How people are favouring UPI payments more, over conventional debit card

Gone are those days when people used to flaunt their customised debit cards to their friends and foes and took pride in it… UPI is the new game changer !

Reportedly people over the past few years are observed with an inclination over digital payments in comparison to cash withdrawals, mostly in tier 1 and tier 2 cities. The advancement of technological landscape, e-commerce space and changes in consumer purchase behaviour alongside their preferred payment method are some way or the other indicating a new wave of dominating transaction behaviour which is “UPI-Unified Payment Interface”. This article presents some of the fascinating reasons on why exactly people are favouring UPI these days.

“Payment Convenience” through UPI apps

The homegrown banking network in India and the daily transaction requirement of citizens got quickly bolstered with the introduction of UPI which works mostly through fund routing apps like ‘Google Pay’, ‘PhonePe’, ‘PayTM’ and similar others. UPI has quickly become a payment ecosystem for most of the people in India, liberating them to transact for multiple subjects from a single payment platform that too with few swipes and few codes.

Faster transaction round the clock

Introduction of UPI in the Indian payment landscape continues to serve people with easy payment facilities and has enabled them to perform the same without any time-bound actions. Prior to the UPI era, people had to withdraw a certain cash amount from nearby ATMs for each household expense or swipe their debit card at stores which has now totally been revamped by UPI feature, allowing easier transaction activities from smartphones itself. Moreover, UPI does not require a person to put debit card details, CVV numbers and other credentials during online payments, rather just a single passcode for each payment requirement…well that’s far less of a tiring task, isn’t it?

A change in payment making attitude of the younger generation

Smartphones do almost 70% of our regular chores, be it shopping online, clearing phone or electricity bills or making any transaction to our contacts, it has solutions for most of our modern era problems. Reportedly, the younger generation prefers making payments through popular UPI apps which not only ensures 24×7 faster and secure transactions but also easy reward points as well. Be it cafes, movie theatres or ordering stuff online, UPI has shown a “friend-in-need” performance, ensuring uninterrupted and seamless transaction capabilities unlike tiring debit card payment requirements in the gateway. Plus, the monthly withdrawal restriction levied on debit cards also makes it a less favourable choice in contrast to the better performing UPI system.

Reportedly, since the onset of Covid-19, around 70% of the transaction origins were alone found to be from UPIs and the rest from debit card and other payment methods. Well such magnificent performance indeed indicates brighter days for UPI ecosystem in the near future…isn’t it?


Sohini is a journalism and mass communication enthusiast from Kolkata with an extreme interest in creative writing. Focused on entertainment, health and lifestyle, her stories could make your net surfing much more interesting.
Back to top button