Digital payment is gaining momentum in India. A large number of people now resort to UPI for any payment. Digital transactions have further increased in the corona era. According to the National Payments Corporation of India (NPCI), 1492.0 million people made the highest payments by phone pay in July. After this, 1119.2 million people paid through Google Pay. The third number is that of PaytiM.
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|Company||Number of transactions|
|On the phone||1492.0 million|
|Google Pay||1119.2 million|
|Axis Bank||74.1 million|
|Payment on Amazon||62.8 million|
|Yes Bank||25.9 million|
|Bhim UPI Pay||23.8 million|
Source: NPCI (July)
Advantages of UPI
With this money help can be sent immediately to any account. Because of this, fund transfer takes less time than NEFT. Transaction can be transacted from multiple bank accounts from one mobile app. In this, the virtual payment address provided by the bank is used. Amounts are transferred using IFSC code and mobile number. M-PIN (Mobile PIN) is required to authorize each payment. You can also get the service by dialing 99 # on a phone without internet connection. Each bank has a UPI platform, which is developed according to the mobile operating system (Android, Windows or Apple). It also has a bill sharing facility. Electric-water bill, shopkeeper payment etc. Complaints can only be submitted through the Mobile App.