As liberalized India entered the Internet revolution that boomed across the world, online payments and loan on credit cards started grasping the attention of the white-collar population, but it’s complicated nature was yet to create an impression on many.
But as innovation became the new norm of a digital India, a new transaction system was introduced. A Made in India – UPI system changed lives as people were given a hassle-free solution to carry out their day-to-day transactions. Physical money was replaced in a click, a unique upi id and a four-digit transaction number. With time, it has become a staple, and now wallets and purses have become a thing of the past.
Affordable selection of mobile phones and cheap internet has enabled a large segment of the population to become a part of the digital revolution. Sectors like payment bank and e-commerce saw an increase in demand nationwide as better accessibility made the complicated nature of these tasks a cakewalk. National events like demonetization and a pandemic like Covid-19 further pushed the people to look and settle for alternatives to the traditional exchange system and make it mainstream. But the bigger question is, how deep within the nation has this system penetrated?
After positively impacting the lives of people in the metro, UPI has left no stone unturned, and with time, it has paved its way to the tier-2 and tier-3 cities of India. The sound of these one-click transactions has started to echo in every corner of the country as vendors doing vyaapar have adapted and invested in UPI machines to provide convenience to their customers. Even a small shed shop on the corner of a secluded road has developed an understanding of the importance of UPI as it allows for ease of maintaining records, minimum human interaction and no trouble searching for pennies in his money drawers.
Reducing the merchant discount rate from 2-3 per cent to zero has helped the vendors switch to the new model of transacting while simultaneously saving business costs. Trust, credibility and a secure system have enabled merchants and customers to make this switch without a second thought. Without having to handle a bundle of notes, vendors get to track all the transactions to the T and effectively assess their growth. The advancement of digital payments through vyapar download has made operations of small merchants and vendors easier and streamlined. Easy authentication and instant notifications have further grown people’s trust, making UPI a reliable, prompt and seamless system.
As digitalization has become the need of the day, even the less educated group of the country have become accustomed to this fuss-free way of carrying out daily transactions. ATMs have lost their user footfall, and mobile phones with a UPI-enabled app have unparalleled importance.
However, convenience also comes with a risk of exposing oneself to fraud and technological errors, and it has also negatively impacted business credit. And as the country navigates through these difficulties to find impactful solutions, one can say with utmost assurity that UPI is here to stay and largely influence people’s lives. No limits or boundaries would stop the development of this emerging technology.