Multiple factors, such as increasing broadband penetration, technological breakthroughs, low data consumption prices, and the government’s emphasis on developing digital infrastructure, have contributed to India’s rapid digitalisation.
With the rapid pace of digitalisation, making payments online using a UPI payment app has become a new norm. Easy and safe transactions of money are among the many advantages of the UPI payment system. Keep reading to know more about online payment, its advantages, and how to pay through UPI.
What is UPI, and How Does it Work?
Unified Payments Interface, popularly known as UPI, is a widely used payment system for all sorts of money transactions. Introduced by NPCI in 2016, this system is a hassle-free and time-saving way to pay using your mobile phone. All one needs is a good internet connection, and you can make transactions at the convenience of your home.
UPI is rapidly getting adopted because it offers a wide array of convenient features. You can make payments for groceries, shopping, or medical expenses within seconds. These payments can be made by using any UPI payment app in any of the following desired ways:
- Scan and Pay
- Entering the IFSC code and account number of the receiver
- Entering UPI ID
UPI is among India’s most well-liked payment systems due to its adaptability, practicality, and security. With this app, you can even keep track of the transactions. Some other benefits of using UPI payment apps are as follows:
- UPI payments are secure as they do not require sharing any personal data
- These transactions are extremely easy and convenient to make
- UPI payments do not require you to fill out any account details
- These online payment apps can be linked to multiple bank accounts
How to Pay Through UPI?
UPI applications can be used for multiple purposes, including transferring money, bill payments, recharging, and requesting money from someone else. To send money using UPI, follow the given steps:
- Download your preferred UPI payment app
- Register on the app and link it with your bank account
- Generate a UPI PIN to make a payment
- Select the “Send money” option
- Enter the beneficiary’s details and the amount to be transferred
- Verify the transaction by inputting the UPI PIN
The process of requesting money and bill payments is just as easy. The best thing is that these transactions take a few seconds or minutes. Multiple online payment platforms like Bajaj Pay UPI offer easy and hassle-free payment options. The platform operates around the clock, offering enticing deals and vouchers to assist you in saving additional funds when making payments.
Conclusion
Thus, mastering the UPI payment app opens the door to a world of easy and secure financial transactions. The combination of a user-friendly interface and robust security features in this digital payment solution simplifies and enhances the entire payment process. By adopting UPI, you will embrace the efficiency of seamless transactions and contribute to the broader shift towards a cashless economy.
Bajaj Pay UPI by Bajaj Finserv offers smooth and hassle-free transaction services. Offering end-to-end encryption, Bajaj Pay UPI is an extremely secure payment application. It does not require you to enter personal information or account details and is secured using a two-factor authentication password.
Since any delayed loan repayments can lead to high charges along with a negative remark on your credit score, the AutoPay feature of Bajaj Pay UPI helps you to tackle these issues with ease. With this feature, you can stay stress-free about paying bills on time without any miss. Furthermore, this online payment platform provides instant cashback for new accounts on their first transactions.
Hence, if you want to make quick payments, recharge your mobile, pay utility bills, make debit and credit card payments, or get a personal loan, Bajaj Finserv is the right choice.
