Learn how UPI can boost your business
Here's How UPI Can Help Your Business Grow
view-point-marketcentral

A recent report shows that rural and semi-urban stores in India saw 650% rise in UPI transactions this year! This massive growth shows how UPI has made payments simple, secure, and quick all over India. In the post-COVID era of instant and contactless transactions, UPI is a boon for all business owners.

So, what is UPI, and why should you offer it as a payment option to your customers?

UPI stands for Unified Payments Interface, which is a quick and easy digital payment option. It is a mobile based system that lets you handle multiple bank accounts from a single app, and lets you transfer funds without any hassles. Google Pay, PhonePe, PayTM are some popular money transfer applications that use the UPI system.

Why is UPI so popular?
  1. No fees: UPI transactions are completely free of cost. This makes it suitable for carrying out all kinds of payments, including multiple small transactions.

  2. Real-time payments: UPI lets your online business receive instant real-time payments from customers. It makes settlements easy as you can request exact sums as payments from customers.

  3. Safe and secure: There is no need to disclose your bank account number or other personal details for carrying out UPI transactions. Every payment is verified by a UPI pin that you need to enter on your mobile. This reduces the chance of phishing and fraud, and keeps your account safe.

  4. Easy Integration: UPI payment gateways can be easily integrated into websites and apps, making it very convenient to use. You can easily add it to your existing online business website without any issues.

According to the report by PayNearby, semi-urban and rural retailers have been using assisted financial transactions such as UPI for 14% more transactions than usual. There has also been a growth of 25% in the total value of money transferred in these transactions.

This means that more and more customers are adopting digital banking and payment services. MSMEs that offer such quick and easy digital payment solutions to their customers are therefore going to benefit from more transactions!

The way forward?
  1. Add UPI payment options to your online business website.

  2. At your physical shop, display the QR code that your customers can scan easily to make payments via UPI. Users can scan the UPI QR code from any UPI app to make the payment.

  3. Let your customers know about the ease of payment offered by your business via UPI!

Keeping up with the changing times and adapting to new technology keeps a business going in the long run, such as these 5 small businesses that made it big: https://www.marketcentral.in/market/viewpoint/46/5-small-indian-businesses-that-grew-big

At MarketCentral, we equip small and medium businesses with simple resources and tools that can help them be in control of their own business. With a no-commission model, MarketCentral can be the perfect business companion for your digital journey.

MarketCentral will bring you interesting business stories and Small Business news every week through ViewPoint. Let us know what you think about this article at support@marketcentral.in. For more, you can follow our social media handles below:

Instagram: marketcentral

Facebook: marketcentral

LinkedIN: marketcentral

Popular Articles
view-point-marketcentral

Indias-first-online-credit-card-for-MSMEs

view-point-marketcentral

7-Innovative-Ways-to-Fund-Small-Business-Growth

view-point-marketcentral

5-Ideas-to-Grow-Your-Business-Using-Technology

view-point-marketcentral

8-essential-to-promote-online-business

view-point-marketcentral

Budget-2023-MSME-loans

view-point-marketcentral

What-is-immersive-customer-experience

view-point-marketcentral

Online-advertising-for-MSMEs

view-point-marketcentral

Key-trends-msme-coming-year

view-point-marketcentral

SMBs are top job creators in India

view-point-marketcentral

Here's How UPI Can Help Your Business Grow

view-point-marketcentral

5 Small Indian Businesses That Grew Big

view-point-marketcentral

5 Ways to Make Your Business Safe from Future Shocks

view-point-marketcentral

Diwali business: Tips for small and medium businesses during the Indian festive season!

view-point-marketcentral

Get Online, Grow Big: Digital-First Small Businesses Are Prepared for The Future

view-point-marketcentral

The New GST Scheme: How Will It Impact Your Online Business?

view-point-marketcentral

In the News: MSME Credit Card, post-Covid revival, and new schemes for small businesses

view-point-marketcentral

How MSMEs Can Grow And Achieve Greater Independence

view-point-marketcentral

Transport and Logistics Challenges Faced By MSMEs

view-point-marketcentral

The Importance of Digitizing Supply Chains for MSMEs

view-point-marketcentral

How MSMEs Can Grow Sustainably With Three 'R's

view-point-marketcentral

The Importance of Sustainable Growth for Businesses

view-point-marketcentral

4 Customer Retention Strategies for MSMEs

view-point-marketcentral

Customer Retention

view-point-marketcentral

MSME Day 2022

view-point-marketcentral

What is Your Target Market? - Part Two

view-point-marketcentral

What is Your Target Market? - Part One

view-point-marketcentral

9 Ways to Make Your Business Data Safe and Secure Onlines

view-point-marketcentral

Why Automating Your Business Operations Can Make Your Business Smarter and More Efficient

view-point-marketcentral

8 Effective Ways to Drive Traffic to Your Website

view-point-marketcentral

5 Ways to Keep Your Online Business Growing

view-point-marketcentral

What is SEO or Search Engine Optimization, and How Can It Help Your Business?

view-point-marketcentral

6 Tips for Marketing Your Business During Festivals.

view-point-marketcentral

Branding for Small Business - What is It, and How to Do It.

view-point-marketcentral

What is branding and why do small businesses require it?

view-point-marketcentral

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART Two

view-point-marketcentral

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART ONE

view-point-marketcentral

Go Digital, Go Secure: What Does This Mean for MSMEs?

view-point-marketcentral

What is Social Commerce and How Can it Help MSMEs?

view-point-marketcentral

How to implement ISO 9001 for Your Small Business?

view-point-marketcentral

Why is an ISO Certification Important for Your Business?

view-point-marketcentral

Updating Your Financial Operations Can Save Your Business Lakhs of Rupees!

view-point-marketcentral

Keeping Your Business Safe Online: The MarketCentral Way

view-point-marketcentral

Best-Time-for-MSMEs-to-start-digital-marketing

view-point-marketcentral

The MSME Tech Upgradation Scheme: What Does it Mean?

view-point-marketcentral

5 Ways to Protect Your Data and Build a Secure Online Business

view-point-marketcentral

Customer Experience: 3 Ways for B2B Businesses to Stand Out from the Crowd

view-point-marketcentral

Diwali 2021: 3 Trends in Online Business, E-commerce Inflation, and More

view-point-marketcentral

4 Steps To Guide Your Business-to-Business (B2B) Enterprise Towards eCommerce Success

view-point-marketcentral

What The Facebook, WhatsApp Outage Can Teach Small and Medium Indian Businesses

view-point-marketcentral

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

view-point-marketcentral

50 Lakh MSMEs Have Registered on Udayam portal. Enroll your business today.

view-point-marketcentral

3 Recent Schemes and Funds for MSMEs and What They Mean

view-point-marketcentral

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

view-point-marketcentral

Amul, Parle Among Businesses That Has Cut Supplies to Udaan

view-point-marketcentral

Covid-19 Second Wave: What Can Small and Medium Businesses (SMBs) Learn From It?

view-point-marketcentral

Amazon is Opening Physical Stores. What Does it Mean for Small Businesses?