5 Benefits of using a UPI money transfer app

 

5 Benefits of using a UPI Money Transfer app


Half a decade ago, one would have had to go to a bank to pay or send money to somebody. They would have had to stand in a queue at a bank to deposit or withdraw money from their savings account. With the advent of mobile banking apps, banking has become effortless and swift. All the banking services are packaged into an online banking app that you can operate on your smartphone, thus, making the banking experience much easier. To aid with payments and collection of money, these apps introduced a new way of money transfer—the UPI or Unified Payments Interface. We will discuss the benefits of using such an app.

  1. Transfers money swiftly

A UPI money transfer app sends money in an instant. One has to register on the app, and as soon as the registration is successful, they can start transferring money. Also, the services of the said app are available round the clock—that is 24*7. Other transaction methods like NEFT take up to 30 minutes to accept registration requests, and up to 12 hours to transfer funds to the beneficiary.

  1. Provides a smooth and simple way for financial transactions

Paying money through a UPI payment app is smoother and simpler. One has to put the beneficiary’s virtual ID and amount of money in the app; enter the transfer authentication PIN, and confirm the payment. After which the merchant receives payment in his bank account. Whereas other payment methods like credit/debit card money transfers require bank account details of the merchant to pay him money.

  1. Protects one’s banking identity

Regular digital money transaction methods ask one to enter their own as well as the beneficiary’s bank account details, and transfer PINS to make the transaction. These methods put one’s bank account details out in the open which is a security concern. Through the UPI money transfer app, the transactions are done with virtual payment addresses or IDs, thus, keeping the sender’s and receiver’s bank account details confidential. In this way, the app protects one’s banking identity.

  1. Holds different bank accounts

One need not have different UPI transfer apps for different bank accounts. A UPI transfer app is a one-stop-shop for every bank account of a digital banking client. One can download a UPI transfer app and create virtual IDs for each one of their bank accounts, and send and receive money under one banking app. Also, one can set one of their UPI IDs as a default ID for all kinds of payments.

  1. Is better than digital wallets

Sending and receiving money using a UPI transfer app is as easy as doing the same using a digital wallet. Though, digital wallets fall behind in one case. The wallet providers do not pay interest on the money stored in wallets whereas a virtual UPI ID does not store any money in itself. It directly sends and receives money in the bank account, which helps one earn interest on the money stored in their bank account.

 

So, these are the benefits of using a UPI money transfer app. Have a nice day!

 

Read More:- 5 benefits of using a digital banking appover visiting a bank office

 

 

 

 

 

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