Article on Online Transaction (UPI)

Article on Online Transaction (UPI)

Phase 1-
From credit cards to one-click payments, we have made a significant advancement in how payments are done in the last few years. Gone are the days when we always had to carry cash in our wallet. India is growing to be a “cash-less economy” with the rising fintech adoption.
In the pre-internet era, electronic payments, especially credit and debit cards, became one of the most dominant forms of non-cash payments. 
But in 2007, a startup called  Flipkart  opened online for business. Flipkart changed the way people shopped online by giving all products and services in one place.
And as e-commerce business grew, the need for integrating a secure and reliable payment gateway on the website grew too. Payment gateways help in transactions between merchants and their consumers, quickly and safely. The payments are done in one click.

Phase 2-
On 9 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes. 
That is the turning point came in 2016 with the launch of UPI – Unified Payment Interface, by the Govt of India . It did not take much time for UPI to gain adoption by the people. UPI transactions saw an increase year after year.
The idea behind launching the UPI is to do business online. The online portal interface will allow account holders across banks to send and receive money from their smartphones by using their Aadhaar unique identity number, mobile phone number or virtual payments address without entering bank account details.
UPI will simplify your online payments. Now, we have to use NEFT or a digital wallet such as MobiKwik or Paytm to make a quick payment to the service providers. With the UPI, you simply need to enter your details, and get a billing request on your phone – which you can accept or reject right away.

Taxi aggregators like Uber and Ola, food ordering services like Zomato and Food Panda, online grocery shops like Big Basket and Grofers will be able to take advantage of the UPI system. Most of the similar tech companies are now banking on mobile wallets.
Now through UPI you can easily transfer your money from one account to another account without going into the bank and standing in the line . You can easily send your money to your family and friends.

Phase 3-
If i am talking about the current COVID-19 situation. There is about 42% increase in digital payments by Indians during lockdown.
Paytm and Google Pay are among the top digital payment apps being used by consumers.
For both retail stores and e-commerce grocery orders, one thing is common now days is that many of the consumers are now making their payments via digital payment mechanisms and taking contactless delivery of goods where possible

-MAYANK KUMAR.

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