Until a few years ago, you would have had to wade through traffic on streets and stand in a queue at a bank to deposit money in your beneficiary’s account. But times have changed now. The current banking landscape has made sending money easy. You can practically do all of your daily transactions from a UPI bank app. This app gives you more control over finances. We will tell you 5 reasons why you should have such an app.
- You can transfer money easily
Paying using a UPI bank app is smooth and simple. All you have to do is put your beneficiary’s UPI ID, the sum of money you want to transfer, and your transaction PIN in the app. Then you have to press the pay button, and the selected sum will be transferred from your bank account to that of your beneficiary. On the other hand, other types of payment methods ask you to enter your as well as your beneficiary’s banking details.
- The payment will happen in real-time
A UPI payment app transfers money in an instant. As soon as you type your beneficiary’s UPI ID or scan their QR code, you can send money to them. And this service is available 24*7. However, other electronic payment methods like NEFT take up to 30 minutes to accept a user registration request, and up to 12 hours to transfer funds to a beneficiary.
- Your banking identity remains protected
A UPI bank app provides a virtual ID facility to everyone on the UPI platform. This feature keeps your bank account details as well as that of your beneficiary safe when you send money. On the other hand, most of the other electronic transaction channels ask you to provide both yours and your beneficiary’s banking details to send money. This is how a UPI payment app is a safer bet.
- You can manage different bank accounts from a single UPI ID
A UPI payment app is a one-stop-shop app for all of your payment needs. You can create a UPI ID for each of your bank accounts, and send and receive money through them. You can even select one UPI ID as your default way of payment. In other words, you can manage all of your bank accounts from a single app.
- It is better than digital wallets
Digital wallets can do all the things that a UPI payment app does, such as sending and receiving money. However, using a UPI bank app is more convenient as compared to a digital wallet. How? With a digital wallet, you need to store a certain amount of money in that wallet to make financial transactions. But this is not the case with a UPI app, as it is directly linked with your bank account.
Now you know why using a UPI bank app is the best decision in today’s time. It provides a lot of benefits and is one of the safest modes of electronic payment methods. Have a nice day!