When was the last time you visited your bank? It was probably when you first opened your account. Ever since the introduction of mobile banking, it is now possible to access banking services from the comfort of your home or office. Almost everything can be done from your smartphone. From utility payments to ticket reservations, investments to money transfers, transacting is far easier today.
Although we have enjoyed the ease of sending and receiving money through internet banking for a while now, mobile technology has made money management faster and more convenient. Government initiatives like Digital India have further boosted this transformation. Today, you practically carry your bank in your pocket.
A Google-BCG report estimates that the digital payment industry in India is likely to grow 10 times, to about $500 billion by 2020, and is expected to contribute 15% of GDP. The report also foresees non-cash transactions exceeding cash transactions by 2023. The contribution of non-cash payments, like cheques, demand drafts, net-banking, credit/debit cards, mobile wallets and Unified Payment Interface (UPI), could double to 40% of the consumer payments segment by 2020.
Mobile wallets, which have been around for over five years, only gained popularity in the wake of demonetisation because of their easy-to-use nature. Originally used only for recharges and utility payments, these are now popular for person-to-person money transfers. But are they really the simplest and quickest way to make payments? Another method that doesn’t even require you to share your bank account details is the Airtel Payments Bank UPI platform, which is the easiest and fastest way to transfer funds.
UPI is a revolutionary method of money transfer that has been enabled by banks. This mobile app-based payment system was developed by the National Payments Corp. of India (NPCI). Airtel Payments Bank has become the first payments bank in India to integrate the UPI on its digital platform.
Airtel Payments Bank UPI can facilitate instant fund transfers between two bank accounts on the mobile platform without asking for the beneficiary’s account details. A Virtual Payment Address (VPA) and MPIN is all that is required for transactions. You can create a VPA and link your bank accounts to it via My Airtel App. You can even personalise this VPA with your name or number; for example- viveksingh@airtel or 9900000000@airtel.
Airtel Payments Bank UPI not only enhances user experience, but also makes digital payments extremely simple. It is an ideal platform to make digital payments for online and offline merchants, and allows instant money transfer to any bank account in India.
Online and offline merchants can also accept payments through new IDs or quick response (QR) codes with the scan and pay feature.
Convenience and timeliness are key drivers for the on-the-go generation, and Airtel Payments Bank UPI offers both. With zero processing time, UPI is indeed the future of mobile banking in India.