In the fast-paced digital era, the overall financial sphere is undoubtedly witnessing a major transformative shift with the emergence of non-banking UPI (Unified Payments Interface) payment applications.
When we go back in time, traditionally, banks were the primary source facilitating financial transactions, but thanks to fintech, the situation has completely changed. Today, in this article, we’ll dive deep and explore the dynamic world of non-banking UPI payment applications, delving into their features and overall impact on the financial ecosphere.
UPI Payment Apps: The Rising Graph
Especially after the COVID-19 outbreak, more and more people have started relying on online payments for apparent reasons. It is simple, quick and available round the clock. In our country, since this technology has come into the game, the whole financial sphere has witnessed a remarkable change for the good.
UPI has undoubtedly revolutionized how people transact, offering a seamless and instant platform for transferring money between bank accounts. Earlier, banks used to dominate this space, but non-banking players have entered the field, introducing user-friendly applications that leverage the UPI infrastructure. These applications offer a range of services beyond basic fund transfers, redefining the overall user experience in the digital era.
Features of Non-Banking UPI Payment Applications
- Super easy to use
These applications are well-known for their user-friendly interfaces. They often simplify the complex process of financial transactions, making it super easy for users, regardless of how aware they are of such technology.
Unlike traditional banking applications primarily focusing on basic transactions, non-banking UPI payment applications extend their services to another level. They offer water/electricity bill payments, mobile recharges, loan facilities, and more.
- Safety and Security
Security is a paramount concern in digital transactions. These applications often incorporate innovative security measures such as biometric authentication or two-factor authentication, ensuring users’ financial data remains safe at all times.
Top Advantages of Non-Banking UPI Payment Apps in India
One of the primary advantages of these applications is their role in promoting financial inclusion. They cater to individuals who may need more easy access to traditional banking services, especially in remote areas. By offering a very user-friendly platform for digital transactions, these applications empower a broader demographic, enabling them to participate in the formal economy.
- User-Friendly Interface
The simplicity and feasibility of these applications make them more lucrative for potential users. These apps make financial transactions more accessible, and one can easily go through the application, initiate transactions, pay bills, etc, without the need for any kind of training.
The overall instantaneous speed these platforms offer is just unmatchable. Whether it’s splitting bills with friends or making urgent payments, the instant transaction capabilities of these applications contribute to their widespread adoption.
Which is one of tthe best Non-Banking UPI Payment Apps in 2024?
Bajaj Finserv. Without any doubt! It is one of the best applications that one can use. Personally speaking, I’ve been using it for more than two and a half years and believe me, all my financial transactions are done via this platform. It is super easy and convenient to use and even offers the feature of UPI pay later. Highly recommended!