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How enabling UPI payments can contribute to the growth of your small business

Finance Professional November 30, 2021

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With the advent of UPI, customers in India have started making payments instantly through their mobile devices. This digital payment option offers unparalleled perks, including its simplistic functionality, instant money transfer, and interoperability. With UPI, customers can make payments to vendors, food courts, online stores, and more. Not only is this mode of payment simpler, quicker, and cost-effective, but also the wisest means to automate your business payment process. In February 2021, merchants who offered UPI to their customers recorded a whopping 2.3 billion digital payment transactions that amounted to over INR 4 trillion. This figure signified a year-on-year growth of about 70% in transactional volume.

UPI Payments - Facilitating Business Growth

The number of banks adopting UPI rose from 146 to 213 in February 2020. UPI transactions ended 2020 on a powerful note, with the net value reaching INR 4.16 lakh crore in December across 2,234.16 million transactions. Here are some primary reasons why merchants should consider incorporating UPI solutions into their online payments process and how they can facilitate business growth -

Simplified Online Payments

Paying through UPI streamlines your online payments process through instant authentication and immediate money transfer. UPI enables customers to pay conveniently from their bank account without entering their bank account details or handing over their card to the vendor. UPI utilizes a Virtual Payment Address (VPA) to carry out payments, and customers can pay using their preferred UPI platforms that support UPI flow. Enhanced customer experience is one of the primary assets of integrating UPI into your payment system. UPI facilitates businesses to provide a dynamic checkout experience for purchasers who intend to pay via their smartphones and not carry cash.

No Hassle With Cashless UPI Payments

UPI resolves the issues that come with our nation's enormous dependence on physical currency. It facilitates merchants to receive payments directly to their bank accounts, as customers can instantly pay using their smartphones round the clock since UPI operates 24/7. Leading firms of the industry have harnessed the potential of the UPI system. It enables simple, swift, and secure cashless payments via mobile devices. With UPI incorporation, vendors and small businesses can dispose of the conventional cash-based payment acquisition process.

Reinforced Security

Most customers steer clear of online transactions or card payments primarily due to security concerns. For such customers, UPI payments can be the ideal solution. This mobile-based payment system implements VPA or UPI ID to conduct transactions. The two-factor authentication provided by UPI increases convenience and enhances safety. With end-to-end encryption, UPI transactions safely conduct online payments, making it ideal for customers and vendors.

Ideal For All Business Cases

Factors such as instant notification of payments, streamlined authentication, high-volume retail payments, real-time tracking, as-well-as-zero charges make UPI an ideal payment platform for all business scales. Whether operating a retail shop or managing an e-commerce business, UPI as a payment system can help evolving business needs. Merchants can offer a convenient payment experience to their customers while managing digital payments with no hassle via UPI-enabled platforms. Besides, merchants do not need any extra physical setup to enjoy the perks of UPI payments. Vendors can seamlessly integrate UPI solutions into their payment structures offered by trustworthy service providers.

Final words

UPI offers proficient solutions for businesses that enable merchants to establish an enhanced customer experience alongside a dynamic payment process. UPI payment solutions provide the best value proposition for the advancement and success of your business. They also facilitate merchants to acquire appropriate insights into their digital payments while enjoying superior fraud prevention. For more insights on how UPI payments can contribute to the growth of your business, or to take a business loan to help you through the process, visit ontehwaymoney.com today.

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