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How Are UPI Payments Increasing in India?

UPI payments came as a blessing during the pandemic when people feared making cash payments. With UPI payments, they could make the transactions through their smartphone, using a steady internet connection. Whatever their invoice value is, it gets deducted from their bank account and reflects in the receiver account within seconds. There is zero human interaction involved. Hence, it reduces the chances of virus spread. However, that is not the only reason people started using them. Another significant reason is the UPI payment cashback offers.

Online payments started with NEFT, RTGS, and IMPS. However, while some are not fast enough, others take an additional transaction fee. Another setback was that these payment options were not available everywhere. Like these, there are countless other reasons behind UPI payments gaining popularity in India. The best part is that when you start doing transactions through your UPI account, you get many rewards that reduce your total invoice value. 

How have UPI payments increased in India?

We have already discussed that people readily accepted the UPI payment mode and started to enjoy the UPI cashback offers. If you see the stats, you will find that there has been a threefold increase in the UPI payments in the last fiscal year. This is because every business has got their own virtual payment address these days, and they offer a unique code for their customers to make online payments. The customer will find the QR code on the reception counter. They only have to scan the code using a QR code scanner and complete the transaction. Therefore, you now know that QR codes have increased exponentially. percentage of users making online payments and enjoying their UPI payment cashback. Let us understand the reason behind this spike. 

Why did UPI Payments become popular?

This payment option offered so much to the users that there is no reason why a consumer wouldn’t want to use it. Of course, there are drawbacks involved, but you can conveniently rule them out with vigilance and detailed understanding. Perks that a consumer can get are as follows:

  • You can pay almost everywhere using the UPI payment apps. Street vendors, shopping complexes, multi-brand stores, and almost every other merchant offer this payment option to the customers. 
  • These apps follow all the security and data safety norms to ensure zero chance of data breach or intruder attack. Hence, they offer a safe environment for online transactions.
  • These apps offer UPI payment cashback which the user can use to shop at discounted prices. Moreover, this reward appears in the e-wallet or the bank account, which proves beneficial when they shop next time. 

There are countless other perks that UPI payments offer. It accounts for their popularity and widespread use in India. However, just like the two sides of the coin, there are drawbacks to this payment mode also.

Staying Vigilant is the Key

Some caution goes along with all the benefits. The increased inclination of people towards using such apps for online payment caught the attention of intruders. Malicious codes shared through chats or emails are always suspicious. If you have no information about what the code holds, do not scan it. Moreover, understand that code scanning is only essential when you make payment. You will not have to scan anything if someone sends you the money. Hence, do not fall prey to attractive cash prices and hefty discounts that you can get through some malicious code.

However, undoubtedly, there are more perks than disadvantages of using a UPI payment app. All it takes is a safe and reliable app that offers significant UPI cashback offers, a smartphone, and a steady internet connection. It is essential to stay safe in the digital world and enjoy all the perks. The ideal way is to stay informed about the payment procedure, conduct thorough research to find the right app, and do all your transactions through that app only. There is no need to keep the exact change or worry about losing your money to thieves! Take out your phone, scan the code, and your transaction will be complete.

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