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Leave this article if you are familiar with the above image. I would highly recommend you read it if you are unfamiliar with it.
UPI (Unified Payments Interface) is an instant payment. You can send money to anyone within seconds, just like a WhatsApp message.
The conventional payment pathways (Paypal, Stripe, Debit Card, Net Banking etc.) are very time-consuming. They take hours to days to see the payment in the receiver’s bank account.
Now, let me tell you about UPI. You can send me money through your bank account in seconds. You can send me money from your bank account by using my Mobile Number or my UPI id which is similar to an e-mail id. Moreover, you can send money to my QR also.
It’s Different (Taken from NPCI Website)
- Immediate money transfer through mobile device round the clock 24*7 and 365 days
- Single mobile application for accessing different bank accounts.
- Single Click 2 Factor Authentication — Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
- The virtual address of the customer for Pull & Push provides incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
- QR Code
- The best answer to Cash on Delivery hassle, running to an ATM or rendering the exact amount.
- Merchant Payment with Single Application or In-App Payments.
- Utility Bill Payments, Over counter Payments, QR Code (Scan and Pay) based payments.
- Donations, Collections, Disbursements Scalable.
- Raising Complaints from Mobile App directly.
Downside
It was made in India. So, the currency used is INR. The good part is that the Government is making it international.
Soon you and I will be able to make cross-border payments instantly. It is safe, quick and cheap. Even it can be free like we don’t pay anything for using UPI in India. Yes, UPI is free of cost.
But the cross-border payment takes a lot of paperwork. So, it may take some time but get ready for the next generation of the payment system.
Being free means that Banks and other financial institutions may not be so motivated by UPI as they are not making any profit from it. It is a downside up to this time. But it doesn’t make a lot of difference. The companies have to according to the needs of the customers.
What’s Going on?
UPI-based QR system has been introduced in Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan in 2022.
It will be going to be aa next revolution. It is having the potential to replace the SWIFT system. If it will happen this way then the global influence of the USD might be in danger.
NPCI (the company that owns UPI) will tie up with different companies around the globe to provide the services. If you want to invest money then the equity or the stocks of these companies will be going very beneficial.
You can check the list of companies in individual countries. It may seem an extra work but in the end, you will reap massive benefits from the investment in these companies. Keep yourself updated about it. Do you know a great Startup Convention is going to happen in India? Have a look:-
Wikipedia may be a good way to get updated about UPI:-
The ambassador of UPI in your country will be your Golden Chariot.
Is this article worth anything to you? If yes, do you have a $1 by chance?
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