A detailed guide on UPI payment system : 2021 Updated information !

Unofficial United States Patent and Trademark Office Payment : 

UPI Payment

If you are confused about the different schemes and options, it will help to understand the UPI payment process fully. 

It is like a card with a special "store" account number which is used exclusively for the purpose of paying monthly instalments and purchases. 

This account number is issued to all debit card holders to facilitate instant cash payments. This payment option has been introduced by the Reserve Bank of India in collaboration with the leading banks and financial institutions of India.

UPI payment system 

This is one of the best methods of managing payments and transactions of credit and debit card holders. But, the advantages and disadvantages of using this service come into focus when we talk about the usage and the functioning of UPI payments. 

The biggest advantage of using this service is that you do not have to carry large amounts of money or other things as security to withdraw cash from your bank accounts. 

Even though the cash is deposited in your account, it is not yet available for making the payments and transactions of your choice. What is more, the amount can be withdrawn only within a specified time period by paying a transaction fee.

Disadvantages of UPI payment : 

On the other hand, the disadvantages of using this payment system are many. First of all, this payment method is not allowed to be used by every citizen of the country; only government officials and highly qualified citizens can use the facility. 

Since there is no standardization or regulation of this particular type of payment system, individuals using this facility face issues like improper linking of bank accounts with their debit cards, inaccurate computation of taxes and income, and loss of privacy due to blocking of certain Internet sites or advertisements. Moreover, using this system can lead to problems of duplicate bills and charges.

MNP payment acception process 

The third party payment processor MNP accepts the payment made through bank card and visa cards and provides an option for withdrawal of money using the account holder's debit card and e-wallets such as PayPal and WorldPay. 

MNP does not store any information like bank account number, PIN number, or other monetary payments. 

Instead, the service provider uses the information like account number, name, and birth date of the account holder in order to generate the virtual check and withdraw the amount.

service providers who offer third party payments

There are other payments to service providers who offer third party payments processing services for domestic and global businesses. 

This kind of service provider processes payments for a business in a reliable and secured manner. 

For example, transactions made by checks and credit cards are converted to electronic transfers into the corresponding currencies, and payments for domestic and international business are sent to the designated bank account or to a specified billing address.

make online payments

If you are interested to make online payments, Zomato is one of the best options. It is a free website that offers the user a secure, convenient, and safe way to buy and sell. Transactions made with Zomato are converted into U.S. 

Dollars or Euro, and they can be sent to any of the registered banking accounts. Furthermore, users are offered advanced tools for creating secure transactions, including a bill payment reminder feature, a non-hack proof escrow system, and paper check printing. 

Tomato payment gateway 

Tomato is the most preferred payment gateway by millions of Internet marketers around the world.

UPI Payment

Post a Comment

Previous Post Next Post