Role of UPI (Unified Payment System) In Payment Industry
It is anticipated that the newly launched UPI (Unified Payment Interface) will make the mobile payments easier. Now, the question is how UPI will bring more benefits to mobile payments? And this question became more important as it is also based on same IMPS (Immediate Payment Service) platform which is used by other existing platforms for mobile payments.
What is UPI (Unified Payment Interface)?
UPI is basically a payment architecture consisting of a set of some standard app API from RBI (Reserve bank of India) that help in facilitating the next generation to leverage from online immediate payments along with increased app downloads, smartphone adoption as well as universal access to internet and data.
What is the role of UPI?
UPI payment services help customers to create VPAs for receiving and making payments. UPI allows bank account holders to transfer funds instantaneously by using smartphones across different banks. Also, one of the most important perks of this service is its 24/7 availability.
What are the benefits of UPI for the economy?
UPI (Unified Payment Interface) is making revolutionary changes for the growing economy. With the impact of UPI, customers can make transactions using paper money.
- UPI has been introduced to make the whole payment system entirely inter-operable for all types of payment systems eliminating the ease of arbitrage by allowing a one-click two-factor verification.
- It will gather high volume, low-cost payments, developing a new-fangled ecosystem for billers to adopt for providing the flexible UPI offering for all the customers.
- Unified Payment Interface will also leverage all the banks as the whole service is provided by the financial service provider to the merchant from a smartphone. The requirement of POS machine installation at the business place is removed. That’s why it will lesser down the whole acquisition cost of the merchant by offering a feasible solution for facing long-term benefits.
- Wide audience range can be served by providing a “collect” feature in enhancing the entry barrier for all types of business whether they are start-ups for the huge enterprise.
- UPI payment system is a revolutionary change for the whole mobile payment process that will convey all the key stakeholders by covering merchant, consumer band banks on a single platform for developing a wide range of services which are not still not heard in the whole payment system.
UPI payment system will soon make the process of eCommerce transactions easier while facilitating P2P (person-to-person) payments and micropayments. With such a great convenience, openness and simplicity, UPI payments will effectively support the digitized and cashless economy. Also, JC Pay can help you with all types of payment systems. Contribute to cashless & digital India TODAY.