UPI has already revolutionized the way people send and receive money through Bharat QR Code and has proved to be the next best alternative to cash. In the next one year, UPI is poised to spearhead the cashless economy. It is instant; it is easy and saves people from carrying wads of money or making frequent trips to their ATMs.
Here is a crystal-ball gazing at what UPI will be like in one year.
UPI will play a major role in personal consumption expenditure.
It is estimated that in one year up to about 20% of digital personal consumption expenditure will be done through Bharat QR. In reality it seems more of under-estimation as there is exponential increase in the usage of UPI.
Bharat QR codes will add more muscles to UPI.
The launch of Bharat QR Code and its growing acceptance by merchant establishment will give a fillip to UPI usage. As it is, Bharat QR already has partnered with credit card majors like MasterCard and Visa. Credit and Debit cards are already the most popular payment options in organized retail. Tying up with these will further boost UPI’s reach and spread.
UPI will be the gold standard as a universal payment option.
UPI is interoperable with any bank account in any bank, just like an ATM card, but with considerably more enhanced features. It will be the backbone of almost any payment options. When mobile wallets are included in this platform, UPI will truly become the virtual universal payment option.
UPI-powered Bharat QR will replace POS devices.
Bharat QR riding over UPI is the most secure, easy mode of instant payment will be the most preferred POS payment system or Aadhar Pay. This will enable the merchants to accept digital payments without installing expensive Point of Sale (POS) swiping machine.
UPI will help improve and upgrade core-banking system.
The exponentially increasing transactions through UPI will put tremendous pressure on the technological capabilities of Banks. Banks will upgrade their system to deal with low-value high volume real time transactions.
UPI will facilitate more e-commerce transactions.
More customers favour the Cash On Delivery (COD) options of e-commerce sites for ensuring that the ordered product is what is shipped to them. There will be no need to keep cash at home to complete the transaction, nor to risk the vulnerability of their cards swiped on a portable card-swiping terminal.
The popularity “Pull” payments will increase dramatically.
The UPI feature of “Pull-based” payments by giving only an alias (VPA) without divulging any account details will gain popularity with merchants, students, freelancers and several other service providers who provide one-off services or recurring services.
UPI 2.0, the turbo-charged version coming soon!
As already announced, the updated and version, UPI 2.0 is slated to be launched shortly. This will have several new features and utilities to make UPI more versatile and enhance its bandwidth of uses.
UPI 2.0 to have new features.
UPI 2.0 will have bill payments features such as pre-authorized transactions approved through digital signatures. This will help in case of recurring payments such as credit card, telephone, electricity bills. It can also be used to pay school fees, mobile, DTH bills.
UPI 2.0 will have biometric authentication.
UPI 2.0 is most likely to be linked with Aadhar which will add another layer of security and convenience.
UPI 2.0 to be integrated with BBPS.
Bharat Bill Payments System (BBPS), which helps as a one-stop destination for payment of utility bills presently allows payments only through net-banking and cards. UPI 2.0 will allow customers to make UPI payments to BBPS.
amandla
turnnoffyourmind
titsay
pixelskylines
tangentwithtanner
dailybridgerton