A phenomenon that has been popular recently in the news goes by the name of UPI (Unified Payments Interface). However, most people have not been able to experience the revolution and the magic moment that comes along when paying with it. Part of that stems from the myths that keep floating around, regarding how it might not be that secure and worthwhile. Well, allow us to put all of these doubts at ease through this post.
Let us take the salient features of UPI one by one –
Bye-bye long account numbers and IFSC
Now, there is no need to ask anyone for their account numbers or IFSC when sending or receiving money. Say hello to the virtual address (which looks like mypoolin@yesbank) where the first part is a unique ID set by you and the second part is determined by the bank/app which processes your payments).
Since you no longer need to share your account details with anyone, hence they are completely hidden from everyone else, this takes your user level identification to a more abstract level where the virtual address (or in our case — mobile number) becomes the key information to know or share with anyone.
Send and receive money instantly, 24*7 and even on a holiday
Needless to say that this is a game changer, especially in this new economy where demonetization has brought cash to a near standstill and banks/ATMs are clogged up. Not to mention that when sending/receiving money, we don’t even need to think what day and time it may be.
Actually, UPI is built on the existing layer of IMPS (Immediate payment service) which has been running smoothly since 2010. Hence, the key thing to note here is that the basic security concepts have stood the test of time for 6 years now. Not to mention that they have improved along the way and many more locks, as well as checks, have been added on top.
Linked exclusively to your mobile device
This is a no-brainer as everybody has their personal mobile with them 24×7. And it is also the first device that we think of nowadays when receiving/sharing anything on a speedy basis.
Firstly, it is important to remember that your virtual address gets mapped to your device exclusively. Even if anybody gets hold of your device, they cannot do anything until or unless they have your UPI-PIN. Similarly, for resetting your M-pin, you would need your debit card details (separate from your device information for security reasons).
No minimum amount. A single user can do up to 20 transactions a day with a cap of Rs 1 Lakh per transaction
Taking all common scenarios, a total amount of Rs. 1 Lakh is good enough to cover all your daily needs be it online / offline. And again the number of transactions can easily be covered within the limit of 20 per person. Hence, yay to good lifestyle needs!
These velocity checks ensure that nobody can wipe out or cause any major havoc in anyone’s bank account. Also, remember that all these aspects and features are valid for non-banking UPI apps (like Mypoolin) that have partnered with a bank or individual bank’s UPI apps as well.
In today’s age of lightning speed information and open access, keep no room for confusions or myths in your life. It is time to embrace the change and be a part of a much more awesome and well-built economic infrastructure via UPI.
Why use UPI for your business:
If all the above reasons are not enough, you would find it interesting that this is the fastest growing payment method in India on all fronts –
- Highest conversion rate and lowest failure rate with no multiple hops & intermediaries in-between
- It has overtaken the number of all wallet transactions per month (November 2017)
- It is also likely to overtake the number of card transactions per month by April 2018.
And why us (Mypoolin – Wibmo):
- Best rates compared to other payment services providers in the market
- For transactions up to & equal to Rs. 2000: 0.0 %
- For transactions above Rs. 2000: 0.75 %
- Full Design Customisation as per your application and use-case
- Dedicated support with multi-lingual staff
- Experience of over 18 years in the industry and partnership with 50+ banks
Whether you are a growing start-up or a small & medium business, we have everything for you.
Interested? We bet you should be!
Simply contact us today to talk about your payment needs and how we can help you. We have already enabled 1000+ businesses in accelerating via UPI.