India has created a vast, safe, effective, and scalable public digital infrastructure, laying the groundwork for a powerful, globally significant ‘Digital Payments Revolution.’ 

The industry will be strengthened by tokenising cards, offline payments, e-RUPI, digital money, and employing UPI for toll tax collection and cross-border transfers. Even though emerging technologies like BNPL and digital currency are anticipated to shape the future of payments, UPI, as a retail online transaction platform, is predicted to continue to rule the nation’s digital payments markets.

Let’s now shine the light on what UPI’s future looks like, one feature at a time.

Payer-initiated and P2P-focused transactions have made up the majority of UPI transactions. UPI 2.0 tries to ease worries by giving the underlying transactions additional context.

In UPI 2.0, you can send a digital invoice and a collection request to your customers, helping them understand the request’s purpose and increasing side transactions related to the collect submissions.

Another exciting aspect is rapid response (QR) codes, which are used as a payment method to encourage digital payments in small businesses. In a few international areas where the code is extensively used, there have been cases of fraud involving QR transactions.

The intent/signed QR feature aims to verify the payee’s identity more effectively while resolving these issues and fostering offline merchant payments.

Salient features of UPI 2.0

• Linkage of overdraft account
• One-time mandate
• Invoice in inbox
• Signed intent and QR

Unique Credit Facilities

Financial organisations may benefit significantly from using UPI 2.0, especially when collecting small-ticket loans. To create collect requests, banks might use a cyclical approach. Along with such collect requests, the monthly EMI statement may be automatically prepared and delivered to the consumer. The consumer can review the request’s information and provide approval for immediate EMI payback. Although UPI 2.0 offers numerous improvements that will improve transaction security and make consumer payments more convenient, adding certain additional features may promote acceptance.

UPI Credit Card Linkage

According to the Reserve Bank of India, the UPI card may soon be connected to UPI, enhancing its scope. With credit card UPI, payments will become more accessible through QR codes without needing a Point of Sale (PoS) machine.

Wrapping Up

The usage of digital payment systems is expanding rapidly in India, and consumers’ increasing reliance on these systems necessitates the creation of an appropriate regulatory framework. Although the PSS Act’s scope allowed for the creation of the UPI Procedural Guidelines, which were intended to regulate the UPI payment system in India, there is still a need to implement a robust regulatory framework that would include transaction flows as well as procedural matters.

Give your business the international edge through a seamless checkout experience powered by PayU. UPI, cards, wallets, credit and debit cards, net banking and EMI – PayU gives your customers a wide bouquet of online payment methods to choose from. So, join the PayU bandwagon today!

FAQs

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UPI has transformed fund transfer interoperability into reality, making it much easier for customers and merchants to receive or pay money. In July 2022, India’s Unified Payments Interface (UPI) recorded 5.95 billion transactions. While the numbers are on the rise, according to a report by CLSA, digital payment methods such as UPI are likely to reach a saturation point by FY27, spurring the need for technology advancements to remain relevant in the market. By FY27, digital payments are expected to be 46% of total GDP consumption.

One key reason that led to the vast adoption of UPI India is the customer trust developed due to seamless and secure transactions. However, the UPI was not without its share of limitations. And UPI 2.0 aims to overcome these limitations, thus taking the digital payment ecosystem to new highs.

Key UPI 2.0 Features

1.       Facility to link overdraft (OD) account

2.       One-time mandate

3.       Invoice facility in inbox

4.       Intent/signed QR code

The frauds related to QR (quick response) codes reported worldwide have been a concern area, and UPI 2.0, with its intent/signed QR feature, enables better transaction authenticity for payees.

Moreover, UPI has been focused on payee and person-to-person (P2P) transfers. With UPI 2.0, the merchants could send digital invoices and a collection request that would widen the operational environment for merchants and payees. Therefore, P2P (person-to-person) and P2M (person-to-merchant) transactions are boosted.

It also provides opportunities to financial institutions (FIs) to utilise UPI 2.0 and its features for small ticket loans; collection requests can be set in motion by banks through a cyclical process.

Also, UPI 2.0 will be preferred for high-valued products and services transactions, with the revised cap on UPI transactions in India set at around INR 2 lakh.

The UPI 2.0 innovative features, such as the one-time mandate activation and facility to link overdraft (OD) accounts, provide need-based credit facilities to users.

The facility would allow users to avail of credit through OD accounts, even when their account does not have sufficient balance. This feature would further boost the P2P and P2M transactions.

How can UPI 2.0 Benefit Used Cases?

Source: PwC

Features of UPI 2.0 that can Improve its Further Adoption

1. Better UI/UX for better response and adoption.
2. One-click UPI payments for faster transactions.
3. Better integration with banks and other stakeholders for seamless transaction flow.
4. Higher transaction limits for broader reach and adoption.
5. Recurring mandates for safe and secure transactions.
6. Digital financial literacy content plugs for better awareness and acceptability.

UPI 2.0 has great potential to change the digital payment ecosystem. The current versions are still evolving, and we are not far from the day we can handle the entire supply chain through UPI-based platforms. The era of next-generation digital experiences is dawning, wherein users interact with each other seamlessly in an open and fluid environment.

FAQs

The post UPI 2.0 – Creating A Complete Digital Payment Ecosystem appeared first on PayU Blog.

How To Generate QR Code?

Generating QR code for accepting payments is really simple. You just need to follow the below steps:

• Login to the PayU dashboard
• Enter the details of your business and description
• Generate the QR code

The QR code generator will generate the QR code for your business through which you can accept payments across all the UPI channels.

Why PayU QR Code?

PayU generates exclusive QR codes for your business. The benefits of QR codes by PayU are:

• Customised as per Your Brand: Increase your brand visibility using a QR code with the Logo of your brand. It helps gain customer trust.
• Multiple QR Generation: Don’t get restricted to one QR code. With PayU, you can generate multiple QR codes for each customer and location. There is no limit as to the maximum number of free QR codes that you can generate using the QR code generator online.
• Payment Tracking: Payment tracking has become easier with the PayU QR codes for your business. This facilitates reconciliation with your records and avoids mismatch.

Features of PayU QR Codes

PayU QR codes provide the following benefits to the businesses:

• Get Bharat QR: Whatever wallet the customer uses, you can receive payment from the QR that accepts payments from all the UPI apps on a single QR. Get a Bharat QR code for your business.
• Collect Single or Multiple Payments: With QR codes, you can either collect single payments or you can use them to collect multiple payments from the customers.
• QR Description: You can enter a QR description to let the customer know the reason for the payment. This further increases transparency and trust among the customers.
• Set an Expiry Date: Let your customers pay on time by setting an expiry date for your code.
• Open QR or Fixed Amount: You can generate an open QR code that allows customers to pay by entering the amount. To further facilitate the customers, you can generate a fixed amount QR code that allows customers to scan and pay using QR scanners with the amount being entered automatically.
• Assign the QR Code to a Customer: This is one of the best features for supporting payments from regular customers. You can assign QR codes to each customer exclusively. This will further facilitate tracking and reconciliation of payment.

Benefits of PayU Bharat QR Code

PayU Bharat QR code entails the following benefits to the businesses:

• Best Success Rate: Reduce chances of getting failed transactions. PayU QR code maximises the success rate of the transactions.
• No Maintenance Charges: There are no maintenance charges for accepting payments. Once the QR code is generated, you can use it for all your future payments without any hassle of maintenance or renewals.
• Payments Directly to Your Bank Accounts: Get your payments directly to your bank accounts instead of your UPI and payment wallets. This saves you from additional charges for withdrawing the amount from the wallet and transferring it to the bank account.
• No Additional Charges: Don’t worry about the charges. Generating and accepting payments do not involve any additional charges.
• Easy Setup: Setting up the entire system of generating QR codes is simple and hassle-free and can be completed in just a few clicks.
• Highly Secure: Transactions through the PayU QR code are highly secure as PayU India is ISO 27001:2013 Certified, which is the gold standard for security.
• Card Less Transactions: No need to carry your physical cards or wallets. You can easily make cardless transactions with UPI codes. Just scan the Dynamic QR code using the QR scanner in your smartphone and make payments instantly. Further, it also allows one to convert links to QR codes for accepting payments.
• Notification for Each Payment: Don’t know whether the payment is received or not? Well, this is not the case anymore. Receive an email and SMS for each successful payment that you receive. Further, you can track those payments with ease using the QR app.

Need Bharat QR for your business?

Conclusion

With the economy going cashless, more and more people are shifting towards UPI as their primary mode of conducting transactions and payments. With this paradigm shift in the payment system, businesses have adopted UPI for accepting payments with QR codes at the forefront. With ease in setting up and generating QR codes, payments have become easier in India.

FAQs

The post What Is UPI QR code Generator & How To Use It? appeared first on PayU Blog.

Transfer through UPI is very simple. You can initiate a transaction either through the QR code of the recipient or UPI VPA. UPI VPA, also known as UPI Virtual Payment Address, is the address through which UPI transactions can be done. UPI VPA is unique for each person, but it is also customizable. It can be described as an email ID for your UPI payments, for instance, your Google Pay ID.

What Is UPI Payment Gateway?

UPI is fast becoming a primary mode for monetary transactions, especially for small and medium-scale businesses. A UPI payment gateway is a third-party service provider that works as a medium for one to send and receive money. UPI payment gateways can be integrated with UPI online payment apps like Google Pay, PhonePe, etc., to both accept and send payments.

An Ideal Payment Gateway – PayU

The PayU Payment Gateway is helping businesses to grow and conveniently accept payments from customers with unique payment solutions. Further, accepting international payments couldn’t have been easier! With the PayU payment gateway, you can accept payments in 100+ foreign currencies. Following are the key  benefits that PayU offers to its users:

• No Transaction Limit: There is no limit on transactions undertaken through UPI.
• Transaction Alert: Get notified of each transaction through email as well as SMS instantly.
• Mobile App UPI Integration: It provides a faster checkout experience for users using mobile applications or mobile web. Users just need to enter the UPI VPA, select the UPI app and make the payment.
• UPI Payment Link: Businesses can easily generate a UPI payment link to share with their customers. After the customer clicks on the link, payments can be made. A pop-up window will appear showing all the UPI online payment apps installed on the phone in India. Just select the app and make the transaction. Receiving payments has never been easier before.
• UPI AutoPay: Specially designed for businesses with subscription-based plans, the customers can now enable e-mandates using any UPI application. The payments will automatically get debited weekly, monthly, or yearly through UPI apps. The business can create a plan and start a subscription by adding a user. A one-time authorization link can be shared with the user to confirm the e-mandate.
• Reconciliations with Virtual UPI Addresses: Reconciling the UPI payments can be a tedious task. This is primarily in the case of loan repayments, school fees payments, etc., where the payee shares the UPI IDs with the payers. However, it can be made easier by generating a unique virtual ID for each payer or invoice. While the user can make the payment through any UPI app, each payment can be matched with the payer or invoice, thus automating the manual reconciliation process.
• Dynamic Universal QR Code: While UPI IDs are convenient, they are not the only modes for payment. UPI Dynamic Universal QR Codes can be used by the users whereby they just have to scan the QR code through any of the UPI payment apps and make the payment. The amount is auto-filled and the customer just needs to execute the payment.

What About Disbursals?

While collecting payments has become easier, so has the disbursal. UPI simplifies disbursals with the following features:

• UPI ID Verification: If you want to verify the validity of a UPI ID, you can do so by transferring a small amount. This will help you verify that the UPI ID is valid and of the person to whom you want to transfer the amount. However, with PayU, you can know that the UPI ID is valid and in the registered name of the payee by just entering the UPI ID.
• Automating UPI Payment Disbursals: Bulk transfer to other individuals and businesses is now easier on a real-time basis. With API or excel file uploads, you can make instant payouts to multiple people at once.

Conclusion

The PayU payment gateway has been enabling businesses to accept and disburse payments, including international payments, in the most convenient manner. With world-class security through deep encryption protocols, payments are not only convenient but secure as well. Integrate the PayU payment gateway on different platforms and start collecting payments instantly.

Sign up for the PayU UPI Payment Gateway Now to revolutionize your payments system!

FAQs

Q: What is the UPI 2.0?

A: UPI 2.0 is the upgraded version of the UPI rolled out in 2018. It supports multiple new features like invoice approval mechanism, linking of UPI account with the customer’s OD account, and payment blocking options.

Q: How can I make a payment if I don’t know the UPI ID?

A: You can make the payment even if you don’t know the free UPI ID. You just need to generate a link and send it to the recipient. The recipient can enter their bank details, UPI details or card details. Once done, the recipient will receive the payment.

Q: What is the limit for fund transfers through UPI?

A: Currently, the upper limit for fund transfers through UPI is Rs. 2 lakhs per transaction.

Q: What are the integration modes available for merchants?

A: Merchants can easily integrate their UPI through QR, Applications, Intent and UPI Collect modes.

The post Accept Payments For Your Business With The UPI Payment Gateway | PayU appeared first on PayU Blog.

Here’s a list of the different types of money transfers in India, you should know about:

NEFT

NEFT stands for National Electronic Fund Transfer. Transferring money from one bank account to another is considered one of the most popular types of money transfer in India. This process has no maximum limit on money transfer amount, but the individual banks have the right to set any limit. For carrying out NEFT, you need to have the receiver’s bank account number and the bank’s IFSC code. You need to follow the below-mentioned steps to send money:

• Firstly, as you open the Fund Transfer section, choose the option “Fund transfer to other banks.”
• Now, you need to provide all the receiver’s bank details, like the account number and the IFSC code.
• Fill in the amount you want to send
• Recheck all the details, accept the terms and conditions, and complete the process. 

RTGS

The term RTGS refers to Real Time Gross Settlement. This money transfer process is almost similar to NEFT, but the difference lies in the minimum amount and how much time NEFT takes to credit the amount in the receiver’s account. RTGS is used for making large transactions that are more than two lakhs. However, this process has no maximum limit, making it easier for people to make huge transactions. 

As the name itself suggests, the money is transferred on a real-time basis, and it is one of the main differences between NEFT and RTGS. It proves to be of great help at times of urgency, as the money gets credited to the receiver’s bank account within just thirty minutes of completing the process. Steps for carrying out the RTGS transfer are mentioned below:

• Go to the Fund Transfer Section. 
• Choose the ‘transfer to other banks’ option. 
• Enter all the required details. 
• Recheck the details, and agree to the terms and conditions. 
• Click on Submit. 

IMPS

IMPS stands for Immediate Payment Service. IMPS brings all the benefits of RTGS and NEFT on the same plate. As the name suggests, IMPS provides the benefits of instant transfer to users. To your good news, the minimum limit for carrying out the IMPS money transfer is set very low. Speaking of RTGS vs IMPS, in RTGS, you need to make a minimum transfer of two lacs, but in IMPS, you can enjoy the benefit of instant money transfer to your receiver’s bank account in case of small transactions too. However, to carry out the process, you must know the receiver’s IMPS id and his registered mobile number. Carry out the following steps to make a successful IMPS transaction:

• Get access to your mobile banking or net banking using your ID and password. 
• Open the Fun transfer section. 
• Choose the option of IMPS as the mode of transfer
• Fill in the amount you want to send
• Click on the confirm button
• You will need to submit the OTP you will receive on your registered mobile number.
• Enter the OTP
• Recheck all the details, and click on the Submit option. 

UPI

UPI or Unified Payments Interface is one of the most convenient types of money transfer methods from bank to bank. You just need to have a smartphone and a stable internet connection to carry out the transaction. This process is carried out using VPA or Virtual Payment Address. The plus point is that you don’t have to carry any details of the receiver’s bank account. Instead of their bank account number and IFSC code, you just need to have their registered mobile number with UPI or their name. Also, you can use this method to transfer money at any time; it is available 24/7. UPI allows you to make transactions of up to 1 lac, which forbids you to allow this method while making large transactions. 

Cheque

Although it is a traditional method of transferring money from bank to bank, many people consider it a convenient option for money transfer. You can just put your name on the payee section of the check you have drawn. Then, fill in the receiver’s bank account number and the amount you want to transfer. Also, don’t forget to put your signature on the check, ensuring that it matches your signature associated with your bank account. 

The process is more straightforward and more immediate if done within the bank. However, in the case of other banks, the receiver may need to wait for two to three days. There is no upper limit in transferring money through cheque, but the receiver may face restrictions during the withdrawal process. If he wants to withdraw in branches other than his home branch, he may not withdraw more than 50,000. 

You must have been very clear about the different types of money transfers by now. Now, all you need to do is choose the method which suits your requirements. IMPS or UPI will work great if you want to send a small sum instantly. However, for larger transactions, you may go for RTGS. If you face any net banking or mobile banking issues, you can opt for cheque transfers. Don’t forget to recheck all the details of the receiver before proceeding with the transaction, or else you may lose money. Don’t stress too much; choose the ideal method, and enjoy the seamless process of transferring money. 

Looking for the best payment partner for your business website or app?

Get started with PayU

The post Five Different Types Of Money Transfers In India appeared first on PayU Blog.

Since UPI is a reasonably new payment mechanism, the tech is bound to face some threats from the ill-intended. Hence, it is wise to know about the common UPI frauds and how we can report them.

The Rising Problem Of UPI Fraud

With the Government’s push towards digitalisation and progress to a cashless economy, UPI has emerged as the favoured mode of payment for electronic transactions. However, online payments have also led to the rise of con artists who prey on unsuspecting users on the Internet. The UPI frauds have grown to a large proportion, and many banks have started issuing precautionary alerts to customers. Even the Government has taken steps to try and curtail this problem.

UPI frauds are carried out in different ways. Let us look at some typical UPI fraud types.

• Phishing: Phishing is one of the most common online financial frauds. Phishing involves stealing confidential banking details of customers by enticing them with bogus emails, instant messages or text messages. The tricksters send messages masquerading as some known or trusted entity to the user. The recipient is tricked into sharing login credentials in such an attack. The scammers then misuse these details to carry out fraudulent financial transactions. 

• Malware: Malware is software used by fraudsters to disrupt your computer or mobile. It allows the fraudster to gain unauthorised access to your device and steal or misappropriate information. It also deprives the user of access to their own device’s data and threatens the security and privacy of the user.

• SIM cloning: SIM cloning is a recent phenomenon in UPI frauds. As banks have made OTP and PIN mandatory for online transactions, the con artists have resorted to cloning the victim’s SIM. In many cases, the victim’s access to the SIM is blocked. The hacker then manipulates the victim’s PIN and ID to carry out fraudulent UPI transactions.

• Vishing: Vishing involves the trickster weaving a web of lies, fooling the victim into sharing UPI Pin and other details. It works with the trickster gaining the victim’s confidence through a purported fake story. The victim is then induced to enter the UPI pin in the hope of either making a payment for some genuine need or being duped into believing that they would be receiving payment from the fraudster. Sometimes customers are also duped into making payments to misleading UPI handles that may resemble other genuine Ids.

What To Do If You Fall Victim To A UPI Fraud?

If you have had an unfortunate loss of money via any UPI fraud, it is advisable to bring it to the authority’s attention immediately. It is prudent that you first save a copy of the messages, the UPI handle or the mobile number through which the fraud has occurred. It is also essential to note down the transaction ID numbers. The next important step is to change the pin of your or your UPI handle immediately.

How To Report UPI Frauds In India?

To report UPI frauds in India, the victim needs to follow these measures:

• You must make the UPI fraud complaint to your bank and the payment company on which the fraud occurred.
• File an FIR with the local police.
• Raise a complaint with the National Payments Corporation of India (NPCI), detailing the entire chain of events.
• Write to the Digital Payments Ombudsman with the entire history of the fraud. 
• RBI has launched a scheme whereby the Ombudsman can address digital transaction issues for redressal.

What Precautions Should One Take To Prevent UPI Frauds?

We can see that UPI frauds can be very damaging. It is essential to be vigilant in these challenging times and prevent UPI fraud. It is judicious to take extreme caution while transacting online. One should take care of all the following aspects:

• 1) Double-check all details while requesting or accepting payment requests. 

Usually, we hurry to complete the transaction and make mistakes. Double-checking is the easiest way to save yourself from falling prey to the nefarious schemes of scammers.

• 2) Always note that there is no need to enter your PIN while receiving funds.

A confident trickster’s modus operandi involves gaining the victims’ trust and making them believe that they would be receiving funds by sharing their PIN. As soon as the PIN is shared, funds are withdrawn from the victim’s account.

• 3) Take adequate notice of spam warnings on your UPI app. 

Some suspicious handles are red-flagged on payment apps, and it is in our interest to adhere to these warnings.

• 4) Keep an eye out for malicious apps. 

You should thoroughly investigate any suspicious activity on your device. It would help if you immediately took measures to safeguard your system when compromised.

• 5) Don’t reveal PIN or OTP to strangers.

Sweet-talking or sometimes threatening gestures are used by swindlers to make you reveal your OTP or PIN. Be discerning and aware of such tricks at all times. Remember that no official representative would ever ask you to reveal these details.

• 6) Do not open messages when unsure of their authenticity. 

It is always better to avoid opening any non-familiar messages or attachments.

• 7) Keep track of your account statements.

One should periodically scrutinise the account statements to look for any abnormalities. 

• 8) Transact only through a secured and trusted internet connection.

Never carry out financial transactions on an open or unsecured internet connection. It could lead to disastrous results. 

• 9) Set a limit for various types of transactions.

Setting limits will help you limit your losses in a worst-case scenario of someone duping you.

PayU India understands that data privacy is crucial in carrying out online transactions. PayU India, a trusted payment gateway for your business, takes precautions to ensure that your financial transactions are secure and hassle-free.

Conclusion

Always remember that UPI fraud detection is a time-consuming affair. Although India’s UPI fraud recovery rate has been rising, the con artists still keep finding newer ways to dupe unsuspecting customers. Hence, it is wise to take precautions and be safe rather than sorry.

For a safe payment gateway experience, use PayU India and relieve your customers of any stress.

FAQs

The post How To Prevent UPI Fraud And Improve Financial Security appeared first on PayU Blog.

In 2016, the National Payments Corporation of India (NPCI) developed and introduced a real-time digital payments system under the Digital India campaign. Named the Unified Payments Interface (UPI), it’s an online payment system that instantly transfers the funds between two bank accounts in real-time. It serves as a faceless & cardless payments service. 

Within just the first 37 months of its launch in 2016, this mobile-only payment system helped transact a total of ₹17.29 lakh crore (US$ 230 billion) in India. In fact, in 2020, India became the world’s largest real-time payment market with 25.5 billion annual transactions, leaving China and the United States behind. 

This popularity can be attributed to the simple interface and seamless transactions of UPI applications, which makes this digital payments platform easy to use for everyone. With features such as instant cashback, referral bonuses, lucky draws, and other lucrative rewards on transactions, more & more people are shifting to UPI payments instead of using cash or cards. 

So, if you feel like you have been missing out on the benefits of UPI payments, scroll down and find out how you can avail these benefits and more by creating your UPI ID. 

But first, 

What Is A UPI ID or UPI Payments ID? 

It is an online payment system that enables you to virtually transfer money from one bank to another. An Aadhaar Enabled Payment System (AEPS). 

Traditionally, if you transfer money through a bank, you will need details such as the bank name, bank account number, branch address, and IFSC of the beneficiary. These details will have to be entered every time you want to transfer money. A UPI ID or a virtual payment address (VPA) eliminates this hassle.  

As the name suggests, your virtual payment address is a unique ID that enables you to send or receive money through UPI from/to your bank account without sharing each other’s account numbers or other details. 

Linked with a UPI-enabled Bank, your UPI ID can be created on any UPI payment application like BHIM and others. 

How To Create Your UPI Payments ID or VPA? 

There are many Unified Payments Interface payments apps available in the market. However, the steps to create your UPI ID are almost the same across all these apps. Irrespective of which app you use, you will first have to register your bank on the app to create your UPI ID. You can do this through the following steps: 

1. Download your desired UPI digital payments app, which will prompt you to set a four-digit app code upon opening. 

2. After this, the app will ask you to verify your mobile number. If you have a dual sim, select the number which is registered with your bank. The app will then verify this number on its own through an OTP. 

3. After this verification, the app will ask you to select your bank and will automatically receive the required details such as bank name, the IFSC code, and account number. If you have more than one account added to the same mobile number, you can select your desired account. 

4. Finally, the app will display your UPI ID. 

5. And voila! You have successfully created your UPI ID or VPA! 

Registering for UPI ID through the *99# service

Alternatively, you can also register for a UPI ID through the *99# service. Here’s how: 

1. Dial ”*99#” on your phone and select your preferred language.  
2. Enter your bank’s name or the first four digits of your IFSC code. 
3. Choose your bank account and enter the last six digits and the expiry date of your debit card. 
4. Enter and set your UPI pin or MPin. 
5. Confirm your UPI pin or MPin, and there you go. You have your UPI ID! 

How To Locate Your UPI Payments ID In A Bank Application? 

You can find your UPI ID or VPA within your UPI app. 

We have discussed two of the most commonly used apps. The process for all the apps might be almost similar with little to no differences. 

For Google Pay Users:  

1. Open the Google Pay app and click on your photo in the top right corner.  
2. Click on Bank Account.  
3. Select the bank account linked with the UPI ID. 
4. You will find the associated UPI ID under the name “UPI IDs” with its QR Code. 

For BHIM App Users: 

1. Log in with your app password. 
2. Click on “Profile” from the drop-down menu. You’ll find your UPI ID with your QR Code

How Can You Change Your UPI Payments ID? 

If you are not satisfied with your UPI address, you have the option of changing it. Here’s how: 

For BHIM App Users: 

1. Open the BHIM app and go to your profile.  
2. Click on Settings. 
3. You will see the option to edit your UPI ID. 
4. After making the necessary changes to your ID, click Confirm. 

For Google Pay Users: 

1. Go to Google Pay and click on your profile photo.  
2. Click on “Bank accounts” in “Payment Methods” and select the bank account whose UPI ID you want to edit. 
3. Tap the UPI ID associated with your favoured bank account and click on Manage UPI IDs. 
4. Click ‘+’ icon next to the UPI ID you’d like to have. 

Why Should You Use UPI Payments & Its Benefits

Here are some features of UPI payments that make them one of the best payment options available today: 

• Single click payment. 
• Instant money transfer through any mobile device 24×7 for all 365 days. 
• No minimum transaction limit. 
• No transaction charges. 
• One mobile application for managing various bank accounts. 
• No need to enter multiple bank details for transactions. 
• Resolve complaints and queries through the mobile app. 
• Option to share the receipt of transactions and bills. 
• Enhanced reliability & security since the RBI regulates it. 
• Attractive rewards on transactions on selected apps*. 

Conclusion 

Today, the UPI payments system is leading the non-cash systems in India ahead of net banking and debit & credit cards. These are being used by individuals, merchants, retailers, and manufacturers across the country. In fact, as of May 2021, the platform has 100 million monthly active users in India. 

With this digital payments revolution, businesses are finding it much more convenient to send and accept payments in real-time, saving them the hassle of going to banks or making cash payments while also making the process easier for their customers. 

With 100+ payment options available on PayU, including UPIs, cards, wallets, net banking, Buy Now-Pay Later(BNPL) systems, let your customers choose from multiple payment options, anywhere, anytime! 

The post Join The Payment Revolution- Create and Use Your UPI Payments ID appeared first on PayU Blog.

During the festive season, online payments banks have noticed 60% of consumers used online payment methods to make purchases via e-commerce portals. So what are online or payments? 

What are Online Payments mean in India? 

Online payments involve transactions that occur digitally without using paper currency. Online payments facilitate hassle-free, fast, and secure payments through a secured network, from paying for online purchases to transferring money online to making investments. Online/digital transactions involve the collaboration of multiple parties, including the banks and the financial firms, along with several sectors within the economy. 

For making online payments, the sender and the receiver must have:   

• Bank account 
• Online banking facility  
• A medium through which the transmission can happen such as a bank or service provider 

Different Methods of Online Payments In India 

Presently, there are several online payment methods available in India. Online payment methods have been in operation for now, but they received traction during the pandemic lockdown. Let’s look at them in detail below: 

Banking Cards 

Banking Cards are one of the widely used payment systems in India. Cards are very convenient, portable, and have the benefit of security of payments. The two most common banking cards used for online payments are debit and credit cards. These cards are used extensively in both online and physical transactions. Some of the renowned payment networks are VISA, RuPay, and MasterCard, among others.

Aadhaar Enabled Payment System (AEPS)

As the name suggests, anyone holding Aadhaar can use AEPS to carry out online/digital transactions, provided the Aadhar number is linked with his bank account. An Aadhaar holder can use AEPS for balance queries, withdrawal, deposits, and Aadhar to Aadhar bank transfers. If your Aadhar number is registered with the bank where you hold an account, then you can use AEPS for your online payments. Instead of mentioning the bank details, one can send funds from one bank account to another through their Aadhaar numbers.  

For making an AEPS transaction, all you need to do is: 

• Visit a Micro-ATM or a business correspondent (could be even your local store owner with the necessary device, who will function as a “micro-ATM” and help conduct these instant transactions). 

• Provide Aadhaar details. 
• Authenticate it with your fingerprint or iris scan, and then continue with your transaction. 

Unified Payments Interface (UPI)

UPI is the most popular online payment system that brings in several bank accounts into one single app. Any individual holding a bank account can send or receive money through a UPI application. UPI is extremely user-friendly; any UPI transaction requires merely a few clicks on the phone. UPI also allows users to transfer money without the hassle of remembering the bank account number or IFSC code. All they need to know is the phone number or a Virtual Payment Address. Several UPI apps are available both for Android and iOS platforms. 

Mobile Wallets 

Mobile Wallets are essentially your virtual wallet. Usually, people link their bank accounts to this online/digital wallet for secure transactions. One can download a mobile wallet app, add money to these wallets and use them for their purchases. With services like sending and receiving money, merchants’ payments, and making online purchases, among others, mobile wallets broadly facilitate faceless and cardless payments. Even, several prominent banks have also launched their e-wallet services, such as ICICI Pockets, Axis Bank Lime, etc. 

Internet Banking 

Internet banking allows users of a particular bank to carry out financial activities online, including transferring money, applying for loans, credit cards, closing an account, and many more. Almost all Indian banks have internet banking or e-banking services. The internet banking system is a banking network that is open throughout the year. The broad scope of the banking facilities that internet banking provides makes it a trendy option among customers. Almost all online transactions can happen using internet banking. 

PoS Terminals 

PoS terminals or Point of Sale terminals are the locations where the sale happens. For a long time, PoS terminals were those machines on the counters in malls and stores where the payment was made using credit or debit cards. These are the same machines where the users swipe the card and enter the PIN. However, with the increasing popularity of other payment methods, new PoS terminals have come into place.  

Physical PoS terminals are available in shops and stores; Mobile PoS are accessible through a phone or a tablet; Virtual PoS, are simply accessible through web-based applications to make payments hassle-free.

Mobile Banking 

Mobile Banking helps you do all financial activities with your smartphone. It is an umbrella term encompassing several banking services that are accessible over mobile devices. With the rise of UPI and digital wallets, banking via mobile has been expanding. It is becoming a popular option due to its convenience and swiftness. Most banks have their mobile banking apps where all services, including investments, bank statements, bill payments, and many others, are available at the click of a button. 

PayU: Your Online Payments Partner in India 

PayU provides online merchants with innovative payment technology with a range of multi-faceted features. Basically, a no-brainer tool to transact digitally while catering to individual freelancers, startups, and business enterprises. 

Integrating PayU payment network with business has several advantages, including:

• The high transaction success rate. 
• The ready-to-use payment network to set up with no coding skills. 
• PayU has developer-friendly APIs, plugins that facilitate easy integration with merchant websites. 
• Once your account is set up, you can start accepting payments easily. All you need is to complete the onboarding process. The entire process is online and hassle-free. 
• The PayU team helps merchants operate seamlessly and securely without any downtime. 

Final Words 

The Government of India has taken several steps to push people to use these online payment methods using their “Digital India” campaign. This campaign aims to create a cashless economy. Online payments help you keep “your money under your control”. At PayU, we help people facilitate online transactions seamlessly. To know more about us, visit PayU now. 

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Following demonetization and the ensuing problems with cash payments, the government made digital payments in India a priority. The Indian government has taken several steps to promote and support digital payments systems in India. The government has set a goal for the ‘Digital India’ initiative to establish a ‘digitally empowered’ ecosystem: ‘ Faceless, Paperless, Cashless.’ 

What are Digital Payments? 

Digital payments are transactions made via online modes without any physical exchange of money. This means that both parties, the payer and the payee, use electronic mediums to exchange money.  

The fast adoption of mobile devices and the rise of e-commerce are not the only factors driving digital payment rise. The following factors also have encouraged the expansion of these payment systems: 

• Traditional payment procedures are much more streamlined today. 
• More new entrants and competitors. 
• Expectations and Preferences of consumers are constantly evolving. 
• Rules, Regulations, and Legal frameworks. 
• Innovations that are both competitive as well as collaborative. 
• Newer payment methods have emerged as a result of technological advances and the adoption of existing ones. 

Why are Digital Payments Important? 

Establishing financial parity always remains critical in a nation like India, where inequalities are sometimes fundamentally opposed. One of the main reasons our government started talking more and more about Cashless Economy and Digital India was to make financial resources more accessible to every citizen possible. 

Depending on the platform you choose, digital payments are done by transferring money from the user’s account to your corporate bank account via the internet secure bank network. When you receive payment, the money is immediately sent to your corporate account. This makes the overall online payment procedure very simple and trustworthy. The following factors justify the increasing need for digital payments:

• Cash has become almost obsolete, mainly following the COVID-19 pandemic. Thus, sellers and buyers are looking for secure and convenient payment options. 
• Any company or individual from anywhere in the world can use digital payment methods. 
• You can make online payments more quickly than cash. 
• Compared to the traditional payment methods, digital payments are safer, simpler to process, and far less costly in the long term. 

What are the Different Methods of Digital Payments? 

Here are some of the most common digital payment technologies in India that might help you save time and manage your money transfers: 

Banking Cards

Banking cards, like debit and credit cards, are the earliest digital payment methods available in India. It had a significant impact on the payment system. This change was necessary for the long run to allow for a cashless or digital economy.

Mobile Banking

Mobile banking refers to the use of e-banking services such as  NEFT, RTGS, IMPS transactions to transmit money around the world utilizing your online banking platform. Most leading banks are working on interactive internet banking platforms to make online banking transactions increasingly common than they are now.

Mobile Wallets

A payment wallet comes with a lot of digital payments software. This wallet is a digital wallet that holds your money instead of your bank account in an incredibly simple interface, allowing users to conduct financial transactions straight from the application wallet.

Unified Payments Interface (UPI)

UPI is among the most widely used digital payment systems currently. Numerous simple and user-friendly smartphone applications enable users to transact directly from their bank account in seconds using the KYC verification completed during their account setup process.

Unstructured Supplementary Service Data (USSD)

USSD is a digitized form of payment that does not need the internet. It is the most convenient as you can do it by calling a standard code immediately from a genuine and validated phone network.

What are the Benefits of Digital Payments? 

Users, businesses, governments, and global development entities all benefit from digital payments. The following are some of the advantages of turning digital: 

• To promote financial inclusion, increase access to various financial services, such as savings, credit, and insurance. 
• Inclusive growth enables a more optimal income movement by allowing the economically disadvantaged to contribute to the economy. 
• Higher effectiveness and responsiveness result in cost savings. 
• Women’s economic engagement has gone north on the charts by giving them more control over their finances and additional options. 
• Safety and Transparency is much better these days as increasing and rapid tracking and accountability reduces fraud and theft. 

PayU As Your Digital Payments Partner 

PayU gives users simple, safe, and secure payment solutions with no need for coding and downtime. It even gives you access to digital payments application descriptions and also full-time integration support for the same. It enables users, individuals, freelancers, businesses as well as organizations to: 

• Create their online presence. 
• Accept online payments on the website, mobile app, and more. 
• Collect payments via professional invoices, blogs, web pages, QR codes, excel sheets, among others. 
• Pay their vendors, employees, and customers even on bank holidays with real-time updates. 

Conclusion 

The days of people relying on traditional payment methods like cash and cheques are pretty much gone. Computers and mobile phones have transformed the way we live and work and manage our finances and transactions. The emergence of modern services, such as e-commerce, has resulted in a desire for faster payment methods due to the constantly changing and expanding technologies. 

The post How Are Digital Payments Revolutionizing Money In India? appeared first on PayU Blog.

Similarly, a radical transformation has happened in the fintech ecosystem. This growth has happened in payment solutions like UPI, wallets, one-tap payments, tokenization, and blockchain in the last ten years. Seeing this, it is quite evident that customer expectations and needs are driving new product breakthroughs. 

Fintech as a sector itself has revamped entirely in terms of providing a seamless customer experience while gaining trust as well as by delivering secured payment platforms. 

Challenges in Building Fintech Products

Developing successful fintech products doesn’t come easy. It always comes with challenges such as compliance with the latest Government norms, Artificial Intelligence (AI), and big data capabilities. Along with improved user experience (UX), data security among others.  
 
If these are taken care of in the nascent stages, the challenges will be minimal at the time when the product is put to test. 

Now, you must be thinking what’s the driving force that helps in building such successful products in the fintech ecosystem? Here’s a list of them: 

1. Innovation 

In the online payment environment, the customer goes through a lot of problems such as payment failures, delayed refunds, etc. As per the studies, a merchant is the one who bears the brunt of cart abandonments due to the limited availability of payment options, complex checkouts, or any other technical glitches.

Manas Mishra, Chief Product Officer, PayU India believes “A customer-first mindset is a driving force behind any innovation. Creating successful fintech solutions at scale relies on this guiding principle.”

As a result, a lot of innovations have happened in the payment world to tackle such problems. Problems focusing on providing the best customer experience. With the use of innovative solutions like One-Click payments, customers can make quick payments at the checkout without switching over to different tabs, remembering their CVVs and OTPs. Isn’t that cool, right? 
 
Even, studies have revealed that such innovative solutions can make the payment process 1.5x faster. 

So, it’s the need of the hour to invest in seamless payment experiences. In other words, payment experiences that foster repeat purchases and increase average transaction value and transaction success rates. 

Long story short, to make your product development successful, it has to go beyond meeting business needs. Not to forget that it also add value on a larger scale. To accomplish this, product managers and engineers have a suitable environment. An environment where they get a level of trust, empowerment, and ownership. Thus, they are more likely to generate innovative ideas. 

2. Deliver what your customer wants 

We are currently living in a world where customer preferences and requirements are constantly changing. If a brand does not evolve itself with the changing winds, chances are high that it will perish soon.

The Pandemic era served as a catalyst that led to a massive change in the way customers use online payments. They were keen to use contactless payment methods that are quick and can be used anytime, anywhere.

Suitably, the payment service providers along with merchants have responded to the emerging needs with omnichannel solutions. Right now, a lot of payment decisions are being made through multiple payment channels. They have expanded to payment checkpoints too. 

Consequently, businesses are now adopting omnichannel payment solutions to provide a seamless experience to their customers. 

Final Thoughts

Fintech is one such sector that is highly changing. Evolving existing products with the changing needs is the only way to sustain and be successful in the market. In other words, customer-centricity is the only way to stay ahead of others and remain unaffected by the changing winds. 

Incorporating this approach into fintech products can boost financial inclusion, lower entry barriers, and democratize technology across the nation. As you empower customers, you enable businesses.

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