Long gone are the days when people used to rely on carrying cash. Nowadays, it is you and your smartphone for almost every single thing. Whether it is to make calls, send messages, purchase clothes, make payments etc., you name it, and it has it!
It’s been a year that I have been initiating only UPI payment for all kinds of payment, and life has been super easy. Look around you; who doesn’t accept UPI these days? From a small vendor selling local groceries to high-end restaurants, every single person is totally dependent on it.
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What is UPI payment?
It is a real-time payment system developed by the National Payments Corporation of India (NPCI) that basically enables users to link multiple bank accounts to a single mobile app. Further, it tends to make seamless, instant and secure money transfers or even payments between bank accounts.
UPI came into the game to simplify the process of transferring funds by eliminating the need for traditional methods.
What are its key features?
● Real-time payment
UPI facilitates instant and real-time fund transfers between bank accounts, allowing potential users to send and receive money quickly, even on weekends and holidays.
● Transaction history
You can easily access the history as well as account balance via the UPI payment app. This helps one to keep track of finances.
● Round-the-clock availability
UPI operates 24×7! Now, you need not worry about the working hours of any business if you want to make a payment. Just make the transaction at any time of the day, offering unparalleled convenience.
● Two-factor authentication
It requires two-factor authentication, which ultimately adds an extra layer of security. This involves Face ID scan, password, PIN, fingerprint or other methods.
● Virtual Payment Address (VPA)
You can create a unique VPA, which basically tends to act as an identifier for their bank account. This helps you cut off the need to share super sensitive information like bank account number or IFSC code.
How to make upi payment using credit card?
It totally depends on the application you are using. Here, in my personal experience, I’d like to share that I use the Bajaj Finserv application. It is super smooth and easy to use. Just add your card, which is linked to your mobile number, and you are more than good to go. Always remember your credit limit and spend wisely in order to avoid extra expenditures out of your pocket.
Moreover, apart from this, this application also has the option for UPI pay later, which is fantastic if you lack funds and want money instantly. Keep in mind that you have to pay back the amount later.
Conclusion
UPI payments are here to stay for a long time. The convenience and feasibility it offers is just unmatchable, and people are undoubtedly dependent on it for almost everything. Just a simple QR code scanned, and you are good to go!