Though it's not a new news but I just want to praise the UPI payment scheme. Just take an example today, I was travelling by my bike and was not carrying my wallet. The whole day I was out, done shopping, had food and all the other things using the UPI. Now people do not actually have to carry the change or the money to do anything. Means we can do all the payment using the UPI.
PC: Google.com
As a refresher, UPI is Unified Payment Interface which actually is a peer to peer transfer of money which needs the UPI id or just the phone number. So that means if I have to pay any amount to anyone, I need the QR Code of the recipient to just send him the money directly in the bank account.
So why it is so good and helpful. The problem we used to face is the change where we cannot pay the exact amount to anyone because we were always run out of the change. Now with UPI we do not have to think about the change anymore. It just need few seconds to do the payment. Next is taking money with you. For example, either you have to carry cards or money to do the payment. Now suppose you forger your wallet even though you can do the payment using the UPI provided you have the money in your account.
I know we can enable card payment using the phone too, but the problem in India is keeping the card machine active is a problem to a lot of people. With UPI it is quite convenient because the money directly gets into the bank account and you don't have to maintain the machine at all. So it is a win win situation for both the parties.
