Our mobile phones have become the center of our lives, for better or worse. We depend on them so much that imagining even a few hours without a mobile phone seems impossible. It is not about the habit, but the way it has sorted and eased our lives. We do almost everything through a phone, be it shopping, entertainment, work, or even transferring money. Thanks to the UPI apps, the entire face of banking in India is slowly changing. You can pay instantly within seconds with minimum possible information and even get discounts on top of that. Apps like Fave pay have made it easier for the consumer to do everything with a few clicks, and the safety features it offers abrogate any chances of scams.
10 amazing facts about mobile payment apps
If you are also a user of the Indian UPI apps, take a look at the ten amazing facts about mobile payment to make the best use of it.
How it started
The first UPI app got launched in India back in 2016. The desktop version was available before that to make online transactions. It was in 2016 that mobile payments became a thing in India.
Device Flexibility
A mobile app does not mean it is only for your cellphone. You can use it on any mobile device, for example, your tab. All you need is the app and your login details.
Service offering
The mobile payment apps are elaborate these days! They offer multiple services other than transferring money to other accounts. There are apps like Fave Pay through which you can even shop your stuff and pay.
Moving Stats
The growth and the rate at which people adapted to these apps are surprising. Many raise their eyebrows looking at the stats. That is the reason every tech giant is investing in this market.
Risk Factors
There are risk factors involved, and you may get caught in a scam if you do not choose your app wisely. Thus, you need to be super conscious of the choice of the app if you want to enjoy the perks.
Economy Contribution
There has been significant growth in this industry in the last decade. However, its contribution to the economy in the past few years has broken many records.
Marketing Tool
Brands are also using mobile payment apps as a marketing tool to attract more customers towards them. They do so by offering app-specific discounts. Customers get them only when they shop and pay through the same app. Fave Pay is the best example of it, and every buyer should give it a try!
Minimum Information
You do not need to remember the bank account number, IFSC, and all to make an online transaction. Instead, you can transfer the money by merely scanning a code or putting an ID through the mobile payment apps.
Flexibility of Payment
You do not need an account in the same bank to pay a person! Moreover, the person need not use the same app to receive the money. These apps offer the flexibility of paying anyone, anywhere, with a few clicks.
App Updations
Unlike traditional banking, you wouldn’t have to use the same interface for long. So expect exciting changes now and then, made specifically to offer a seamless user experience.
These are the facts that most people do not know about the Indian UPI apps. There are many more facts that you will know when you start using them! Make sure you choose a trusted app with excellent security features to enjoy the seamless service without worrying about fraud.
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