Be it a small purchase or an expensive one, everyone ultimately looks towards their smartphone in order to initiate payment via UPI. A UPI payment app has sorted a lot of things for us, and once you start using it, trust me, there is no going back.
The days when people actually used to worry about carrying cash everywhere are way behind us. There is no doubt in the fact that UPI offers the convenience of instant money transfers in India and empowers financial management in a very diversified way.
Today, in this article, we will explore the less-known features that make UPI apps the undisputed champion for digital payments.
What are UPI payments? How do they work?
UPI, or Unified Payments Interface, is this country’s quick and easy method of initiating payments. It was launched around eight years ago, in 2016 and acts like a bridge between your bank account and the merchant to whom you have to make the payment.
So, when it comes to working, in order to pay someone, you need their contact number, UPI ID, or simply a QR code that you can easily scan. There is no need for account numbers, IFSCs, and all these traditional methods, as they are quite time-consuming.
(Pro tip: One simple upi app download can sort all your finances at your fingertips.)
5 Lesser-Known Features That Make UPI App the Best Choice for Digital Transactions
- Multiple Bank Accounts
Many UPI applications out there enable individuals to link multiple bank accounts to a single UPI ID. This feature offers a lot of flexibility and convenience, as one can easily choose which account to transact from without needing separate applications or logins for each bank.
- Reminders for transaction
There are certain features that enable reminders and automation for payments. These can be pretty useful for recurring payments or even in the case of bill split. One can easily set reminders for essential transactions in order to make sure that they don’t forget anything.
- Bill Splitting
These applications often come equipped with bill splitting functionality. This allows users to effortlessly divide expenses among friends or groups. Such a feature makes it convenient to share costs without the need to keep track of individual transactions. So, what are you waiting for? Initiate the upi app download now!
- Virtual Payment Addresses (VPAs)
VPAs are basically unique identifiers linked to users’ bank accounts. Instead of sharing sensitive information like account numbers, one can just share their VPAs to send or receive money in a secure manner. This less-known feature enhances privacy and simplifies transactions.
- Request Money
Such applications also offer the “Request Money” facility, which allows users to request funds from friends, family, or clients directly via the application. This feature is quite useful for splitting bills, collecting payments for goods and services, or just giving someone a heads-up about pending payments.
Which is the best UPI payment app in 2024 that offers these features?
Bajaj Finserv! When it comes to UPI payments, this app is something that offers complete feasibility. It has undoubtedly become a one-stop solution when it comes to everything about finances.
From UPI payments to availing financial facilities such as loans, investments, etc., you name it, and it has it! Highly recommended!
Conclusion
All in all, there are tons of other less-known features of such applications that help individuals sail through their financial lives easily. Be it requesting money or UPI pay later, these apps are made with the sole purpose of providing convenience to users as well as potential users.