What is the Future of UPI Payments in India

UPI payments are among the best perks that technology and digitalization have given the world. The pace at which people are opting for this mode has rapidly increased ever since its introduction. Everyone, who shops online, orders food through different apps, or books holidays using their smartphone, uses the best payment apps in India to do transactions. As they do multiple transactions through the app, they stand a chance to get cashback which they can use for future transactions. 

Like other technical advancements, UPI payments are also becoming a part of day to day life of people. It is also helping businesses provide sorted and seamless payment options. All a customer has to do is connect the bank details with the cashback app in India that they plan to use. With just a few clicks, money gets deducted from their bank account, and the transaction is successful. The best part about using the cashback app to make UPI payments is that they offer some points or money back into the account for every transaction they do. The cashback amount can vary based on the total transaction value or the brand where they shopped. 

Introduction of UPI 

It is better to know how and when UPI payments came into the market to understand their future. UPI came into existence in 2016 when 21 different banks launched the Unified Payment Interface for all their customers who prefer making online transactions. One platform could work for multiple banks as this single interface can help users of different banks do online transactions. It saved people from putting their bank details for every transaction. They only have to put it once, and each time they make an online payment, the money gets deducted from the bank account. People welcomed this initiative with open arms, and within the initial few years only, millions of transactions happened through UPI IDs. 

Over the years, UPI transactions kept evolving. They added many new features to make it even more exciting, user-friendly, and convenient. 

Rise of UPI in the market

As per the stats, in the first two years of UPI’s launch, around 3 billion transactions happened through it. There was a set limit for the transaction amount. If there was no transaction limit, the mark could have crossed many more billions. Growing at the same pace, the transaction count increased many folds and reached 1.09 trillion by December 2019. Digital payment became one of the significant contributors to the global economy. Even the financial experts began to look at it as a promising model that helps customers and vendors alike. 

Seeing the rise and inclination of people towards UPI, the race to become the best payment app in India also began. Many leading organizations launched a cashback app India with advanced features and attractive rewards. The idea is to get customer attention and make more people use the app.

Some of the best apps that made it big are:

 – FavePay

– GooglePay 

– PhonePe

– PayTM

– Chillr

and the list continues. It is the user interface and offers that the app gives that attract maximum customer attention.

Moreover, a smart user also pays attention to the safety and privacy norms that the app follows to ensure his confidential information remains safe.

They are more likely to read reviews, check ratings, and take a virtual tour of the app before putting the bank details into it. 

The surge in the UPI transactions is because people are now paying their bills, clearing their credit card outstanding, placing paid online orders, and booking their trips using their UPI ID.

The surge is so profound that these days, almost every business, irrespective of its vertical, gives an option to its consumer to pay through the best payment app in India, which they feel safe to use. 

These factors contributed to the exponential growth of UPI payments that we all witness in current times.

As per the experts, there will be a 13% to 14% rise in the coming fiscal year. In a nutshell, it is fair to say that whether you are a consumer or a business owner, it is crucial to switch to this payment mode.

UPI has a bright future, and by incorporating it, any business can see a rise in revenue! Switch to UPI payment mode, and the growth will surprise you.

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