Digital payments have become an integral part of our everyday financial lives. From online shopping, merchant payments, online trading to even FASTag recharges, there is barely any area untouched by UPI apps. UPI transfer has made our life easier and newer developments in the same have revolutionized the digital payment experience.
One such important feature of UPI apps that has made online payment UPI systems seamless is the digital wallet system. UPI wallets have taken the payment experience one step ahead by making money transfers easier, quicker and hassle-free. Let’s see further how UPI wallets are the next big thing in the digital payment experience.
- How do UPI wallets work?
Firstly, we will need to understand how UPI wallets actually work. A UPI wallet app is usually in the form of a feature of one of your UPI apps. Just like in physical wallets, you need to add money into the wallet to use the money in times of need, in digital wallets too, you will have to transfer a top-up. The upper limit of such an amount can differ from app to app.
In a UPI transfer, you need to add your pin to make the transaction happen. While using UPI wallets, you don’t have to add the pin and the transaction can happen with just 1 click. This can save you time while making payments, especially at stores.
- Benefits of UPI wallets
- Hassle-Free – UPI wallets provide a seamless payment experience. Since the money is deducted from your wallet and not directly from your account, you don’t have to manually add the pin every time.
- Lightning Fast – Because of the way they function, UPI wallets are lightning fast and save you a lot of time. Who wants to make awkward eye-contact with the merchant while the payment processes? Just pay in one tap and finish the payment in seconds!
- Easy To Set Up – If you have used a UPI app for an online money send, you will be easily able to use a digital wallet. Just download a digital wallet app, set up your account, add a top-up and you are good to go.
- Cost-Effective – You do not have to pay any additional fees to avail of a UPI wallet service. Yes, it is free, quick and secure.
- How to choose a UPI wallet app?
Make sure that you do your research before you download a digital wallet app. Look for apps with good reviews online and also consult your peers for the same. Look for apps with multiple features and check their legitimacy by going through their website, if any. Be vigilant, and don’t go for apps that make unrealistic claims.
UPI wallets are revolutionizing digital payment systems by being fast, seamless, secure, and easy to set up. We live in a fast-paced world, and we require technology, especially financial technology, to keep up with our pace.
However, you should do your own thorough research before going ahead with UPI wallet apps. They usually have an upper transaction limit, so they are more ideal for day-to-day small-value transactions. Know your digital wallet requirements, compare between apps, and choose the ones that best suit your needs.