The vision of digital India has given emergence to several online payment platforms in the last few years. Nowadays, the most popular digital payment available in India is Unified Payment Interface (UPI), an instant real-time payment system. The Reserve Bank of India regulates the entire system, and the National Payments Corporation of India facilitates all inter-bank transactions. UPI’s primary function is to transfer funds between two bank accounts instantly. Hence, it is beneficial for small business owners to collect payments from customers without any hassle.
Features Of UPI Payment System Useful For All Businesses:
- We can link our savings or current bank account with UPI. Therefore, transferring money to the merchant’s account using the UPI system is very simple once the customer makes the online payment.
- We need to download and install an online business app that allows us to make and receive UPI payments and link our merchant bank account to that app.
- UPI is one of the widely acceptable, most economical, and instant payment models available in India today because all business merchants need a quick service provider.
- It accepts payments through the QR code available on the app and offers us the ability to pay using any Bharat QR or UPI-enabled merchants payment platforms.
- An online banking platform sends UPI payment requests to customers by entering a virtual payment address to collect money.
- It has the feature of SMS pay; therefore, we do not need to worry about payments for cash-on-delivery.
Advantages Of Using An Online Business Platform:
- Instant Loan Approval:
A digital banking app allows us to check our eligibility and credit score before applying for a loan through their platform.
- Importance Of Personal Assistance:
A personal assistant for your help is available on most online banking platforms. It helps us check offer eligibility by logging in to the application. Then we can click on the icon, special offers, and finally enter our mobile number to check our loan eligibility.
- Latest Offers:
We get information regarding the latest offers and communication from the bank through our in-app notifications. In addition, it lets us view discounts and cashback information in the ‘offers’ section.
- Instant Refunds:
Customers get instant refunds for any failed UPI transaction, and it is very easy to initiate the refund through any UPI-enabled payment app.
Due to the covid-19 pandemic, UPI payment has become the new normal. Therefore, adopting online business is mandatory to reduce physical contact with people. Nowadays, one of the easiest and most convenient ways for a mobile business is to use virtual payment platforms for quick transactions.
We get complete details of our business revenue collection on a single dashboard using a bank’s digital payment system. Most importantly, it is a comprehensive and integrated payment solution for merchants. It enables us to collect payments through multiple payment modes, including debit or credit cards, net banking, mobile wallets, NEFT, RTGS, IMPS, UPI, cheques, and more. Therefore, customers usually benefit from using a single platform for different types of payments and a choice of payment options.
