In this technologically advanced world, convenience is served at your fingertips. With a few clicks on your screen, you can do anything through the smart device, whether it is purchasing or paying for expenses. There has been an immediate change in the transaction process. Do you wonder what the reason behind this hike is? The Unified Payments Interface (UPI) is what has completely changed the payment method in today’s time. It’s time for you to live stress-free with UPI payment.
What is UPI?
UPI refers to an instant, real-time payment system that helps to facilitate an inter-bank transaction. It is developed by NCPI, which is an organization for retail payments and settlement systems in India. It uses a Virtual Payment Address as a unique ID to identify the users and perform the transaction process.
UPI started democratizing digital payments in India, and this service is available for you from the day you have a bank account.
How is UPI Payment Unique?
- The UPI paymentmethod service is available round the clock, 24*7 hours and for, 365 days.
- You can use a single smart device for accessing numerous bank accounts whenever required.
- With a single-click, there is a two-factor authentication advantage offered to the users that are aligned with regulatory guidelines.
- The virtual address of customers for pull and push helps to offer incremental security with customers not required to enter in the details for every transaction.
- An easy UPI QR code scan facility is available.
- The best option is to put a stop to all cash on-delivery hassle.
- Advantage of merchant payment with a single application.
- Utility Bill Payments, Over Counter Payments, and UPI QRCode (Scan and Pay) based payments in just a few clicks.
- Scalable donations, collections and disbursements.
- UPI delivers a 100% mobile-first experience.
How Does UPI Work?
In case you are willing to make a bank payment online, you will have to enter in the required information like the account number, account type, bank name, IFSC code etc., which is a time-consuming process. Most banks take up to 12 hours to add a new payee to make the transaction possible.
But the introduction of the Bajaj Pay UPI app has helped in overcoming all these hassles with all ease and comfort. The interface allows the users to accept and pay money with a few taps on the smartphone by adding the details like an Aadhaar card, mobile phone number, or VPA without entering the bank details. With a UPI transfer, all that you need to do to make the payment is scan the UPI QR code or add in the VPA, then add in the preferred amount, and there you go. With these easy and straightforward steps, you can transfer money in just a few seconds.
Now that you know a lot of details about UPI transfer, do you wonder if it is even a reliable service or not?
To ensure security and safety, 2 Factor authentication, which is similar to OTP, is mandated by RBI. In the case of UPI payment, MPIN instead of OTP will be used to facilitate the transaction switch at all ease. Before making any transaction, you must ensure that the services provider is reliable to protect yourself from online fraud.
Bajaj Finserv is an online financial service provider that you can always rely on. They offer seamless service for the best customer experience. Create your UPI payment account, and enjoy the cashback offers. When you create an account, you will only have to scan the UPI QR code or add VPA details to facilitate the convenient transaction.
Visit the Bajaj Finserv website or download the app to enjoy the benefits of online bill payments using a UP.
