Carrying cash, standing in bank queues, and visiting banks for every small work is time-consuming. Then don’t wait for anything and switch to UPI. Unified Payment Interface, or UPI, has become a popular way of sending and receiving money.
You can easily send the money directly to the person’s bank account, just with the help of their contact number (linked with their account), a QR code, UPI id, bank details, or even a verified UPI bank app. This process of sending and receiving money is so easy that it has attracted millions of users, and they are using it happily. This blog post will teach us why we should switch to UPI for money transfers. So let’s get started.
- RBI Regulated
The first reason is that RBI regulates it and follows all the guidelines, which makes it a safe way to transfer money. Even if you face any problem during or after sending money, like sending money to the wrong person or money debited, the transaction still needs to be completed. You can also contact customer care and get help. You need to follow the RBI guidelines while using this method.
It is also approved by almost every bank, like SBI, UCO, Kotak Mahindra, HDFC, etc.
- Versatile way of money transfer
The UPI has become a versatile way of sending or receiving money. You can use a lot of ways like sending money to your contacts with the help of their phone number, QR code, bank details, or UPI id. You can also download a UPI app of your choice to transfer money.
- Security Protocols
It follows various security protocols that ensure every transaction is encrypted, safe, and secure. Also, it doesn’t leak your personal information so you can use it without risk involved. Also, while making any money transaction, you must enter a security pin code, making it even more secure.
- Instant Payments
UPI is also appreciated for its instant payments. You can send money to your contact or anyone who has linked their current or savings bank account with UPI within seconds, irrespective of the amount. Also, a good thing about UPI is that it is a free method with zero transaction fees.
- Go cashless
You can go cashless when using UPI. Carrying cash all the time is difficult as you need an idea about the extra expenses and emergencies. In that case, UPI is the best option. Carrying a huge amount of cash could also be risky. On the other hand, using UPI is the safest option. Even if you lose your device, your details and money in the bank are safe.
UPI is already a popular way of sending or receiving money, and millions of users already use it. The reason behind this is its security protocols, instant payments, RBI regulations, etc., making it a good way of transferring money for everyone. So, switch to UPI and go cashless.