The increased penetration of internet-enabled smartphones has marked the rise of online transactions in India. Undoubtedly, our country’s payment infrastructure has been uplifted into an advanced platform with UPI (Unified Payments Interface). A UPI payment is a centralized facility that does not rely on individual banks.
The prime objective of UPI Payments is to simplify digital payments and make them accessible to everyone, and it has been successful in doing so. When you transact via UPI, you tend to get a lot of cashback and rewards on transactions.
What is UPI?
UPI is a real-time payment platform produced by NPCI (National Payments Corporation of India). It supports online money transfers between bank accounts via one single application. With a single tap, you can easily pay your electricity bills, recharge your mobile, and transact money with your friends online. Moreover, it is simple, free of charge and instantaneous. Also, a UPI payment can be made 24/7 throughout the year.
Why is it popular?
The UPI applications have a user-friendly interface that makes it easier to execute online payments efficiently. You can easily link multiple bank accounts on a single app like a digital wallet. However, the amount gets debited directly from your bank account.
Is UPI safe?
A UPI payment is totally secure. You can quickly transfer funds using your Virtual Payment Address (VPA). Now, what enhances the security level are features such as two-factor verification and merchant authentication. The NPCI claims that it is the most secure platform for cashless transactions.
Which is the best mobile app to make a UPI payment?
As mentioned above, UPI supports online money transfers between bank accounts via one single application, and it also matters which application you use. In my scenario, I use the ‘Bajaj Finserv: UPI, Pay, Loans’ application which can be easily downloaded from the Play Store (Android) or App Store (iOS). Now, trust me, this is one of the most accessible applications to use when it comes to online payments.
(This is not promotional content. Just sharing my personal experience.)
So, this application was recommended by my friend who, round the clock, does digital payments only. A fun fact is that I only downloaded this application to make digital payments whenever I go out for groceries or a quick bite. But, when I downloaded this application, I saw that it offers a lot. So, this application has sorted my life from personal loans to paying bills for almost everything.
Well, here is a list of things I do via this application –
- Online payments while shopping, grocery etc.,
- Bill payments (Mobile, DTH, Electricity, Piped Gas etc.)
- Municipal tax payment
- Online electronic shopping
- Investments (Fixed deposit, SIP)
Before diving deep into how this application works, let’s learn the benefits of online payment in the current times. A UPI payment saves a lot of time, is contactless, and even helps reduce the stress of managing cash. Do you really carry cash in today’s era when every single vendor/shopkeeper and even an online portal readily accepts online payment?
How to use this application?
- Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application from Play Store (Android) or App Store (iOS).
- Enter your mobile number.
- After receiving the OTP, you’ll enter the home page.
- Here, you can easily see all the offerings.
I genuinely believe this app is an all-in-one game changer. Why use various applications for a UPI payment or, in fact, other kinds of payments too? Save the storage on your smartphone with this application.
Although it’s totally upto you which application you should use, I recommend this one due to its features.