Leveraging UPI – Changing The Way We Spend
Changing consumer behaviour is paralleled by a growth in online transactions, boosting the utility and usage of UPI payments. In 2021 alone, the total UPI transactions rose from Rs 4.31 lakh crores in January, to Rs 8.26 lakh crores by December. As of April 2022, 316 banks in India have an active presence on UPI. UPI as a payment medium allows instant and easy transfers, making business owners from small to big, opt for UPI enabled transactions.
Fundamentals of UPI payment mode.
UPI - Facilitating Online Payments
UPI enables real-time payments, letting you transfer funds from one bank account to another instantly, on a mobile platform. Some of the key features of UPI are:
- Instant Funds Transfer
- Fully automated digital system
- Works round the clock, even on holidays
- Customised UPI platform for each bank
- Functional on Android, Windows and iOS devices
- Built to work for both utility payments and merchant/business payments.
Transfer money instantly and in a secure manner, using UPI payments. For business owners, your customers can do the same through their preferred UPI application, without having to enter bank or card details, simply by using the Virtual Payment Address (VPA).
Active participants on the UPI interface:
- Payee PSP
- Payer PSP
- Beneficiary Bank
- Remitter Bank
- Bank Account holders.
UPI Solutions for Your Business
1. Business Related Payments Made Simple and Effective: UPI gives customers the freedom to pay through their smartphones, made secure with a two-step authentication process, to avoid fraud. UPI applications are reliable, secure, and interoperable. Not only customers, but business owners too, benefit from accepting payments via UPI
2. Helps Grow Your Customer Base: Most UPI payment providers offer a range of features to help businesses expand their customer base, making payments easy for both customer and merchant.
3. ICICI Bank UPI Solutions for Your Unique Business Needs
ICICI Bank offers you custom services for online UPI payments, like the Smart Checkout feature – a one-step process to receive all forms of payments, much like UPI. Whether your customers wish to shop online, pay utility bills, or renew their insurance premium, you can receive all payments with a few taps. For more information, download the new InstaBIZ app or visit us at ICICI Bank today.