2016, banks have been uploading their UPI payment gateway-enabled application on Google Play Store or iStore.
UPI system is considered as one of the greatest offerings to the people when it is about offering a fully integrated, seamless, round-the-clock banking solution. It’s anywhere and anytime banking makes it more than an app. It is actually a bank in the pocket where all the services can be availed with ease.
For banks, it was not an easy task to adapt to the rapidly changing digital transformations. But they had to. UPI solution providers made sure that the banks stayed relevant with the evolving market. It was an ecosystem that the banks could not afford to give a miss because it would have put a question mark on their existence. With a highly secured encryption format, two-factor authentication method, etc, UPI payment is not at all easy to tamper with and thus making it highly secured. In addition to this, since different service providers like eCommerce websites and food delivery applications participate in UPI, banks had to switch to it proving their loyalty to their customers. This cloud technology has been beneficial in several ways.
The use of the UPI payment system has offered long-term benefits like flexibility, agility, scale, performance that outweigh the costs. This cloud-based approach has helped keep the cost down by enabling quicker de-provisioning and provisioning of systems. The UPI solution providers have left no stone unturned when it comes to developing a scalable architecture. It is not only about reliable, simplified payment and transfer options but also about interoperability in different retail payment systems. This UPI payment system is more than a digital wallet. Banks with this UPI payment gateway can redefine a different banking service for their customers- from brick banking to click banking without any hassles.
Banking services have changed a lot. Financial institutions are looking forward to applications that could ease and cater to a wide range of services to their customers. Finacus brings in a 360⁰ financial solution- from transferring money to facilitating bill payments just in one click. Call for a demo.