Launched in 2016, Unified Payments Interface (UPI) has become the most popular payment option in the country. It has even left behind credit cards and debit cards in this aspect. This payment method allows customers to link their multiple bank accounts on a single platform, which is usually a simple mobile application, and make payments in seconds without filling in any banking details. Today, almost every other customer prefers to make payments using UPI rather than using any other option. This is the main reason why every business must use a UPI enabled payment gateway to make their operations frictionless. The best part is, you can easily find a free UPI gateway for which you don’t have to pay any additional charges. Keep reading to find out the 5 biggest benefits of using a UPI enabled payment gateway!
What Is UPI?
Unified Payments Interface is a real-time payment system designed and launched by the National Payments Corporation of India, with an aim to help users to make instant payments. It was launched back in 2016 and is powered by the Reserved Bank of India.
Soon after its launch, reputed local banks released their own UPI applications. And not just that, many third-party services like Google and Phonepe also launched their UPI apps, which are among the most used UPIs in the world today’s world.
Within a couple of weeks of launch, ICICI’s UPI app has crossed 1 lakh downloads, such as the popularity of this payment method. After some time, UPI version 2.0 was also announced with lots of added features and enhanced functionalities.
Why UPI Is Growing In Popularity?
Below are the main reasons why UPI is growing in terms of popularity :
- It can be used any time, anywhere, provided a good internet connection. It offers 24*7 *365 payment service. Users can make payments even on bank holidays and strikes.
- It acts as an address of the customer’s account. So, instead of sharing banking information, users share their UPI ID, which is a lot easier.
- It offers a tight level of security.
How Does UPI Payment Gateway Work?
If you want to offer the best experience to your customers, then it’s high time you should partner with a free UPI gateway. As mentioned above, the majority of customers use UPI as their payment option. They prefer shopping on platforms that offer an easy payment option that is quick and secure. So, if you don’t have such an option, customers avoid making transactions in your store.
In the case of UPI enabled payment gateways, users can pay the merchants by entering their UPI address or simply scanning the QR codes. It takes only 10-15 seconds to make transactions regardless of their size.
5 Benefits Of Using UPI Enabled Payment Gateways For Businesses
Below are the major benefits of using a paid/free UPI gateway:
1. No Application or Software Required
To accept the payments in your bank account, you don’t have to download, install or sign up for an application or software. Your customers already have a UPI app using which they can send money directly into your bank account. All you need to do is search for the best payment gateway that enables you to accept UPI payments.
2. No Need To Integrate Anything
The best part about UPI enabled payment gateways is that they don’t demand any unnecessary integration. Instead, they automatically provide a UPI payment option to your buyers. This will not only save your time but also save a good chunk of your money.
3. Higher Conversion Rates
By providing an easy and uncomplicated payment option to your customers, you can decrease your cart abandonment rate while gaining a good volume of loyal customers who will keep purchasing from you.
4. Better Success Rates
UPI transactions are mostly error-free. Users only need to use their MPIN for making a payment. Further, even if the payment fails due to any reason, the amount gets credited to the user’s account within a minute. This results in higher success rates.
These are the biggest reasons why every business should use a UPI enabled gateway. So, what are you waiting for? Get up and sign up with the right payment gateway for your business or even better look for a free UPI gateway. Click here to know more!