UPI payment, or UPI, stands for Unified Payment Interface. It is a payment system that was developed for retail payments and settlements by the National Payments Corporation of India, an organization founded by the Reserve Bank of India and the Indian Banks’ Association. In the wake of demonetization and the cash crunch in 2016, UPI became the call of the hour to drive the nation towards operating as a cashless society. Four years since, UPI payment has become one of the most popular platforms for instant and secure transfer of money, digitally, between bank accounts.
There are two types of UPI transactions- P2P which implies Person to Person transfer of money; and P2M which implies Person to Merchant transfer of money. As a result, not only can you use it to send money to your friends and family, but also use it to pay for both online and offline purchases. These can include online shopping, purchasing fuel, doing mobile recharges, etc. You can also pay bills such as gas bills, water bills, electricity bills, phone bills and others using the UPI payment facility.
Unlike IMPS, NEFT and RTGS, UPI does not need you to enter the payee name, payee account number, and IFSC code, every time you make a transaction. This makes it an easier and better means of fund transfer. As long as your merchant and you have working UPI ids, you can make the most of this instant digital payment system for payments.
A UPI id can be created through any of the UPI payment equipped apps that are available online. One such UPI payment app that you can consider for instant fund transfer, is the Finserv MARKETS app, which can be easily found on both Playstore and Appstore. This app is powered by NPCI which makes it safe. You can also link multiple accounts to it to facilitate the instant online transfer of money. The app is compatible with several merchants and billers that are UPI enabled which makes it flexible. It also gives access to exciting offers and deals which can help you earn rewards and save on your transactions. But, what makes this app stand out is that the interface is quite simple, which makes it effortless to pay bills, do recharges and much more.
How to pay using UPI payment on Finserv MARKETS App
The Finserv MARKETS app doubles as a UPI payment app and can be used to pay for goods and services. You can use it for grocery shopping, ordering food online, purchasing merchandise on the web, as well as for paying bills online. All you need to do is create a UPI id or VPA handle on the UPI payment app, link it with your bank account and set a pin for the wallet. Once your UPI ID in place, you can go ahead and enjoy cardless and cashless bill payments through the UPI payment app. Here is what you need to do.
- Launch the Finserv MARKETS app and complete the login
- Go to the section mentioned as ‘MARKETS Pay’
- Browse and select the type of bill you wish to pay
- Register your UPI to proceed will bill payment
- Select the bank from which you wish to pay
- Verify the transaction by entering your phone number
- Choose your account
- Your UPI ID will be created and you pay your bill using it
Benefits of UPI Payment
There are several benefits of opting for UPI payment as your preferred mode of payment. These are as follows-
- UPI payment can be carried out from anywhere and anytime, safely
- You can pay directly from your bank account to the merchant’s bank account in real-time
- There is no minimum transaction limit when it comes to UPI payment
- Equipped with a UPI ID, you can do away with the effort of typing in your bank and card details every time you transact using the card
- UPI ID ensures the security and confidentiality of your transactions
- You can access multiple bank accounts using UPI payment
- Money transfer using UPI is safe as it is protected with an mPIN which is unique to you
- Apart from payment, the UPI payment app can also be used to check balance, manage beneficiaries and transfer money
- Using UPI consolidates all payments received and sent in one place which makes it easier to track
- There are no hindrances to payment caused due to banking restrictions such as holidays or bank working hours
In the digital age of today, when everything is quicker and easier, UPI seems to the ideal solution for making payments in the blink of an eye. Not only does it make transactions faster in the absence of a physical card or cash, but it also ensures that you are protected from fraudsters so that your hard-earned money can be safe with you.
