What Is UPI ?
With India moving a step closer towards becoming a cashless economy with the launch of Unified Payment Interface (UPI) last year, every business is trying to get into this system so that they can also benefit from the new technology and in turn boost the sales with simplified cash transactions. With this new payment method, your smart phones will double up as virtual debit cards and you’ll be able to send or receive money instantly. Along with Bharat QR code, it can help you get rid of your wallet all together.
Here bank uses to transfer money and make payments using the IMPS (Immediate Payments Service). IMPS are faster than NEFT and let you transfer money immediately and it works 24×7. This means that the online payments will become much easier without requiring a digital wallet or credit or debit card.
With the Unified Payment Interface, all bank account holders can make secure fund transfers in an instant without the need to enter bank account information or net banking credentials.
As far as the end customer is considered, they need to download the third party app which has the payment method UPI. Like Trupay,BHIM,Phonepe etc. Once done, they need to link account with app with one time registering with UPI giving your phone number as identity for registering and setting up with 6 digit code(which can be used to connect any app with account later on). Voila… that’s all. One can do payment and receive payments with that app.
How UPI will Help the Restaurant Business
By implementing UPI those who are into restaurant retail business can save the extra cost which they have to pay to the banks when they use a swiping card machine to accept payments from customers.
According to experts, the UPI will help to increase the business of the restaurants, takeaways and home delivery joints by removing the hassle of keeping exact change for the remaining balance when the customers pays in the outlet or at their homes and reduce the delivery or table turnover time. Secondly, the people who do not have cash at home can pay through this app, giving your customer a convenience of paying through a card.
Scan and Pay with UPI Method is Readily available and integrated with Expodine Restaurant Management system, which will change the ways in cash settlement management are done.
Listing more to its advantages
For RESTAURANT OWNERS
- With UPI there is no need to install any additional hardware or Swiping POS machine making it a cost effective solution.
- All due amounts will be credited instantly into the Bank Account of the Merchant automatically.
- Can view the live reports of the transaction.
- Faster settlements means more table turnover ,which will directly effect the revenue of the restaurant .
For End Customers
- Most advanced and cost effective payment system where the end customers can scan and pay directly from their bank account using any UPI app from their mobile phone
- Unlike Mobile Wallets there is no need to top up money into mobile wallet account. With UPI you can directly pay from your bank account.
- Customer can make UPI Payment through any UPI supported Apps or online banking applications
With a one-stop point for accessing different bank accounts in single app, single click authentication, try out another new,super fast and secure payment mode available in present technology !this blog will may help users to adopting the new UPI system for there secure translation