In today’s world, when on one hand the fight for survival of the fittest is a never ending battle, on the other hand, the world is actively taking big steps to improve the quality of life of the entire population by various methods. One such major step taken by India is the unified payment interface or UPI, which is a payment model to promote a cashless economy for the country in the near future.
The need of the hour is to come up with effective technology to replace physical card transactions and so UPI payment is the breakthrough India should adopt fully right away.
How Does UPI Payment Work?
The UPI payment system has successfully replaced the manual requirement of entering the account details of the receiver before making a money transfer or bank payment. In simpler words, the UPI payment option is a single platform that acts as a bridge between the banks and its features to help them become a single stop for the customers. With the help of the UPI payment gateway, customers can easily send money to other accounts or use the smartphone as a virtual card to make payments, all with the help of a QR code or the account holder’s mobile number.
UPI Payment Gateway
Once you understand the basic functionality of the UPI payment system, you need to further look into getting the right UPI payment gateway option to fit your website requirements.
In any UPI payment gateway system, the basic process includes the money being transferred from the bank account of the payment initiator to the bank account of the receiver. The only thing to remember is that in order to initiate the payment, the sender’s bank has to debit the transfer amount as part of NPCI’s request and then further send a debit claim to NPCI once the payment is complete.
As part of a UPI payment gateway, you can use or adopt any UPI payment applications that include Google pay, Paytm, PhonePe, etc. for integration for your website. Additionally, UPI payment gateway also helps businesses manage transactions, use customer insights and conduct proper reconciliations, along with the option of multiple customisation options to fit every website or business needs and requirements.
Things To Remember
Adoption Time
Out of all of the possible payment methods, the UPI payment gateway method is a new addition on the list. This is why the awareness levels, the adoption process and the acceptability of this method is relatively low. Now, keeping this in mind, anyone looking to integrate UPI payment gateway with their website, they need to ensure their target audience and the team is well aligned and open to this change. Moreover, you need to acknowledge that the adoption process will take time in the beginning.
Trust Concern
Another thing to remember when you decide to integrate UPI payment gateway with your website is that, at present, there is no middle person to supervise or resolve any money transaction or other facility issues during the use of this payment method. This in turn, can result in loss of existing customers as well potential new leads due to lack of trust on the adopted payment method. However, given the growing awareness and popularity of UPI payment gateway methods, in the near future, these trust issues will be resolved and so if the website owner informs the customers the same, this issue might not be a big problem.
Limited Bank Option Availability
One more reason to double check the adoption and integration of UPI payment Gateway with your website is the list of banks available for UPI payments today. As of now, not all the banks available in India have adopted UPI payment methods into their systems. This is why, if you decide on adding a UPI payment gateway to your website, you might indirectly eliminate or block out a portion of the target audience that do not have an active bank account in the banks that offer UPI payments currently.
To conclude, ever since January 2016 when UPI payment method was introduced in the country, it has successfully managed to become a top choice for most businesses and brands. This is because it not only offers quick payments but also has promised security throughout the process with factor authentication as well as minimal fraud and invasion possibilities.
The main purpose of introducing UPI payment gateway system into the current business markets is to effectively promote cashless transactions as well as a digital revolution in the country. There are plenty of supporting applications that improve the UPI payments further, to keep the customer as well as the businesses satisfied.
Almost all top market leaders like Flipkart, Snapdeal and Amazon integrated their choice of UPI payment gateways on the websites for improved user interaction and limited constraints for the business as well as the customers during payments. All you need to do before you make the final decision, is to study your target audience and your team and remember the things mentioned above to come up with a thorough plan and a successful addition of UPI payment gateway to your website as soon as possible.
