Science and technology have introduced utmost comfort in human life. It is through the era of digitalisation that people are moving forward steadily yet efficiently. India is also moving ahead, one step closer to becoming a cashless economy. The country is a safe home to most investment companies and other sectors have also realised the need to go digital with the flow of cash. And with the launch of UPI (Unified Payment Interface), it is on the verge to transform into a cashless economy completely.
There is no denying that UPI has helped each and every individual with the easy and instant transfer of money ever since its launch in 2016 and its evolution over four years. While a part of the population is still to adapt the UPI as a mode of money transfer, it is the private sectors that are relying on UPI for business to a great extent. If you really have less idea about it, then here’s what you need to know-
What is UPI for business?
UPI has received constant updates and innovations to keep the experience of the users smoother. Realising the need for business payment gateway, UPI for business has been modified to meet the need for commercial transactions. Here’s how businesses are benefitting from UPI:
1. Instant payment mode
Delays are worrisome for any business, be it for service or product based. And if it comes to payment, businesses need to have an instant transaction mode that saves it from wasting time. With the help of UPI for business, every private company enjoys the facility of proceeding with instant transactions. It also builds the overall reputation of the company.
2. Real-time tracking
UPI provides the users with real-time tracking which makes it very convenient for the payment and transaction. It also uses a notification to update the status of your payment. This helps to keep track of all past and processing payments.
3. Smooth payment
There is no denying that mobile banking and net banking were the only reliable options for online money transfer before the advent of UPI. The preliminary requisite they had was a bit lengthy, ranging from registration to filling all the details of the payee. However, UPI has outstripped those banking methods. All a UPI takes is the unique ID of the payee and one click to complete the transaction.
4. Safer option
Every company pays utmost attention to the safety of the users. UPI is not only instant but one of the safest payment modes of money transfer and payment that any business can have. It holds the information of payment method and other sensitive details in an encrypted manner and further ensures safety by providing business to create a PIN.
5. Efficient payment mode
This innovative method of transaction brings all on one platform be it the merchant, banks, consumer or so. This has a remarkable benefit and adds to the efficiency of the business in terms of managing payment as it creates a surfeit of services in today’s era of the global transaction.
In addition to the above points, UPI for business, has become one of the most appropriate method of payment since one can make transactions in bulk. The need of the hour is the flow of cash which has to be smooth and efficient to keep the whole system running swiftly. Moreover, no-touch payment has also become the new option post-pandemic lockdown and this has made the business sector all the more reliable on UPI applications.
To conclude, it can be said that the innovation of UPI has an upper hand over most other online payment methods. From the instant authentication and verification of the user’s identity to the transaction of money, everything is abridged to just ‘one-click’. Additionally, unlike internet banking that required different applications to be used, UPI has brought everything under one umbrella, making it convenient to manage everything.