October 13 2022 | Finance |    VIEWS

UPI Payments and Its Benefits

UP Payments


Like China has Alipay & the whole of South America has Ebanx, India has UPI. UPI / Unified Payment Interface is an instant real-time payment system regulated by The Reserve Bank of India. It works by instantly transferring funds between two bank accounts on a mobile platform. In line with India’s Green Initiative & progress towards Digital India, UPI was conceptualized. 

  1. 6 years after its inception, we can now proudly say that UPI is indeed ubiquitous pan-India with a transaction volume of over a trillion. Its popularity has soared so much that Nepal will be the first country to adopt India’s UPI system. 

2. The best part about UPI is its ease of usability. You just need a phone number and voila, the transaction can be done. It surely has been a game-changer when it comes to payments in India as the whole of India at all tiers is adopting it. Be it the local Kirana store or a Govt. hospitals or vegetable vendors, its usage is universal. 

3. Now, to add another layer to the revolution that UPI already is, you can now link your Credit card to UPI! When you pay through UPI, it is followed by your receiving the debit message of the same. But now, you can use your UPI ID (which is your phonenumber@upi) to authenticate your credit card payments too. Now isn’t that something?

But maintaining a Credit Card can be a hard pill to swallow, with its high-interest rates. But fret not, when you’re in dire need of money to clear your credit card, you can always rely on a nearly 0% form of funding, which is a myPaisaa chit plan. 

That aside, another reason UPI is in the news is because of something we all love – Cashbacks.

That’s right! WhatsApp has rolled out a new cashback offer where it will reward its users for using UPI with a cashback of Rs 105. So get ready to go Digital & get rewarded for the same!


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