Hello and Namaste Everyone
In India, UPI is one of the most used payment methods and people like to use it because it is convenient and transaction is also settled in real time. After the Covid pandemic, the situation has changed and people are more familiar with online services and payments. There has been a significant increase in overall digital payments across the country, of which UPI is the most popular. Many ways can be followed to make digital payments but in day-to-day life, UPI is the best option.
I have been using upi for the last couple of years but I have observed more usage in the last two or three years, especially after the lockdown. I hardly carry any cash in my wallet unless it is really necessary and it's all because I keep my phone with me which is good enough to make payments almost everywhere. Now I can pay using UPI in almost every shop and even at the vegetable and fruit market. Every shop keeps a scanner for the payment and users just need to scan the QR enter the amount and validate the transaction through the PIN code. That is all we need to do and payment is done immediately for which we get the notification through application as well as SMS.
A few months back I got a rupee card through my bank. I have already discussed basic details about this card and it is a digital card issued by the HDFC bank. I already have another card from Hdfc which is a physical card and also use it sometimes but this Rupay card is completely digital. This card can be used for making UPI payments. It means that I used to use my bank account for making payments now this can be done through a credit card and I don't need to spend the money from my bank account. It is accepted almost everywhere and the options are easy, meaning if it is enabled, it will be shown on the payment page and if not, then the option will not be visible.
It is a very good option because I can keep the money in my bank account for far more than a month and pay it back to my credit card bank once the bill is issued. I must appreciate what the government is doing on the payment side, especially on digital payments, and all these innovations are implemented by the National Payment Corporation of India. They are also working on bringing a credit line where people can use UPI to make payments through this credit line and they do need not to have a credit card. I think whoever already has a credit card may not opt for this facility because the same benefits are already available for credit card users.
UPI is expanding its reach and now even the standing instruction mandates are set up through the UPI but it is in the early stage. I'm more familiar with the UPI payment and I do it almost every day for a few. I mean to say I can use UPI only for paying one rupee if needed and no need to carry cash or change while paying at any shop and this is why it's very convenient. Now with a credit card, I do not need to pay anything extra to the bank but I get some reward points as well while making the payment through the UPI method however I haven't checked what is the value of these reward points because it's been just a few months. I'll be checking it out later to see whatever the benefits I'm getting as part of the reward benefit but for now I am happy to have a credit card that supports my spending without spending money from the bank account.
Thank you so much
Stay Safe