UPI, making instant collections eazy

Did You Know?

If you examine the statistics for UPI banks, and the monthly (YoY) volume handled, you’d soon realize how immensely popular this payment medium has come to be

Source: https://www.npci.org.in/what-we-do/upi/product-statistics

What is UPI?

Unified Payment Interface (UPI) enables all bank account holders to send and receive money from their smartphones, without the need to enter their bank account information or Internet Banking User ID/Password. This payment mode fits like a glove with the already booming online retail and eCommerce industry. The world is rapidly moving towards quick service and convenient payment experiences, and UPI as a mode of payment embodies the same quickness and convenience, in purchases, bill payments, fund transfers, etc.

UPI in the Retail Context

As is evident from the statistics provided above, UPI is quickly becoming the payment mode of choice, with the volume having almost doubled between November 2019 and November 2020, and then almost quadrupled by November 2021. One of the primary reasons is the massive acceptance of UPI in the Retail sector. The reason behind this acceptance, can be any of the myriad benefits that UPI offers over other collection modes:

• For any customer visiting a store, it barely takes seconds to a minute to scan & pay, making it super easy for the client, & making the billing process faster & smoother for the retailer at the same time
• Zero Transaction fee involved, in collections through this interface
• Instant confirmation & settlement for the Retailer through an SMS
• Multiple modes within UPI, such as Static & Dynamic QR Code, Unified Payment Interface (UPI), UPI Intent, UPI Collect, etc. can be used for collection, eliminating the requirement for client’s physical presence
• Enables collection through different outlets or cash counters, giving confirmation to each outlet of collection at their end, and leading to zero hassles in reconciliation as well
• UPI has taken over wallet collection, having removed the problem of interoperability, that retailers were suffering between wallets
• The collection, distribution, and reconciliation of COD-based goods can also be simplified and quickened through the use of the UPI payment mechanism.

InstaBIZ by ICICI Bank

To enjoy the benefits of online payments and convenient collections, enable the UPI system by partnering with the acquirer bank, and integrating the technology infrastructure and your access rights.

InstaBIZ by ICICI Bank is an app for business customers to access banking accounts and make transactions on both mobile and tablet devices. All you need is a Business Banking Debit Card/s or Corporate Internet Banking access.

Using InstaBIZ, you can make most of the online banking transactions and avail a wide variety of services, including UPI based payments and collections. In fact, collections are made extremely convenient for merchants by generating an instant QR Code through  the InstaBIZ app, to accept payments without the need for entering further details.

To know more about the convenience offered by InstaBIZ and how it can boost your business, click here.