Know the UPI Platforms that is best for you
When was the last time you did a digital payment? How pleasant or nasty was the process? What was the major challenge that you faced? Was it a Net connectivity issue or a wallet loading issue? Did you try using the UPI platforms?
UPI is rapidly taking over the payments space in India. Did you know that UPI platforms will dominate the payments space with 59% payment transactions in the near future? Mind-boggling isn’t it?
UPI or Unified Payments Interface is a next-generation instant payment platform built by NPCI (National Payments Corporation of India). With a simple account to account transfer process using the VPA (Virtual Payment Address), UPI is the favorite of Indians running across different classes. Interestingly, UPI crossed the landmark 1 billion mark in October 2019.
There are a number of UPI platforms that are both App as well as non-App based. Each of them offers a unique user interface based on the different user requirements. But, how to select the best UPI platform?
In the course of this blog, I will give you a tour of the top UPI platforms. Hope this helps you in both your personal and professional endeavor.
1. UPI Platforms 1: GooglePay
Google Pay is one of the popular payment apps from Google. Unlike BHIM App, Google Pay does not call for Aadhaar verification. There is a direct linkage of bank account using details like name, account number, IFSC Code, etc. Also, Google Pay (Tez) has a unique feature of AudioQR sharing directly from one mobile to another. Further, like BHIM UPI App, the amount is transferred from a bank account to another, thereby reducing the need for an intermediary wallet.
Going ahead, Google Pay is also expected to support Credit Cards, Debit Cards, and e-wallets.
2. PhonePe
PhonePe is a popular payment app with the option of UPI connectivity. The most important feature is the option of an additional wallet link and non-necessity of initial login. There is no option of mandatory login using the Phonepe App. One can directly login to the site using the website URL. Also, Phonepe gives access to popular linked wallets like JioMoney, Airtel Money, Freecharge, etc.
Going ahead, Phonepe has an innovative feature of navigating between over 50 apps. This is possible without downloading the app on your mobile or updating the same.
3. UPI Platforms 2: BHIM UPI
BHIM App is the most popular UPI payment App. It has an interesting feature of making UPI transactions from different banks on a single platform. Interestingly, BHIM App at present is available in 13 languages.
In addition to, Send Money, Receive Money and Scan & Pay option, you can also check your pending transactions via BHIM App. There is also an option of raising complaints about the declined transactions.
Further, the built-in security feature allows you to block users who put forth illicit money requests. Also, the user privacy feature enables you to disable your first UPI Id in case of the generation of a secondary UPI Id.
Going ahead, you don’t have to worry about payment reminders or splitting bills. There is an option to set a payment reminder as well as split bill with multiple UPI users in an instant.
4. Paytm
Recently, Paytm has enabled BHIM UPI on its payment platform. It follows a simple setup process with the selection of the ‘UPI App’ option from the Paytm App. Once the bank account and mobile number are verified, you can set the MPIN to start the transactions. The UPI Id follows the format mobilenumber@paytm.
Further, on changing the mobile, the verification of the new mobile number is mandatory to use BHIM UPI on Paytm.
5. SabPaisa
SabPaisa is the next generation payment platform that offers a hybrid payment gateway model ( e-offline + e-online ). It is the only hybrid (online+offline) payment platform in the world that provides businesses and organizations a single unified dashboard for collecting payments from their customers/members through any and all channels, online or offline, from UPI to Cash.
Once a customer chooses to make payment through the SabPaisa platform, he/she is guided to the checkout page with UPI as one of the prominent options for payment. In the next step, the customer has to enter the Virtual Payment Address (VPA) to initiate the transaction.
On the whole, UPI continues to rule the roost with its simple yet innovative features. From direct bank to bank transactions to AudioQR based payments (in Google Tez), UPI gives you the option of performing hassle-free payments. Further, with UPI platforms like SabPaisa, you can realize the potential of online cum offline payments.
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YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here: https://sabpaisa.in
