The United Payments interface or UPI is a revolutionary new method of payment and fund transfer based on an idea developed by National Payments Corporations of India (NPCI). It uses the Immediate Payment Service (IMPS) for transfer of money and a user does not need anything apart from a phone and bank account to conduct a transaction. UPI has been integrated with almost every well known wallet and one can benefit from offers like Freecharge coupons code today by using the service for payments. So before you subscribe to a wallet and get free shopping coupons, read about these advantages of UPI.
1. Sets You Free From Cash Hassles
The biggest advantage of using UPI with a mobile wallet is the freedom it provides to a user from carrying cash. Other instruments such as credit and debit card offer the same convenience but they cannot be used for really small transactions which is not the case with UPI & mobile wallets.
2. Cheapest Method Of Fund Transfer
The NEFT or IMPS methods of fund transfer a minimum of Rs 2.50 for a transaction but any such business conducted through a UPI account of a mobile wallet is completely free of cost. The advantage of cashless transaction without any extra charges can be enjoyed by people belonging to every strata of the society as it is the cheapest method of fund transfer available to an Indian .
3. Instant Transfer Of Funds
All payments and other transactions can be conducted at any time as the service is available round the clock and is not bound by constraints of public holidays and business hours. Based on the IMPS platform, funds can be transferred instantly to the intended person or entity at any time of the day.
4. Facility Of Linking Multiple Accounts
You can link more than one bank account to your mobile wallet’s UPI service and this is one of the biggest benefits of this fund transfer mechanism as the user is not restricted by a single account and can use any bank account for payments or any other purpose. Even if funds are low in one account, the subscriber has the facility of using another one for a transaction.
5. Cheaper Than POS Machine
A lot of small merchants do not install a Point Of Sale (POS) machine popularly known as a swipe machine as they have to buy these gadgets apart from paying service tax on every transaction conducted through them. The simple mobile phone acts as a POS for UPI users with no extra charges.
6. No Details Need To Be Provided
An online money transaction or even a physical one with a credit or debit card requires providing of some information like card details or the PIN but a UPI subscriber does not need to part with any sensitive data. The whole process can be completed with a virtual payment address which resembles an email id and cannot be misused.
7. Beneficial Offers From Wallets
Almost every major mobile wallet has integrated the service in its platform and has incentivized its use with beneficial offers like cash back and discounts. It will be sensible to check for promotional schemes like Freecharge coupons code today and clubbing them with UPI payment to gain some extra advantage.
8. Secure Method Of Transaction
Security is the prime concern of any person using a virtual method of payment or money transfer and it can be easily said that UPI is one of the most secure instruments. Almost every other method has one or more loopholes- credit card PINS can be stolen or net banking data may get hacked, but UPI minimizes the usage of sensitive information and negates any such possibilities.
9. Convenient Method to Pay Utility Bills
The service can also be used to conduct some regular payments like those needed to settle utility bills every month. You can preset the date for various bills using the feature on your mobile wallet and a reminder will be issued on the day, helping you in avoiding late payment fines. All major wallets have also incentivised the use of UPI for such transactions and using them will be beneficial.
Mobile wallets have undoubtedly made life easier for all of us and with promotions such as Freecharge coupons code today, they have only become all the more useful and after incorporating UPI in their platforms, they have emerged as one of the most productive payment instruments available.