Once upon a time we used to do dth, mobile recharge, at nearby shops, but now
where we were, we do everything through UPI very easily.
Are third party UPI apps safe
As you may remember, if you
transact
money through our UPI, you will get a lot of cashback. But only a few got it.
There is a proverb. If we want to win, we have to inspire someone's desire.
Big companies are using this method. We are responsible for this. Do they know
how much their monthly income is?
Because they do not charge any fees from users or merchants for using UPI.
Instead, they can generate revenue from other sources like advertisements,
commissions, cross-selling etc.
According to the latest data from NPCI (National Payments Corporation of India), in November 2023, UPI transactions reached a new record of 12.2 billion transactions worth Rs 21.3 lakh crore. Among UPI apps, PhonePe processed 5.8 billion transactions worth Rs 10.3 lakh crore, Google Pay 4.1 billion transactions worth Rs 7.3 lakh crore and Paytm 1.9 billion transactions worth Rs 3.2 lakh crore. These statistics indicate the market share and popularity of these sites,
1.Enhanced Security, Bank-developed UPI apps are typically built on robust
security protocols and infrastructure, adhering to the stringent security
guidelines set by the bank and regulatory authorities. This helps safeguard
sensitive financial information from potential cyber threats and unauthorized
access.
2.Simplified Interface and User Experience, Bank-specific UPI apps are often
designed with a user-friendly interface that aligns with the bank's overall
branding and digital banking experience. This can make it easier for users to
navigate and utilize the app's features, streamlining their banking
transactions.
3.Direct Integration with Bank Accounts,
Bank-owned UPI apps are seamlessly integrated with the user's bank accounts,
providing a direct and secure link for managing finances. This can eliminate
the need for intermediary platforms and potential delays in transaction
processing.
4.Real-time Transaction Tracking and Notifications, Bank UPI apps typically
offer real-time transaction tracking and notifications, allowing users to stay
informed about their financial activities and identify any discrepancies
promptly. This enhanced visibility can contribute to better financial
management and fraud prevention.
5.Personalized Customer Support, Bank UPI apps often provide direct access to
the bank's customer support channels, ensuring that users can receive prompt
assistance and resolve any issues related to their UPI transactions or banking
services.
6.Potential for Additional Features and Benefits, Bank UPI apps may offer
unique features and benefits tailored to the bank's specific offerings and
customer base. These could include loyalty programs, targeted promotions, or
integration with other bank services, enhancing the overall value proposition.
7.Reduced Reliance on Third-party Apps, Using a bank UPI app reduces
dependence on third-party platforms, potentially mitigating concerns about
data sharing practices and privacy implications associated with third-party
apps.
In summary,
using
a bank's own UPI app can provide enhanced security, a simplified user
experience, direct integration with bank accounts, real-time transaction
tracking, personalized customer support, potential for additional features,
and reduced reliance on third-party apps. These benefits can contribute to a
more secure, convenient, and streamlined banking experience.
Now private and government bank upi apps are very easy to use.