The Reserve Bank of India brought a revolutionary change in the Indian payment industry by introducing the UPI. It stands for a unified payment interface through which a user can make instant, real-time payments. The idea behind the launch was to move India towards a cashless economy by encouraging people to use electronic payments. Users could transfer money between two bank accounts through a simple app without remembering the surfeits of details required for other digital transactions.
It was a very thoughtful step by NPCI as India, being the second largest online market, had a lot of potential to turn into a cashless society. If that happens, there will be transparency in transactions, eliminating any chances of money laundering. Initially, the rate at which people adapted to this application was slow, but it skyrocketed after the demonetization happened. Suddenly the cash people had proved useless, and they had no other option than online payment! Eventually, the UPI turned into a platform that buyers prefer due to the convenience of use and the offers. Multiple cashback apps let the customers pay using UPI, offering utmost ease and alluring deals! The buyer only has to ensure which UPI app is safe and start using it for every online transaction.
Why did UPI become a Hit?
There are multiple reasons and contributing factors in making UPI a hit amongst Indian consumers. Demonetization has a significant role in pushing buyers to use this payment app. However, the convenience and the offers it gives made people stick to it. Some other benefits of using UPI are:
It is a simplified version of offline banking and payments. For example, you wouldn’t have to do the paperwork to create an account, and there is no need to add beneficiaries. Additionally, you do not have to remember the account details or other information to complete a transaction.
Cashless and Contactless
It is a completely cashless and contactless payment mode, where the transfer happens between two bank accounts. You can make a payment with just a few clicks, and the other person need not be in your closest proximity.
There are umpteen perks of using UPI cashback apps. The only thing that users have to take care of is checking which UPI app is safe. Read user reviews, take a virtual tour of the app before using it, and make transactions through it only if you find it safe and fruitful. How excellently it serves the consumer is evident from the rate at which people are getting attracted to it. If this pace remains the same for a few years, India will definitely inch closer to a completely cashless society.