One of this decade’s emerging online payment technologies is the ‘Unified Payments Interface, or what we more commonly refer to as ‘UPI.’ In January 2021 alone, UPI transactions worth Rs 4,311.82 billion were recorded across the country. Let’s learn what UPI is, and how it can benefit an online business.
What are UPI Payments?
UPI Payments is an online payment system that collates various bank accounts and features into one mobile application. It unifies fund routing and merchant payments into the same application. With just a few clicks, several complicated banking features can be utilized.
What are the Important Terms Used In UPI Payments?
UPI
It is the common term used to refer to the Unified Payment Interface system. All the banking features are unified under this very term.
VPA
Virtual Payment Address is a unique identifier associated with the bank account. It is used to make or receive payments using UPI. VPA acts as a separate identifier and is not the same as the bank account.
MPIN
It is the acronym for Mobile Personal Identification Number. Just like a regular ATM Pin, it is usually a 6-digit code that authenticates a mobile transaction. While making a payment using a UPI gateway, the user must enter the MPIN to validate the transaction. It is synonymous with a security key and must be kept secret.
How is UPI Different from other Payment Options?
| UPI | Other Payment Methods |
| The direct transfer of funds from one bank account to another bank account using just the VPA | Transfer of funds requires several details like card number, expiry date, card holder’s name and CVV for card payments |
| Unifies multiple bank accounts under the purview of one mobile application | Different systems for different bank accounts |
| Identifies users by a unique and secure identifier, called VPA, different from the bank account | Has different identification mediums for different payment methods. |
| Commonly accepted throughout India due to ease of use and popularity | Not all merchants accept card payments or enable net banking |
Why use Zaakpay’s UPI gateway to power UPI transactions for your Online Business?
Offers frictionless payment experience
Zaakpay’s online payment gateway is customized to offer a seamless experience to the customers. They cherish a user experience that is easy to navigate and has the least hurdles at the center of the sales cycle. With Zaakpay, customers can make instant payments without the need to register or create an account.
It is one of the best payment gateway to streamline recurring payments. Customers can save their payment information in the gateway to make future payments quicker. All the data is stored in the merchant’s server in encrypted form to protect against any form of cyber-attack. All these make the user experience smooth and lead to customer satisfaction.
Easy-to-Use interface
The whole point of UPI is to make payments simple and easy. This very reason is defied if the business uses a gateway with a complicated interface. Zaakpay has an interactive user interface that doesn’t leave the customers scratching their heads. The interface is self-explanatory with proper icons and logos. The customer has to select the right payment mode and enter the information in the appropriate fields to process the payment.
It is also the best online payment solution for customization. Merchants can customize the look of the gateway to match the design and guidelines of the business and the elements used throughout the website.
Payment transaction success rates
To enjoy the true benefits of accepting UPI payments, the business needs a gateway that has a history of negligible failures. A low transaction rate becomes an obstacle for the business. Any transaction failure also hampers the customer experience and can cost the business significant losses in sales. It also burdens merchants with the task of tracking down such transactions from heaps of other transactions.
With its high connectivity and 99.9% system uptime, Zaakpay is one of the best payment gateways that can maximize the payment success rate of the business.
Multiple payment options
Every bank has a mobile application. Few UPI applications also bring together all these bank accounts. Moreover, digital payments can also be initiated with credit cards, debit cards, mobile wallets, and net banking. Different customers would want to pay using these different modes. It can be a setback for the business if they do not incorporate all payment modes in their UPI payment gateway.
Zaakpay is an online payment system that has support for over 100 of these major payment modes. This tool empowers the business to generate more satisfaction among its customers by providing them with multiple options.
ZERO transaction charges
UPI payments are immune to transaction charges. Businesses can let go of the burden of paying transaction charges by encouraging UPI payments. This can help the businesses reduce the cost of the products and reach a wider customer segment. Zaakpay is one of India’s few online payment gateways to have an affordable pricing strategy that caters to all types of businesses.
The Takeaway
UPI holds the key to revolutionizing the payments industry in India. Businesses can reap the benefits of this transformation and increase their sales significantly. With Zaakpay’s payment gateway service, merchants can make the best use of all payment modes trending in the market. Zaakpay levies no transactional charge on UPI payments, meaning businesses can avail the benefits of a professional UPI payment gateway at zero charges!
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