India has always been steady in the progression route towards online payment. There has been remarkable innovation in each decade. But there has never been a single pause in the experimental scale in search of a new, better and securer alternate for the currently running option.
If we look at some facts, it has been found that even today only 6 cashless transactions are executed per person, which is really in-impressive. RBI (Reserve bank of India) has initiated at this step to offer a better option for the customers. And as a result, the new and improvised technology is introduced among the people, i.e. Unified Payment Interface aka UPI. It has now become one of the hot topic and technology news to discuss about.
What is this UPI and what unique features is it going to bestow?
UPI is a payment system which can be used for any sort of online payment. It has facilitated the emission of barriers between the receiver and the payee. They don’t need to acknowledge each other correct identity to make a successful payment.
No More Bank Details Sharing: Prior to the UPI, for every single online transaction, you were required to prove your identity. But in many cases, you feel like unsecure to share your banking details with an unknown. With UPI, the problem will not anymore be entertained.
In the process of using Unified Payment Interface, you only need to know the UPI identifier (like Adhar number, mobile number, permanent address, etc.) You just need to “pay to” or “collect from“ a “payment address” and voila, your transaction is successful.
Simple even for Novice: The interface has been kept highly simple that it can be used by a newbie without any hurdle. The process is as simple as making a call from your smartphone. It works on IMPS (Immediate Payment Service), so alike IMPS, it is also instant in its actions. Also, the online activities can be executed 24X7, leaving the time barrier.
1 – Click 2 – Factor Authentication: Security is what can’t be done at 100%. But it can be done better that what we were using yesterday. UPI is also on the same route. 1-Click 2-Factor authentication security has been used in it, ensuring top notch security from any halt or dispel of the transaction.
The two-factor authentication was earlier used with multiple clicks, but now it has been consolidated in a single click only, shortening the long process without hampering the security.
Full stop to e-wallets: E-wallets, the basic requirements for any sort of online payment is not required anymore. Even with the introduction of UPI, you can send or receive money directly without the need of any e-wallet. You only need to know the second party’s UPI identity and your task is done. Even in case you own an e-wallet, the UPI can seamlessly work with it too.
This latest technology news is all in all a bombshell, which is filled with immense benefits for todays internet freaks. For novice too, it is a blessing offered by the government.