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More and More Shoppers Using UPI as Payment Mode During Online Shopping

November 11, 2022

Shopping online is becoming increasingly popular, and with that, more and more shoppers are using UPI as their payment method.

UPI, or Unified Payment Interface, is a system that allows users to send and receive money through their smartphones. It’s convenient, fast, and secure, making it the perfect payment option for overseas online shopping.

Amazon, Flipkart, and Snapdeal have adopted UPI since 2016. UPI transactions are rising as more online shoppers use it to pay for their purchases.

In the first quarter of 2018, 1.3 billion UPI transactions were worth Rs 1.8 trillion. This is a significant increase from the Rs 1 trillion transactions made in the fourth quarter of 2017. And we expect to see this trend continue as more and more shoppers turn to UPI for their cross border shopping needs.

So why are shoppers using UPI to pay for their online purchases? There are a few reasons.

First, the UPI payment method is very convenient. Shoppers can use their smartphones to pay for their purchases without carrying around cash or credit cards.

Second, UPI is a very fast payment method. Transactions are typically processed within seconds, so shoppers don’t have to wait long to receive their goods.

Third, the UPI payment system is a very secure payment method. All transactions are processed through a secure platform, so shoppers can rest assured that their personal and financial information is safe.

Fourth, UPI offers shoppers a great deal of flexibility. Shoppers can use UPI to pay for their purchases using their credit or debit cards or their UPI-enabled bank accounts.

Fifth, UPI is a great payment option for international shoppers. Many online retailers in India accept UPI payments from international shoppers so they can shop from their homes.

So if you’re looking for a convenient, fast, and secure payment method for your online shopping needs, UPI is the perfect option.

How Do I Use UPI as a Payment Mode During Online Shopping?

UPI is integrated with all major Indian banks and is available on all major mobile platforms such as Android, iOS and Windows.

Here’s a Step-by-Step Guide on How to Use UPI for Online Shopping:

1. Download a UPI-enabled App: To use payment mode UPI, you need to download a UPI-enabled app on your smartphone. Some of the popular UPI apps in India are BHIM, Google Pay, PhonePe and Paytm.

2. Create a UPI ID: Once you have downloaded the app, you must create a UPI ID. Your name or a random string of characters follows your mobile number.

3. Link your Bank Account: Once you have created your UPI ID, you need to link your bank account to the app. This ensures your bank account processes transactions.

4. Enter the Recipient’s Details: When you are ready to make a payment, you need to enter the recipient’s UPI ID or mobile number. You can also choose to pay by QR code.

5. Enter the Amount and Confirm the Payment: Once you have entered the recipient’s details, you need to enter the amount you want to pay. You can also add a message for the recipient. After that, you just need to confirm the payment, which will be processed instantly.

UPI payment mode is a safe and convenient way to make online payments. With UPI, you don’t have to worry about sharing your bank details with the merchant. All you need is the recipient’s UPI ID or mobile number.

What is the Difference Between UPI and Other Payment Methods?

NEFT, RTGS, and IMPS differ from UPI in several ways. UPI is faster than others. It processes transactions in seconds, while NEFT and RTGS take hours.

UPI lets you send and receive money without the recipient’s bank account information. Just their UPI ID or virtual payment address (VPA). It’s easier than methods that require the recipient’s account number and IFSC code.

Finally, UPI is safe. Two-factor authentication (2FA) secures all transactions, preventing unauthorized access.

UPI is a great way to send or receive money quickly, easily, and securely. UPI is worth considering if you’re looking for an alternative to other payment methods.

Is UPI a Safe and Secure Payment Method?

UPI is a safe and secure payment method because it uses two-factor authentication (2FA) to protect your money. When you use UPI to send or receive money at worldwide shipping stores, you must enter your PIN to authenticate the transaction. This PIN is known only to you and differs from the PIN you use to authenticate other transactions such as ATM or debit card transactions.

UPI uses end-to-end encryption to protect your data. When you use UPI to send or receive money, your data is encrypted from your device to the recipient’s device. This ensures that your data is safe and secure and cannot be intercepted by anyone in between.

Also, it is backed by the Government of India. The Reserve Bank of India regulates UPI (RBI) and all transactions are processed through the NPCI platform.

How Do I Know If A Merchant Accepts UPI Payments?

So how do you know if a merchant accepts UPI payments? There are a few different ways:

1. Check the Merchant’s Website or App: Most merchants that accept UPI payments will list it prominently on their website or in their app.

2. Ask the Merchant: If you’re unsure whether a merchant accepts UPI payments, you can always ask them.

3. Check Your UPI App: Some UPI apps, like Google Pay, will show you a list of merchants that accept UPI payments.

4. Use a UPI based Payment Gateway: If you’re paying for something online, you can usually use a UPI payment gateway like PayU or Razorpay.

5. Check With Your Bank: Some banks have started to offer UPI digital payment options to their customers. So if you have an account with one of these banks, you may be able to use UPI to pay for things.

As you can see, there are a few different ways to determine if a merchant accepts UPI payments. And as UPI becomes more popular, more and more merchants will likely start to accept it. So if you’re ever in doubt, just ask!

Final Words:

In conclusion, we can see that UPI is a secure and convenient payment option to pay your e-commerce expenses.

With the full range of benefits that UPI brings, it doesn’t only benefit us as shoppers but also benefits us as sellers. As more and more people adopt this platform for transactions, there is a big scope for online retailers to educate their clients about this payment option.

More and More Shoppers Using UPI as Payment Mode During Online Shopping

How Do I Use UPI as a Payment Mode During Online Shopping?

What is the Difference Between UPI and Other Payment Methods?

Is UPI a Safe and Secure Payment Method?

How Do I Know If A Merchant Accepts UPI Payments?

Final Words:

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How Do I Use UPI as a Payment Mode During Online Shopping?

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Final Words:

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