With the current proliferation of web-based businesses, there’s an ever-rising need to provide an easier, faster and more versatile funds transfer infrastructure. To meet this need, merchants and individuals alike are increasingly turning to Unified Payment Interface, a unique payment solution that surpasses all past payment technologies like payment gateways in versatility, affordability and ease of use.
Today, web-based transactions are gigantic- thanks to the superfluous internet traffic that provides ready market for all consumer products and services. The ever-evolving digital transactions infrastructure boasts another cool addition- Unified Payment Interface (UPI).
The basics of UPI payments
Designed for unparalleled user convenience, UPI enables holders of UPI-supported bank, net banking accounts, mobile wallets, and credit and debit cards to transact payments easily using smart devices like laptops, tablets and smart phones without having to disclose their financial account details. This interface links your bank or net banking account to your alias, also known as a Virtual Private Address (VPA) that enables you to send and receive online payments discreetly.
In addition, UPI enables you to execute pool-based payments with unequaled ease.
Procedure for executing online payments via UPI
If you intend to utilize UPI for payments, the following guidelines will come in handy:
- First and most important, you must hold a valid account with a UPI-enabled net banking service or bank.
- Download and install the UPI app on your desktop, laptop, tablet or smart phone.
- Follow the app’s installation guidelines and proceed to create a Virtual Private Address (VPA).
- Set a secret authentication code, a 2nd-factor authentication measure designed to further secure your transaction from unauthorized access.
- To initiate a payment transaction, you have to open the UPI app on the installed device.
- Enter your VPA credentials to access the UPI services.
- Select the ‘pay using UPI’ option, enter the payment specifics then send the request.
- The app will send you a notification requesting you to authorize the transaction by entering your transaction code. In case of errors you can decline to approve the payment and edit the details in question before resending the request.
Benefits of using UPI for online payments
With its colorful description, you definitely expect UPI to possess all the bells and whistles of a dream payment interface- and it does. Let’s explore some solid advantages of integrating UPI in your online payments:
- Express and seamless payment routing. Using UPI, you can send and receive payments directly to an individual or merchant.
- Increased ease of use, leading to heightened convenience. You can use your preferential smart device to access the service at your convenience. Besides, the UPI feature is exceptionally easy to navigate.
- Swift service response– this service enables real-time payment transactions thus enables you to execute numerous payments over a short time span.
- Improved transaction security measures. UPI offers a uniquely personalized payment route where you control every transaction detail visible to your merchants or business partner. This, compounded with the two-factor authentication qualifies UPI as one of the safest online payment transaction channels.
- Like payment gateway integration, UPI incorporation allows for convenient payment transfer across various multiplexes. Here, you can effectively send or receive payments from any bank as long as its infrastructure supports UPI.
- It’s a cashless way of sending and receiving online payments. Since you needn’t have a payment gateway tie, net banking account or wallet to use UPI, this is definitely the cheapest funds transfer protocol.
With its shining perks, UPI integration will doubtlessly enable you to conduct online payments more easily, cheaply, and safely. Through extensive UPI and payment gateway integration in Magento and beyond, online businesses are set to witness more versatile, safer and more convenient fund transfers. However, you should keep it within you to exercise caution in all web-based money transfers as cyber hounds are always on the loose.