Last Updated on April 7, 2022 by rida
UPI is short for Unified Payment Interface. It is an online platform that allows electronic fund transfers from one account to another. Users create a UPI ID to add bank accounts and make/ receive payments. It is simple, fast, and efficient. People use UPI apps for everyday transactions. Scan the QR code to send money instantly to the other person’s account.
There are various UPI platforms and e-Wallets in the market. The basic working of each app is the same. However, the UPI payment offer for completing a transaction is different. Some apps like PayTM, Google Pay, Fave, etc., give discounts and cashback offers. These offers are incentives to use the payment apps and save money in the process.
UPI apps are convenient, secure, private, and user-friendly. That said, the apps are not perfect. Improvements can still be made to enhance the user experience. Luckily, the platforms and the government are working on this.
We’ve seen a couple of much-needed developments in recent times.
– Cross-Platform Payments
Cross-platform payments are now easier as a single QR code is recognized by every UPI app. When UPI apps entered the market, transactions were limited within the platform. You could either send money to a user with the same e-Wallet or their bank account. Now, the UPI ID of one app is recognized by another. You can transfer money between two platforms with ease.
– Offline UPI Payments
RBI’s Governor introduced an offline UPI payment option on March 8, 2022. This payment facility can be used on feature phones and doesn’t require an internet connection. UPI123PAY allows you to link the phone with bank accounts and send money through a voice call.
Simply call the IVR number 080 4516 3666 and follow the instructions. Make LPG, Fastag, and other payments using this option. UPI123PAY allows voice-control and missed-call payment options for convenience.
While these two developments will make UPI more famous, the following issues still need improvement.
– Limit Per Transaction
You can send only INR 10,000 per transaction using UPI apps. You need to make multiple payments for larger money transfers. If the limit per transaction can be increased, it’ll ensure more UPI payments in the future.
– Phone Memory Space
UPI apps require considerable disk space on smartphones. A phone with lesser RAM or filled up internal memory may cause an error when using the apps. If UPI apps come in “lite” versions for entry-level smartphones, the problem will be solved.
– PIN Safety
You need to set a 4 to 6 digit PIN number to protect your UPI account. You should not forget this number or reveal it to anyone. Moreover, the PIN number should not be any special dates in your life. (This is a disadvantage only if you are not careful.)
Fave is the best UPI app for cashback and rewards. You get cashback or a reward for every successful transaction. Make the most of UPI apps and earn money as you send payments. Go cashless and enjoy the benefits!
Read more: What Exactly Is UPI, And How Does It Work?
