The Unified Payments Interface which is also known as UPI is the most popular type of platform for digital monetary transactions in the country of India. The UPI was developed by the National Payments Corporation of India (NPCI) and is regulated and monitored by The Reserve Bank of India.
It is also the best real-time payment platform. This was developed to facilitate inter-banking systems. A virtual payment address is created through which sending and receiving money takes place on the UPI platform.
Most of the banks in India have made pacts with UPI to ease the transaction of money for their customers. The payment gateway apps have also merged with the UPI platform to provide a smooth and safe experience for their users for sending and receiving money from individuals, organizations, and banks.
Hence this has led to the launch of numerous UPI-based App for android, iOS, and other systems and devices.
In India, there are various UPI-based apps that are popular and easy to use. As a result of demonetization, digital money transactions became an easy solution during the time of change of notes in the country. Paytm spread fast and PhonePe, Google Pay, Bhim SBI Pay, and Mobikwik followed up quite quickly.
Best UPI Apps in India
- PayTm: The PayTm and UPI collaboration brought in the culture of online money transfers in the country. Apart from the usual function of sending and receiving money, the app has features that help the user to pay utility bills, pay fees, donate for causes, and other activities. The wallet at the PayTm app helps the user to store money and use it for any kind of transaction for emergency purposes, especially when the bank servers undergo technical errors.
- PhonePe: This app was launched in 2015 and was powered by Yes Bank. It became very popular because of its smooth interface and is very easy to use. It makes use of the UPI platform for receiving and sending money. It has a wallet facility for faster transactions.PhonePe also offers cashback and coupons for using their app for a transaction.
- GooglePay: This app has become popular in very little time. The UPI platform is used for G-Pay transactions. This app does not have a wallet facility. It has features where the user can use scratchcards for getting rewards in the form of money. Also, it is one of the most secure apps with an extra PIN which is required to open the app, apart from the usual UPI app PIN. This app can detect unauthorized transactions because of the presence of a patented security feature installed in the app.
- BHIM SBI Pay: This app was developed for the use of SBI bank customers. The app has a very user-friendly interface. It has good security features with an added PIN to enter the app. The user also can check the balance amount in the account easily from the dashboard itself. It also has features where the user can shop, or pay bills.
- Mobikwik: This app has the best interface with only icons that are needed for money transactions like Payment to the merchant and transfer money. The user can check the balance directly from the app. Moreover, it has a wallet to facilitate easy transactions.
The apps using the UPI platform have doubled in recent times because of the government’s digitization initiatives. These apps are secure and come with the latest security features to make transactions easy. The main aim of these electronic payment gateways is to make money transactions cashless and hassle-free.
Apart from the above-mentioned applications, we have a bunch of alternate payment modes with unique features as an add-on, such as Amazon Pay, Ola Money, PayUmoney, Dhani, Bhim Axis Pay, etc. These applications can be used to make transactions safe, reliable, and convenient along with their own unique features.