With the introduction of UPI apps, the way we transact has undergone a massive change. With this, a cashless way of making payments was realised and within no time it became an important part of our daily lives. Let’s find out how UPI operates and which the best UPI apps in India:
UPI or unified payments interface is a revolutionary payment solution that has simplified the way we transact or make payments in India. It is a real-time payment system that facilities interbank transactions throughout the country. These applications merge various features like banking facilities, seamless fund routing and merchants payments under a single roof. You can just download the UPI payments app on android phones and start using it after successfully completing your KYC authentication.
See Also: What is Digital Money?
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UPI was founded in December 2016 and is developed by the NCPI. The interface is regulated by the country’s apex bank RBI and thus several banks have merged with UPI to provide and simplify banking operation to customers. The primary motive behind the introduction of UPI was devising a way for instant cashless payments and consequently reducing cash payments. Presently UPI is the most preferred mode of digital payments in India. Not only it has eased transactions but also enhanced the banking experience of the users.
UPI payments in India work by the following methods:
Google pay is a popular payments app in India as it offers a host of user-friendly features. The app uses a patented technology to track unauthorized transactions and is among the most secure transaction apps in the country. Google provides scratch cards for almost every transaction and thus you can get rewards on every transaction. However, it is only a UPI payments app and is not an e-wallet.
The Phone Pe app is a Bangalore based payments app that was launched in 2016. The UPI app is now acquired by Flipkart and is backed by Yes Bank. The app provides some attractive features like payment of credit card bills, purchase gold and transfer money up to Rs. 1 Lakh using the Phone Pe wallet. It is one of the most popular payment apps in India that offers excellent cashback and rewards programs.
PayTm is among the leading e-wallet apps in India which have merged with the UPI platform for facilitating easy transactions and convenient transfer of funds. Here you can add funds to your e-wallet and can initiate payments via PayTm. Using PayTm you can access e-commerce stores and PayTm mall as well as initiate credit card payments.
Freecharge is one of the highest-rated UPI apps in India. Freecharge comes with in-house discounts, cashback and offers. The app can be accessed from Google Playstore and can be used after KYC authentication.
This is a UPI payments app cum digital wallet offered by HDFC Bank. PayZapp has merged with e-commerce and retail and lifestyle stores across the country. Thus you can get attractive cashback and discount offers completing transactions using PayZapp.
This is a UPI payments app cum digital wallet offered by ICICI Bank. This is one of the most futuristic UPI apps that come with the virtual digital wallet with the option to convert into a savings account. The app is user-friendly and integrates amazing features virtual visa debit card, digital bank account, Tonetag for making contactless payments etc. You can also get numerous deals and offers with various merchants and e-commerce websites.
This is a Gurgaon based e-wallet and UPI payments app cum digital wallet offered by ICICI Bank. This app already offers various services like fund transfer with debit/credit card, cash pickup, net banking, and cash deposit. Mobikwik also offers users the convenience of carrying out various utility services like mobile recharge, access digital loans, purchase insurance products and invest in direct mutual fund schemes.
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