What Is UPI?
UPI was launched to make contactless transactions possible for all Indians. It is a system that brings multiple bank accounts with the same phone number to a single place. It is in the form of a mobile application that is easy-to-use and hassle-free. Several Indians have now adopted the UPI and use it on a regular basis. We can already see how great it is working out. To get a UPI ID, you only need a bank account with an active phone number. Using that, you will be given a Unique ID that you can use across all UPI apps.
Why Is UPI Trending?
UPI has the heart of the masses as it allows individuals to go cashless. Most merchants in India now accept UPI payments. A hike in UPI payments has been noted since the COVID-19 pandemic as the need for minimum contact promoted the concept of contactless transactions. Contactless transactions made people feel safer and in control of their physical well-being to some extent. That is why UPI started trending in India, and the hype never went down ever since.
UPI payments can be made via UPI apps. There are several UPI apps available in India, the 4 most widely used UPI apps in India are
- Google Pay
Google Pay, also known as GPay and previously known as Tez, is one of the most widely used UPI apps globally, especially in India. People prefer it for its speed and versatility. With GPay, you can send money to your friends and family hassle-free. Your friend is not on GPay? No worries! You can simply make a bank transfer or directly send the money to their UPI ID or even scan their QR code and complete the transaction.
Besides transferring money, you can pay monthly bills, do mobile recharge, and much more from within the app. Its rewards section is arguably the best (and the most loved) part about GPay. On completing a specific number of transactions, you get scratch cards with exciting rewards. These rewards range from cashback to coupons and promo codes that you can use across several e-commerce platforms.
- Paytm
Like GPay, Paytm is also widely used for contactless transactions. It lets you send money to a UPI ID and do bank transfers, all in one place. It is most commonly used for paying merchants for everyday shopping like groceries, stationery, and medicines. You can pay your bills and recharge your phones from within the app. Paytm also lets you manage Fastag and book travel and entertainment tickets. The cashback offers on Paytm are arguably its most appealing feature; they can be availed across several regularly used shopping websites and apps. Paytm also has AutoPay and reminder features that help make sure your bills are always paid. Pre-set a date for auto-payment or approve the transaction to pay your monthly bills just with a few clicks.
- Amazon Pay
Amazon, the famous e-commerce platform, launched Amazon Pay a few years ago to make shopping easier for customers. You can sign up for Amazon Pay directly from the Amazon app. Once you’ve signed up, you are allotted an Amazon Pay wallet via which you can send and receive money. The latest feature rolled out by Amazon lets you do a direct bank transfer instead of first transferring money to your wallet and then using it. The rewards rolled out by Amazon Pay can be used for shopping within Amazon and completing mobile recharge via UPI. The Amazon Pay wallet comes in handy while shopping on Amazon.
- PhonePe
PhonePe is one of the few UPI apps that originated in India. Indians love it cause it’s ‘Made in India.’ You can do everyday money transactions with friends and family, pay bills on a monthly basis, and also recharge your phones and TVs. Along with that, Just like GPay, PhonePe also lets you buy gold from the app. The purchase comes with an authenticity guarantee. But unlike Gpay, PhonePe allows auto-payments of bills on or before their due dates. You can also invest in mutual funds via PhonePe. (But if you are really into trading, we suggest you use a brokerage app.) PhonePe lets you order meals, do grocery shopping, and buy medicines online with just a few clicks. It also facilitates the repayment of loans as per your EMI agreements. And the fun part – you can also play games on it!
UPI apps are preferred because they enable contactless transactions and provide several subsidiary services within the app, and who doesn’t love a single platform for all their transactions? You can pick for yourself which UPI app is more suitable for your needs and whose interface you prefer.
Irrespective of which of the above UPI apps you choose, it will provide you with the basic facility of online payments along with several other additional features.
P.S. Most UPI apps limit the number of times you can make a UPI transaction in a day.
