Cash used to be main payment method, but times have changedand that is no longer the case. In the past couple of years, UPI apps anddigital payment apps have grown like wildfire for bill payments and other monthly payments. When it comes to digital payments, India has been one of thefrontrunners. You may see that you make the majority of your online paymentsdigitally if you consider your most recent transactions.
In 2022, the Unified Payments Interface, or UPI, hassurpassed all expectations. It has risen in popularity among the general publicsince its start in 2015. According to the latest recent product statistics, in 2021, this payment app method processed over 4 billion transactions. To pay bills and make purchases, you usedebit/credit cards or UPI. So, what makes digital payment apps so popular, and why should we continue to support them? The following are the 5 main advantagesof doing so.
· Super convenient payments: The need forconvenience is a natural human trait. To be sure, we want everything at ourfingertips. It can be difficult to ensure that you always have enough cash onhand. You must also be concerned about your safety, as anyone can use yourmoney if your wallet is stolen. On the other hand, digital payment apps have made life so much easier! Have you forgotten your wallet at home? You can still pay for your auto ride with your e-wallet system by scanning a barcode! We can pay our mobile bills, electricity bills, house rent, and even purchase food with a single tap of the finger.
· Secure & hassle-free bill payments: Thegovernment is promoting digital payment apps in order to promote transparencyin people's monetary transactions. Indians have historically relied on cash,but we are gradually realising the benefits of digital payments in terms ofsafety and security. When you carry cash, there's a good chance it'll be taken. Even withdrawing Rs.5,000 from an ATM late at night can be dangerous. You're always concerned about what's in your wallet. All of these concerns are avoided with digital payments. Fingertip sensors or specific codes are used to protect many digital payment systems. So, even if your smartphone is stolen, no one will be able to access your bank account using your e-wallet system.
· Easy to manage: A person would have to keep amanual record of every expense they made if they paid cash. However, becauseit's unrealistic to keep track of every single payment you make, this is toughto maintain in the long run. All of your transactions are automatically loggedby digital payment apps and UPI apps. You know exactly when and how much you sent to whom. This also aids in reducing unnecessary expenditure and becoming more frugal.
· Variety of payment methods: There are a plethoraof digital payment choices available. There are various UPI app methodsavailable, including debit cards, credit cards, and NFC, all of which aresupported by highly secure payment app. Several payment gateway companies havesprung up as a result of the digital revolution. When you get money fromsomeone, it is immediately deducted from your account, and it is also added to your account. There isn't any form of lag at all. You embrace a comfortable existence when you adopt digital payment systems. UPI apps like Bajaj Finserv offer speedy payments at the tap of your fingertips.
· Easy mobile grievance redressal: Nobody enjoysgoing to the bank. In reality, it's one of those monotonous activities that wekeep putting off since it's time-consuming. When it comes to cashing checks, you'll have to wait in huge queues and visit many tellers before getting whatyou need. Getting a DD also takes about 24 hours. And, needless to say,standing in long ATM lines isn't the most productive way to spend your time. A mobile UPI app helps in speeding up the process.
