Financial transactions were complicated and slow until online banking entered our lives. Wire transfer methods like NEFT and RTGS made it easy to send money to any bank account online if you know the beneficiary’s account number and IFSC code. Things got better when banks began to introduce mobile banking apps.
However, not all banks have mobile apps to facilitate online transactions. That’s where UPI and payment apps became popular. Many users prefer the best payment app in India for their online payments. UPI is short for Unified Payment Interface, a platform that allows users to send money online using their mobile phones. It is fast, secure and efficient.
UPI transactions are made either to a bank account or to an e-wallet. Every UPI app user is allotted a unique UPI ID and a QR code. You need to enter the beneficiary’s phone number (the one linked with the UPI account), the UPI ID or scan the QR code to send them money through the mobile app.
But from where does the money get debited on your side? Well, when you create your UPI account, you need to link your user id with your bank accounts. The money will be debited from the bank account you choose and sent to the beneficiary. It is simple to transfer money from the bank account to the e-wallet on the UPI platform. In this case, the money will be debited from the e-wallet.
Sounds good. But why is UPI this popular? Why do we have so many mobile payment apps in India?
The answer is simple.
Mobile payment apps have a neat interface and are designed to increase user experience. The main focus is on allowing instant money transfer between two parties. As long as the mobile phone has a stable internet connection, there’s nothing to worry about. The app developers take every care to ensure data security since the UPI platforms will be connected to the internet.
You have to create a 4 to 6-digit UPI PIN to complete the transaction. When compared to net banking, which requires a bundle of information and two passwords, mobile app payments are super quick and easy.
Most banks allow UPI transactions, though not all banks have mobile apps of their own. Using a UPI app is a better choice in such instances.
You can make the payment in different ways (ID, mobile number or QR code). Payments can be sent to merchant accounts and savings account using the same method.
There is no transaction fee for UPI payments. You can make as many payments as you want per day.
UPI apps work 24*7 unless there is a technical issue. That means you can send money to another person anytime you want.
The famous mobile payment apps offer special discounts and cask backs for using the app. Merchants who join the payment app’s network can offer exclusive discounts to customers who make payments through the app. The Fave app is well-known for offering cashback on every successful transaction.