What Makes UPI a Safe Option for Both the Merchant and Customer

By
Daily Excelsior
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To enhance digital transactions and computerised forms of banking, NPCI or National Payments Corporation of India launched UPI in 2016. NPCI launched UPI or Unified Payments Interface right after the nation went into the demonetisation phase. This proved a turning point in the nation’s economy as they promoted “Cashless and Digital India”.

 

Ever since UPI has opened convenient gates to transacting efficiently online and eliminated the cash requirement. Again, if you wonder which payment app is best in the market, there are loads of them. To name some, there is Google Pay, Fave Pay, PhonePe, PayTM, Amazon Pay, Mobikwik and more. UPI apps have enabled easy monetary transactions and added extreme security to the financial side.

Fave Pay and UPI

Fave Pay has emerged as one of the most popular and preferred apps for online transactions. The services offered by Fave Pay are favoured both by customers and merchants alike. They are contributing mainly to the aim of “Cashless India.” The best thing about Fave Pay is that it is accessible from even the remotest corners of the nation. With a steady internet connection and a valid UPI account, you can transfer money to other bank accounts, make merchant payments, etc. On top of all, you receive guaranteed cashback and rewards for every transaction.

 

Fave Pay also facilitates UPI 2.0, an app that empowers underlying transactions. Since the longest UPI was made under the P2P (Peer to Peer) transaction framework, it lacked adjoint details of any transaction. UPI 2.0 aimed to empower merchant transactions, helping them receive or send an additional invoice. Fave Pay facilitates and complies with all these modern terms.

Objectives of UPI with Fave Pay’s Transaction Solutions

Here are some objectives that Fave Pay aims to solve within the UPI framework.

  • Provides various means of payments that are versatile through the web and other applications.
  • Provide a safe transaction environment where both sender and receiver can be assured.
  • It offers a good and secure transaction environment that frees up banks and other institutions.
  • Simultaneously support online transactions and boost monetary thoughts.
  • VPA (Virtual Payment Address), two-factor authentication, facilitating transactions via phone number are some of the critical security measures.

Benefits of Using Fave Pay

While some of the best UPI apps offer many features that make online payments convenient, here are some benefits of using Fave Pay for local and merchant transactions. These benefits are duly categorised for merchants and end customers.

Benefits for Merchants

  • Hassle-free revenue collection from customers through proper notification.
  • Elimination of requirement of storing customers’ details in virtual cards.
  • Tap those customers who lack debit or credit cards.
  • Highly reliable to eCommerce and mCommerce transactions.
  • Expert solutions to eliminate the issues regarding collecting cash on deliveries.

Benefits for Individual Customers

  • Customers can use this app 24×7, 365 days.
  • Single UPI account on the app to access multiple bank accounts.
  • Customers can use Virtual ID for payments; a secure way of transacting that eliminates the risk of credentials leakage.
  • Through a simple process of a single click, customers can use two-factor authentication.
  • If customers face an issue, they can report the problem from the app itself.

Wrapping Up

India is a growing economy, and digital payments have played a massive role in boosting the economy even more. There are tens and hundreds of apps in the market facilitating the use of UPI. Payments through UPI have proved to be more secure than traditional NEFT and IMPS online methods. Hence the use and demand for UPI are always on the up.

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