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5 Ways UPI Payments can Save You Time and Money at Checkout

By Finserv MARKETS - Dec 5,2019
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UPI has the potential to revolutionise online shopping by providing a significantly faster checkout option compared to incumbent channels. Convenience has since morphed into a business strategy. The faster a service provides checkout options, the easier it becomes for people to stick to it and avail the services they offer and purchase the products that sell.

Now that UPI payments have reached a 900 million mark and growing at an ever-increasing pace, more people are adapting to the platform. It is much more comfortable and hassle-free to transfer money online on UPI. It is smooth and hassle-free and does not require you to remember many credentials.

A second saved is a second earned. With UPI, you have the option to save time on the go. Here are five ways through which you can save money with UPI while you shop online.

5 ways UPI Payments can save you time and money at checkout

1. No need for carrying cash

In the current order of things, it is cash that UPI is looking forward to eliminating. With cash — physical currency — comes the measure of quantity, of calculating. When you are shopping with cash, you have to carry enough with you to make sure that you won’t run out of the notes while making the payment.

With cash, you also have to count them in order so that you do not give any bit more or less while taking part in a transaction. The problems that might arrive here are many. Besides, it is a different hassle altogether if you end up losing your money.

2. No need to remember any passwords

UPI payments give you the flexibility to transfer money online and use the platforms without having to use any login id or password. Unlike internet banking, UPI links itself with the phone number of the user. That way, the login attempts are automated. However, there is a particular security pin — called the MPIN — which you have to remember. It is a six-digit pin that is generated by you and is used to process every transaction in the UPI model.

3. It is done in 2-3 steps

Unlike the other means of transactions where you have wait to input a pin or a machine or take out your card from your wallet, or even count the money, UPI transactions are quick and can be done in a few simple and easy steps that are not hard to master at all.

All you need to do is scan the given QR code, enter the amount you want to transfer, and then proceed with the MPIN. All done, you will be good to go —the transaction will be completed within seconds — sooner than you realize. If there is no QR code available at that given point in time, then you can proceed with entering the phone number. Since UPI accounts are linked with phone numbers, they can be used as a replacement for QR codes.

4. No need for fast internet connection

UPI apps are usually light and efficient. They can establish a connection even at low network speed — a great feature if you do not have access to steady WiFi. You can rely on your data plan to complete the transaction with much ease. The purchase done through UPI payments does not switch between many channels and pages, which then reduces the overall waiting periods on it.

5. Is compatible with online shopping

UPI is quite compatible with online shopping platforms. You just have to proceed to buy the items in your cart and enter your UPI id on the checkout page. That done, you will receive a request on your phone almost immediately. You can take the request onwards from there and complete your transaction within seconds.

If you are looking for a much quicker way of shopping online and offline, then UPI payment could be your go-to destination. It is safe, easy to use, and hassle-free means of transferring money online. It is quite easy to set up and account as you can have it linked through your phone number. It is just a matter of entering the OTP which you get on the registration page of the many UPI-based apps. The process, most often, is automatic, so you do not have to worry about missing out on any step by yourself. So why wait? Download the Finserv MARKETS app and get your UPI ID created!

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522