How is UPI payment better than the existing payment model?

If you shop for something, whether offline or online, there are multiple ways to pay for it. You can pay with cash, your cards, or digitally using the UPI payment apps. Though the buyers used all these methods over the years, some life-changing events have changed things for good. The first such incident was demonetization. The currency changed, and people had no other option but to use the online payment modes. So they switched to cards or digital transactions like NEFT or RTGS, but most buyers started using the UPI apps. These apps were quick, responsive, and user-friendly, offering a smooth interface for every user. 

It did boost the UPI payments, but the pandemic fueled the fire exponentially. Social distancing was the need of the hour, and the only payment mode offering it was UPI. These apps transferred money to other accounts instantly, and it was completely contactless, eliminating all the chances of a virus spreading. It is where the UPI payments gained momentum, and there has been no looking back since then. Soon every brand and online shopping platform focused on this payment mode and offered unique discounts to users paying through it. It motivated people to use these apps more often, and currently, it is the most preferred payment mode. 

How is UPI better than other payment modes?

Multiple features help the UPI payment model stand out from the rest. Let us discuss a few of these features in detail. 

Skip Additional Steps

There are a lot of steps that you can skip while making online payments through a UPI. For example, you do not have to add a beneficiary which is the case with NEFT. It takes a few hours for the beneficiary to get added, and you cannot transfer the money till then. Furthermore, you do not have to keep putting money from your bank account into the app wallet and then make transactions. UPI payments happen directly between two bank accounts without any fuss. 

Quick Payments

While other digital payments take a few hours to reflect in the account, UPI is quick. Once you complete the transaction, the money instantly reflects in the account, making it the apt payment mode for real-time transactions. You can ditch the long queues at payment counters by quickly scanning the QR and getting done with the payment. 

Contactless Mode

Another significant feature that makes UPI better than other payment models is its contactless transaction procedure. You do not come in direct contact with any other person while paying through these apps. It brought a breakthrough in the popularity of UPI apps during the pandemic. People could pay for the services or products they need and maintain social distancing with the help of UPI payment apps. No other payment mode offered this convenience, so UPI stands out as the best. 

Shop and Pay

There are multiple UPI shopping and payment platforms, like Fave App. They let users shop and pay for things they need on a single platform. They have different brands listed on them; a user can conveniently place an order through them and pay using the QR code scanner of the app. This way, you can ditch the plethoras of apps that you keep for shopping and payments and use just Fave pay for all your concerns. 

Exclusive Deals

As the brands and businesses saw an increased inclination in buyers about the payment apps, they shifted their focus and offered exclusive deals! As a result, you can find multiple exclusive discounts on these apps, which the brands do not give anywhere else. Not to forget the cashback that you get after completing the transactions! 

These are just a few of the countless features that make UPI stand out from other payment modes. However, one has to be careful about choosing the app to enjoy all the benefits. As the user inclination increased, multiple apps launched in the market with similar functionality. However, only a few of them actually helped the user. So, before you start making online payments, check the app’s credibility by reading user reviews and ratings. Furthermore, take a virtual tour of the app, check all its features, and start using it after you are satisfied with the user-friendliness, safety, and functionalities.

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