Reasons why UPI payment has become famous in India

The advent of smartphones marked the rise of online transactions in India. It also set a new infrastructure to support digital payments. Payment solutions have evolved greatly with the arrival of the Unified Payments Interface (UPI). UPI is a real-time payment platform produced by NCPI (National Payments Corporation of India). With UPI, the Government of India (GOI) was able to uplift the country’s payment infrastructure into an advanced platform. Read on to know more about UPI and the reason behind its popularity in the country.

What is UPI?

Introduced by NPCI, UPI is a platform that supports online money transfers between bank accounts via one single application. With UPI apps, you can pay electricity bills, recharge your mobile, and transact money to your friends online. It is a secured payment interface that is widely used in the country. Moreover, you can choose from a variety of mobile UPI apps to start making cashless payments seamlessly.

Why Did UPI Become Popular?

UPI apps have a user-friendly interface that make it easier to make online payments efficiently. You can link multiple bank accounts on a single app like a digital wallet. However, the amount gets debited directly from the bank account. You are not required to be contingent on having a debit or credit card. Also, UPI payments are secure. You can transfer funds by using your Virtual Payment Address (VPA). Safety features such as two-factor verification and merchant authentication provide extra security while making cashless transactions through UPI apps.

Key Features of a UPI App

• Send and receive money using a VPA (Virtual Payment Address).
• Make secure online payments to merchants.
• Funds can be transferred on a 24/7 basis, 365 days.
• UPI Apps are available on the Google Play Store and the Apple App Store.
• You can link your UPI ID with any bank account for swift payments.
• Hassle-free online transactions without providing bank details every time you make a payment.
• Easy one-step authentication through Aadhaar e-KYC.

How to Create Your UPI ID?

Mentioned below is the process to create your UPI ID.

1. Download a UPI app on your mobile phone.
2. Open the app and enter the mobile number to link your bank account.
3. Verify the OTP sent on your registered number and tap Next.
4. Set up your UPI pin and select ‘Add Bank Account’
5. Choose your bank and enter your UPI pin.
6. Once your ID is ready, you can start making payments online.

How to Make Payments via Airtel UPI?

1. Open the Airtel Thanks App and go to the banking section.
2. Click on ‘Send Money’ and select whether you want to send money to a phone number or a bank account.
3. Enter the correct amount and your PIN.
4. Once confirmed, the money transfer will be processed.
5. The amount will get debited automatically from your bank account and credited to the beneficiary’s account.
6. On successful payment, both parties will receive a confirmation message.

The main objective of UPI is to simplify digital payments and make them accessible for everyone, and it has been successful in doing so. UPI apps offer a lot of cashbacks and rewards on transactions. If you make a recharge on your phone via Airtel BHIM UPI on the Airtel Thanks App, you can avail cashbacks, deals, and discount coupons on making cashless payments. With Airtel BHIM UPI, you can send money to another person directly from your bank account by scanning the receiver’s QR code and using their preferred BHIM UPI-enabled software.