The digital payment system has played a crucial role in the liberalization of the digital economy and a technically advanced financial framework in India. What we have achieved so far has a lot to do with technological awareness among the people and the policies adopted by the ruling government. The year 2020 is infamous because of the onset of a prolonged pandemic, but there was some remarkable growth in the financial sector and the economic domain. Online payment has become the new norm after that and is no longer limited to the educated and elite sections of society.
This article is a rundown of some of the most preferred UPI payment apps in India, which have altered the dynamics of the online payment system in the country. UPI stands for unified payment interface. It is an instant payment system developed by the National Payment Corporation Of India (NPCI). The introduction of this payment platform made the transfer of funds quickly possible anywhere in the nation, between different bank accounts, using mobile or web-based applications. Some of these trending UPI payment apps are discussed below to provide an overview of their advantageous features.
One of the pioneers of the digital payment system, Paytm has a variety of products and services to offer. The users can not only use this app for online payment of almost every facility available online, but the app is partnered with multiple brands such as LIC, IRCTC, bus and flight booking websites, buying gold, making EMI payments of loan apps, and many more. Rewards received by users vary from a discounted price to redeemable points, gift vouchers, etc.
PhonePe is a revolutionary payment app that made Indians comfortable with online payment with its seamless and user-friendly interface. It is the most trusted application in the country, preferred over most web-based payment platforms and banking services. Cashback and other instant offers are some of the many perks of using this app, and just like its counterparts, it is not only limited to online payment but much more. Users can recharge their phones, pay bills, order food, shop online, etc.
- Google Pay:
Google Pay is commonly known as Gray and formerly known as Tezz. It is also one of the most popular payment systems in the country. The brand name of Google has garnered a huge loyal customer base, and the app has always managed to provide the best services and experience to its users. The app does much more than a conventional payment gateway because one can use it to pay multiple bills.
One of the unique features is that the customers are rewarded with scratch cards as a surprise gift, one can win up to a lakh of rupees by scratching these cards, and it is rewarded to customers only if they fulfill the predefined criteria of funds transactions using this platform.
Apart from the applications mentioned above, there are many others, such as Amazon Pay, BHIM app, Airtel payment app, etc. The functionalities and features provided by them are almost the same. Still, ease of usage and customer convenience are the factors that have led to a wide acceptance of some of them among a large number of users.