From a cash-dominated economy to online payments, India has seen revolutionary growth and is projected to increase to 439 billion by 2028-29. UPI (Unified Payment Interface) has allowed users to make instant payments via their bank accounts, leading to seamless and quick transactions and making it a popular choice among customers.
Due to their increasing popularity, several UPI payment apps have dominated the market. But with so many options, how can you choose a safe and secure platform? Let’s discuss the basics of UPI, its key features and factors to consider before selecting the right application.
Table of Contents
What is UPI Payment?
UPI is a digital payment system that allows users to make payments instantly via their bank accounts with their smartphones. It has almost eliminated traditional payment systems like cash, cards, and wallets. UPI is a fast, secure and convenient way to make payments online anytime and anywhere.
Key Features of UPI
Before getting started, here are some features of UPI to understand:
- Users can make transactions instantly (pay or receive money), anytime and anywhere, including holidays.
- The apps offer various payments, including utility bills, subscriptions, DTH, metro card recharge, etc.
- Users can link their multiple bank accounts to one UPI ID.
- Various merchants use UPI, allowing users not to carry cash or cards everywhere.
- The details used are end-to-end encrypted, making it a secure transaction option.
Key Factors to Consider When Choosing an Online UPI Payment App
With a number of UPI applications available, choosing a safe and secure one is quite overwhelming. However, if you consider the following points, then it might not become that difficult:
- User Interface and Experience: Use an easy-to-use application with a clean user interface. This minimises the scope of risks and errors, saves time, and builds user confidence.
- Security: The app should offer major security to users as it is a top priority for them. Look for a platform that offers features like biometric verification (face or fingerprint), multi-factor authentication, and end-to-end encryption and has a good track record of security.
- Transaction Limits and Fees: Some apps have transaction limits and processing fees. Users must know the payment limits when making high-value transactions. Some apps are free, while others charge platform fees. One must compare these before downloading and using them.
- Bank Support: UPI payment apps link multiple bank accounts, giving users flexibility to make transactions. One must check if their bank is available in the application, eliminating the hassle of switching to other apps for making payments. Various platforms offer multiple banks, enabling users to link their accounts and do transactions conveniently.
- Rewards and Offers: Nowadays, applications offer various rewards like discounts, loyalty points, and cashback, mostly linked to bank account credit and debit cards. If you are looking to save some money while making payments, choose the app that frequently provides rewards and offers.
- Customer Support: Customer support is as important as any application’s services. One must choose the online UPI payment app that offers multiple support options, such as chat, email, or any contact number, making it easy and convenient for users to register their complaints and make smooth transactions.
- Compatibility: Last but not least, the application must be compatible with your smartphone and its operating system, android or iOS.
Wallet Vs UPI: Which is Better?
The two main online payment methods, wallets and UPI, both offer convenience and cater to users’ needs. Here’s a comparison table to help you select the best as per your needs:
| Criteria | Wallet | UPI |
| Meaning | Stores money electronically and can be used for making transactions | Make transactions instantly from the bank accounts |
| Bank Account Linking | Not necessarily linked to the bank account | Linked to multiple bank accounts, enabling instant transactions |
| Speed | Fast, but requires adding money beforehand in the wallet | Fast and instant as money is directly deducted from the bank account |
| Convenience | Convenient for storing money and making payments | Extremely convenient for making quick and instant payments |
| Security | Secure, but funds are added to third-party wallets | High security as it includes transactions directly through banks |
| Transaction Limit | Only a limited amount is stored | Have higher limits related to bank policies |
How Do I Pay With UPI?
Once the right app is chosen, here are the following steps to learn how to use it:
- Download a trusted online UPI payment applike Bajaj Finserv on your smartphone.
- After linking it to your bank account, create a UPI ID and PIN.
- Scan the QR code or enter the contact information of the person you are paying.
- Enter the amount and recheck the information twice. After this, confirm the payment.
Tips For Safe and Secure UPI Payments
Following are some tips that one must follow to make the payment safe:
- Use a strong UPI PIN and never share it with anyone.
- Check transaction history and regularly monitor your account.
- To enjoy more features, keep your app updated.
- Avoid using public Wi-fi to reduce the risk of hacking.
- Ensure biometric verification and two-factor authentication are used.
Conclusion
As discussed above, UPI will be the most used payment gateway for users as it offers more convenience and security features. Hence, users must consider certain factors and tips when choosing the right UPI application for hassle-free transactions. It is also important to know your needs and preferences, and by keeping all the points in mind, you can enjoy the convenience of seamless payments.
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