UPI integration is crucial for businesses to accept payments directly from customers through various UPI apps. One of the most common digital payment methods in India, UPI is not only the top choice for transfer between peers but is also used for the customer to merchant payments through a UPI payment gateway. You can considerably simplify online payment for your business. You just have to create UPI payment link for your website or mobile app via a trusted payment gateway such as Zaakpay.
What is UPI?
UPI also known as United Payments Interface is managed by National Payments Corporation of India (NPCI). This body integrates several bank accounts under a single mobile application to enable online payments. In technical terms, UPI is a backend framework that helps financial institutions process payments for transactions. Rather than a payment application, UPI is a software code that works with certain regulations through which banks and authorized financial institutions can create their own applications.
The working of UPI is simple and hassle-free. When users create an account on a UPI application, a VPA or a UPI code is assigned to them that uniquely identifies them in the network. The UPI code is linked to the user’s bank account and mobile phone number to enable online transactions. UPI does not need to incorporate an eWallet where the customer must load cash before beginning any transaction. With UPI, funds are directly debited from the payer’s account, temporarily stored in the provider’s account, and then transferred immediately to the receiver’s account. Merchants can avail the benefits of UPI by integrating it into their system through a payment gateway like Zaakpay.
Benefits of UPI Integration
UPI or Unified Payments Interface has grown by leaps and bounds in 2021 and has gained popularity amongst businesses and consumers. According to recent statistics by NPCI, this payment method was used for over 4 million transactions in just the October month that was worth Rs. 7.71 crore.
It will be beneficial for your business to integrate UPI into your system for more reasons than one:
- This payment method is available 24X7 and works on immediate money transfer through mobile.
- Consumers can initiate payments for transactions via any UPI app.
- The virtual payment addresses (VPAs) enable the easy transfer of funds.
- UPI payment mode is interoperable across devices and platforms.
- There are no extra charges levied on customers to use UPI for digital payments.
The UPI payment method can be used by local vendors, food courts, or online stores. Apart from being convenient for the customers, businesses can also benefit in the following ways by accepting payments online via UPI:
- Simplify Online Payments
Create UPI payment link and streamline business payments through immediate authentication and instant money transfer. Through this payment mechanism, customers can pay directly through their bank account without needing to enter their card or bank details. The VPA or the Virtual Payment Address is used to make payments through UPI. Additionally, customers can use any UPI app of their choice.
It is vital for a business to offer a seamless shopping and payment experience to its clients, which can be achieved through UPI integration for online payments. It helps you provide an efficient checkout experience to the buyers who need to pay through their mobile phones using any UPI-integrated accounts.
- Easy Adoption of Cashless Payments
UPI can reduce the dependency on physical currency that can be a hurdle for many business owners who wish to go the digital payment way. UPI is the right way to switch to cashless payment collection and disbursal. Customers can instantly pay through their mobile devices, and business owners can collect payments directly into their bank account. Big players in the online business space have managed to leverage UPI as their main online payment method and eliminated the conventional cash-based collection process.
- Enhanced Payment Security
Many customers are wary of online transactions and card payments due to security concerns, and businesses too avoid accepting payments online for these reasons. But on the other hand, according to NCPI research about the digital adoption rate, around one-third of Indian households opt for digital payment in one form or the other.
UPI payment gateway integration in android ensures the security of transfer for business owners due to VPA and UPI ID implementation. Additionally, end-to-end encryption and 2-factor authentication make online payments safer for businesses and customers.
- Fits all Businesses’ Needs
Every business – online or offline, big or small, new or established relies on features like simple authentication, instant payment notification, high-volume payments, and real-time tracking in a payment solution. The UPI payment method incorporates all these features essential for a growing business to deliver a seamless payment experience to consumers.
Moreover, business owners need not perform any additional payment set up to avail the benefits of the UPI gateway method and can easily integrate UPI solutions into their payment system.
Integrate UPI into your payment system via Zaakpay
You can simplify the UPI gateway solution for your business by collecting instant UPI payments with a VPA address through Zaakpay.
- Quick Checkout – Offer fast checkout to your customers via high-speed payment processing.
- Transaction alerts – Deliver automatic payment requests to the customers through all popular messaging apps.
- High Success Rate – Leverage the success rate of a top-tier transaction via UPI payment gateway integration in android.
- Zero transaction charges – Zaakpay levies no UPI payment gateway charges.
- Quick Settlement – As an online business, you can receive payments from your customers quickly into your merchant account.
- State-of-the-art security – Both you and your customers can avail of data encryption and 2-factor authentication to secure all online transactions.
- Reduce CoD payments – Customers can pay via UPI QR codes at the time of delivery instead of shelling out physical currency.
- Attract a wide customer base – Due to the ease and convenience of UPI payment gateway, you can attract a wide customer base who are hesitant to pay by card.
How can your customers use the UPI payment system?
Step 1: The customer must first add their product to their cart and proceed to checkout.
Step 2: The customer then chooses UPI as their payment mode on the Zaakpay payment gateway.
Step 3: A payment request is then sent to the UPI app of the customer.
Step 4: The UPI app prompts the customer to enter the UPI PIN to authorize the transaction.
Step 5: The transaction is now deemed complete, and the customer is then redirected to the merchant page.
How can you accept payments through a UPI payment link?
If you are a small, medium, or large business, you can instantly receive payments from your customers through UPI payment links via Zaakpay.
Step 1: Create a UPI payment link with all the payment details from your merchant dashboard.
Step 2: Send a payment request to your customers via instant messaging apps like SMS, Email, and WhatsApp.
Step 3: Once the customer opens the message, he is redirected to the page where he chooses UPI as his preferred payment mode.
Step 4: Once the customer enters his UPI details and MPIN to authenticate the transaction, the transaction is officially complete.
Conclusion
Enable contactless, super-fast payments through UPI-QR codes to create the best digital experience for your customers. Create a single-click UPI payment link through multiple UPI apps offered on the Zaakpay payment gateway and allow convenient payment transfers that can take the user experience to the next level.
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