Sreejita Talukdar, Content Writer, siliconindia

Science and technology are fueling up the speed of this progress of mankind by offering new discoveries and inventions. Digital devices are the main bridge that are connecting the humans with technology and fueling up the profit in the market. Just like internet, cloud computing, application based software technology, and digital payment system is revolutionizing the world to enhance sooner and better. Payment or transaction of money bears a critical significance as the whole economy is depending on this. The exchange of money facilitates sale, purchase or trade of goods between the buyers and sellers.

Evolving Era of Digital Payment

At the dawn of ‘Digital India’ campaign Indian government aims to strengthen its economy by empowering digital payment options which offers ‘Faceless, Paperless, & Cashless’ transaction. Now-a-days with the advancements of techniques, the needs of investors and financial service users become more complex; there is a demand for effective tools to simplify the processes and transactions carried out by end-users.

The addition of technology in the financial industry is a boon to smaller as well as large scale businesses. Integrating the technology in financial industry is a necessity for the survival for the businesses as increased number of customers is seeking lower-cost alternatives to traditional financial services. Currently, the fintech companies have led the revolution in transforming the financial sector by digitalizing the end-client’s transactional eco-system.

A digital transaction converts cash into digital money by connecting your bank accounts. For digital payments, we have to use digital payment cards such as Debit, Credit or we can scan QR code to connect through the bank account directly.

The Fabulous Fintech sector is revamping the Indian finance's terrain by rendering more adaptable and comprehensive amenities to users & edifying the foundation of economy

Incredible Influence of Unified Payment Interface (UPI)

UPI is a real time payment system which works as a platform and connects multiple bank accounts to a single mobile application, providing a seamless and secure platform for making payments. UPI or Unified Payments Interface was launched by the Reserve Bank of India in 2016, and currently it is regulated by National Payments Corporation of India (NPCI). To start payment through this, a unique ID needs to be created during the registration. To make the secure and successful payment you also need a UPI PIN

The utilization of UPI serves as a crucial motivator in the government's efforts to establish a cash-free economy. The merchants are actively participating and supporting the digital evolution of the economy while aligning with governmental initiatives by accepting payments through the channels of UPI.