UPI has quickly gained momentum as one of the most convenient payment platforms across India. Starting from 2016, it has changed the way people make payments for the services or goods they avail. The transactions are now faster and easier!
With the need for bank account details such as account number, IFSC, and others, users can easily transfer payments to merchants and vice versa. To scale the convenience, people are also using the UPI QR codes for making payments.
These QRs are scanned using a camera scanner built-in with the digital payments application. These QRs are placed at merchant business stores for them to simplify payments for their consumers.
In this article, you will get a better insight into some of the benefits of using UPI QR code payments for your business to embrace the scope of this digital payments landscape.
- Highest Transaction Limits
One of the most noteworthy benefits of using UPI QR codes for your business is you can avail the perks of the highest transaction limit, which is a staple across all applications. The UPI has scaled the upper limit of transactions to Rs. 2 lakhs. Thus, it has now become an ideal payment acceptance mode for businesses.
- Faster Transactions
UPI QR codes have the feasibility of providing you with the fastest mode of transactions among all other available payment systems in the nation. It takes a mere 5 to 10 seconds to process the transactions through these QR codes.
- Complete Privacy & Security
UPI comes with multiple security layers for making the transactions safe and secure, by using a VPA (Virtual Payment Address)
- No Hidden Costs
There are no additional charges levied on UPI QR transactions, which is often the case with other payment modes that businesses offer to their customers.
- Dynamic QR Facility
Dynamic features, upon accepting UPI QR payments, enable the businesses to send unique QR codes to the customers for making a payment of a specific amount. It enhances the flexibility and security further.
- On-Spot Payments
Enabling UPI QR code solutions for your business will enable you to accept payments instantly on the spot, as customers can use literally any payment app to process the transaction.
- Anytime & Anywhere Payments
The best thing about installing UPI QR codes is that you can request payments from your clients or customers, irrespective of whether they are at your store or not. These codes can be scanned from an image as well.
- Easy Set-Up Process
It is quite easy for you to set up the payment system, as you just have to generate a unique QR code for your business with respect to the payment platform you rely on.
- High Reliability
Accepting payments through UPI QR codes eliminates the possibility of human errors or security breaches. No mistyping account details or sending payment to the wrong account, as the QR codes redirect funds to the linked account, which cannot be misinterpreted.
- Serve More Customers
Availing UPI QR code payments helps you speed up the overall payment acceptance process, which allows you to serve more customers in a short time span. Thus, it will enhance the customers’ experience at your store.
So, this is a clear explanation of how UPI QR codes are changing the way businesses accept and consumers make payments. With this mutual flexibility, the digital payments landscape is expected to boom at a very rapid scale in the forthcoming years!