The world has been rapidly advancing and has undergone digital transformation. Online or digital payments is one of the prime factors shaping the present and future of e-commerce monetary transactions. Various businesses are leveraging digital payments to expand trade and adopt technology.
In today's time, where everything has become online, India is emerging as a leader in the digital payment market. With the rapid development and adoption of new technologies, India is poised to be the fastest-growing digital market in the world. 2021 has been a remarkable year, as the digital payments industry has crossed multiple milestones and is moving towards a cashless economy.
Unified Payment Interface or UPI is the main game-changer behind the digital transformation of financial services. The speed and secure nature of UPI payments have attracted lots of customers to adopt this payment mode.
A UPI app is a digital platform that helps users to make instant transfers to other accounts linked with the UPI app without providing an IFSC code or bank details every time they want to make a transaction. It is a real-time payment system that was introduced in 2016 by the National Payment Corporation of India, which is a not-for-profit organisation. With just a few clicks on a smartphone, you can instantly transfer your money to another's account. With the help of the Bajaj Pay UPI app, you can make numerous payments for FASTag, groceries, DTH, loans, and much more. Bajaj Pay UPI helps make cashless payments faster, easier, and smoother.
The ease and comfort that this digital payment offers to users is the main reason behind its demand. When UPI was introduced in 2016, it was partnered with 21 banks. With the ease it offered, UPI became a sought-after option which led to it partnering with 346 banks. With a UPI payment, you can merge several banking features into a single and hassle-free mobile application.
2021 has witnessed several advancements, clearing the path for an exciting time ahead. Demonetisation and the COVID pandemic have been the reasons behind the shift to the cashless economy and the adoption of digital payment modes, especially UPI payment, which will continue to touch new heights.
In July 2022, UPI clocked over 6 billion transactions, which is undoubtedly a milestone since its introduction in 2016. NCPI reported that around 6.28 billion rupees were processed through UPI transfers, which clearly signifies the increasing adoption rate of UPI apps in India.
Some of the digital payment trends of 2023 include:
- Smartphones are considered one of the most preferred digital payment modes.
- The increasing role of APIs and BaaS-based solutions to provide convenience to customers in all sectors.
- UPI payment is one of the biggest game changers in 2023 because of the ease that it offers to users.
Bajaj Finserv is one of the best mobile applications that you can rely on any day to make hassle-free and secure UPI payments. Do you wonder why Bajaj Finserv UPI transfer has gained so much popularity?
Here is the list of reasons:
- We offer 24*7 money transfer facility for users’ convenience.
- With our simplified interface, you can pay bills and recharge your phone with a few taps on your smartphone.
- We offer personalised payment experiences to users according to their needs.
- We ensure complete confidentiality of our customer's financial data.
UPI has undoubtedly gained remarkable growth in today's era and is poised to expand more as tech-savvy young India is preferring digital solutions. So, download the Bajaj Finserv app, and live a convenient life.
