Ohh! GOD. The time which we have faced in the span of demonetization. We have faced a
lot of issues and the digital payments are in all high at those times.
The crazy thing which it was like there will be a habit of anything if we use that frequently and the same thing happened to this even.
We got so much habituated to digital-payment we have started paying more online compared to cash and cards.
UPI Payments into action
When UPI came it was a completely different scenario. If you don’t have an idea about the UPI. Let me tell you it works something different compared to ONLY wallet applications.
In UPI based application you just need to add your bank account via registered phone number with your bank. Later it will automatically detect your bank account.
When your bank accounts are connected and you are ready for payment. If UPI based application you can transfer money to another bank account within seconds and also if your friend has UPI Id you can transfer using ID as well.
With this much of advanced payment system, would you use credit or debit cards much? It’s clear No.
Why Debit card and credit cards are in low transactions compared to UPI?
Using UPI is very easy and incredibly fast which had overruled the Net banking. At present no one is using Net banking because as we use Net banking for transfer of money. But with UPI it takes seconds and we can initiate transaction anywhere.
Along with that, it has also overruled the debit and credit cards with the highest transaction in the first three months of 2019.
For cards, we need to carry them with us but with the UPI it doesn’t require to carry nor to be in worry of the card.
Another reason is that the increase in competitors. At present, you will get more application offering UPI payments option as well. These are the best alternatives for cards.
UPI Payments and card Transaction in the month of January.
If we talk about the number, in January 2019, the value of UPI transactions is Rs. 1.09 lakh crore which is higher to compared to the 1.05 lakh crore worth of transaction occurred by cards.
UPI and card Transaction in the month of February.
In February 2019, the value of UPI transactions is Rs. 1.07 lakh crore which is higher to compared to the 93,998 crores worth of transaction occurred by cards.
What are the main advantages of having a UPI Payments?
- Easy to carry.
- Very secure as it doesn’t work over WiFI. If SIM card is removed it won’t work.
- Transfer within seconds.
- No extra charge or delay.