Technology is taking a toll on personal wealth management and fueling its transformation through from net banking towards UPI. According to an Economic Times publication, UPI transactions will witness another 30% hike in this year. Digital exchange is changing the way you give and take money with every new initiative unveiling the newer changes. UPI is most certainly entering the market as a convenient payment option. Although, the introduction of this methodology picked up in the latter half of the year.
UPI DOES SET APART FROM OTHER DIGITAL PAYMENTS
UPI as a concept is still too new compared to the other payment options including wallet solutions. The overall structure of net banking can set the tone for more competitive digital payments. Also, an idea about different concepts does help brilliantly!
Net banking has turned out miraculous for the Fintech business. Not only has it worked well to reduce the time of transactions but also expedite usage. Many digital payments make a possible transfer of big amounts.
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Every transaction that once involved physical visits and laborious efforts can eventually be done in an instant, i.e. online. Now, long queues could be easily avoided and more transactions could be done quickly.
In the last few years, a large number of transfer methods have been introduced. However, IMPS is the favorable one owing to its instant transfers to any account. Its usage is possible 24*7, without restriction of banking hours.
CONS OF NET BANKING OVER UPI (UNIFIED PAYMENTS INTERFACE):
There’s a strong sentiment in favor of net banking however, it’s restricted to online transactions alone. It is nowhere useful for any virtual payments (offline).
We all know how unwieldy net banking can get, with its complex OTPs and passwords. Many different layers are involved in the way the net banking works. In fact the OTPs can create a hurdle to log in sometimes. Adding to the process is adding payees whenever needed. Even the transactions have some limitations to do with the amount of money.
It is because of NPCI that UPI got introduced. This is one technology which is new to India’s digital payments journey.
UPI has borrowed a few good features from UPI and built on the IMPS infrastructure. With UPI, you can transact from a phone conveniently. This method of payment also guarantees than entering a bank and/or card details and is secure.
THE JOURNEY FROM NET BANKING TO UPI & THE SURGE AHEAD
UPI has been working well in tandem with e-commerce progression. It’s an extremely secure process. Now, no one needs to login into net banking and punch in account details and all. So, the scare around the online payments by sharing the CVV and card details. Plus, when you can transact using your mobile phones, payments simplify automatically.
This is the best to do for both customers and merchants, granting the right to make quick payments in an instant. Just scan up the QR codes, type in the numbers and send money. UPI has brought in the facilities of net banking along with its own tint!