The rapid ease of internet services has simplified our lifestyle. UPI payments are one of the services that help us take care of our financial responsibilities. You can buy groceries, clear of utility bills, book movie tickets online, or make payments on shopping apps using your UPI ID. Here are the numerous advantages of UPI apps:
Instant transfer
UPI payments are processed instantly. Your payment will be initiated as soon as you enter the UPI PIN and tap on the confirm button. You do not have to wait long hours and keep stressing whether the payment has been made. The money you transfer will be visible in the recipient’s account in seconds.
Safer transactions
You must pass through multiple authentication steps to initiate a UPI payment. Only some people can easily deduct money from your account using a UPI app. You can secure mobile payments on your phone with a strong password or fingerprint. It ensures that nobody else opens your UPI app without your knowledge. Even on the app, the payment is processed only after you enter the UPI PIN.
Available 24/7
Earlier, you had to wait long hours to access banking services or pay utility bills. There was also a time limit to access these services. However, with UPI payments, all expenses, such as bill pay or fee pay, can be made 24/7. Moreover, you need not visit any place to make physical payments.
Easy to use
Anyone can learn to use a UPI payment app, from youngsters to old people. Firstly, the apps are very convenient to navigate. Once your UPI ID and PIN are generated, everything is automated. You must only select the payment mode and enter the UPI PIN, and your payment will be processed. Your account details, such as account number and IFSC code, are all saved in the app.
Access multiple bank accounts
Nowadays, everybody has more than one Bank Account. There is no limitation to the number of bank accounts you can link to the UPI app. You can tap on the specific bank account from which you wish to make the payment before entering the UPI PIN. You can also transfer money from one bank account to the other. You have access to all your savings on one single platform.
Rewards and cashbacks
UPI payment apps provide you with many discounts and coupons. It could be in the form of cashback, reward points or vouchers. The more payments you process via the UPI app, the more rewards and cashbacks you will receive. Utility bill payments help you earn instant reward points. If you shop from a specific brand online, they sometimes offer discounts for making payments via a specific mobile app.
Conclusion
UPI payments are making a huge difference in our lifestyle. We have gone from standing in long queues to sitting in our homes for bill payments. UPI apps are excellent assets for both personal and professional use. They are the greatest inventions of this century.
