Enjoy easy UPI and QR code payments

A trip to the local store, a taxi ride (after an eternity of cancellations and hoping), movie tickets, shopping at your favourite stores… the pre-pandemic era kept us on our feet a lot more. At the same time, it brought about a shift in how people consumed products and services, both online and off. Could we have imagined any means of payment other than cash or cards being accepted by an offline retailer a few years ago? While UPI app payments have revolutionised the world of transactions, another payment mechanism is gaining steam, perhaps even more so in the future.

Thank you for reading this post, don't forget to subscribe!

What are QR code payments?

When a user scans a QR code for payment, they have the option of entering the bill amount themselves or letting the merchant do it for them. Due to the interoperability characteristic of QR codes, typical UPI apps such as Bajaj Finserv app or PhonePe make this possible. The data stored in static QR codes is complete and final. This means that once a QR code is formed, the data within it, and thus the data it points to, cannot be changed. If there is a mistake, the entire QR code will be rendered useless. The information is immediately embedded in a static QR code, making the pattern denser. Dynamic QR codes, on the other hand, contain a brief URL embedded into them. This gives the developer the ability to update the QR code’s destination/data as many times as he or she wants.

What are UPI app payments?

The National Payment Corporation of India, a government-owned fast payment system, owns the UPI (Unified Payments Interface) payment standard. UPI app is available 24 hours a day, seven days a week and is completely free, subject to government regulations. A customer will see UPI app as a payment option after this plugin is installed. When the consumer selects it, a website will appear that displays the UPI QR Code containing the payment data, as well as a button that brings the customer to a list of installed UPI applications on their mobile device.

The universal payments interface, or UPI, is a single-window interface that allows you to transfer money between bank accounts. This means you can pay an individual, a merchant, or a service provider by sending or receiving money or scanning a rapid response (QR) code to shop, pay bills, or authorise payments. All you need is a mobile payment app and the payee’s virtual address to make a payment with your phone. This means you can make payments to a vendor’s or a person’s account in a single step. There are no steps that are repeated. For example, every time you need to make a payment, you must input your bank details or other sensitive information. It’s easy to use and completely free.

You’ll need two items to take advantage of UPI’s cashless payments and quick money transfers: your smartphone and a UPI-member bank account.

Your mobile number must be included in your bank account information. As of now, the majority of Indian banks are members. The next step is to install any UPI app on your smartphone. Bajaj Finserv app, Paytm, Google Pay, BHIM, are some of the most popular UPI apps. The programme will prompt you to create a virtual ID (identity) once the download is complete. The programme will prompt you to create a virtual ID (identity) once the download is complete. To make or receive any UPI payment, you’ll need that unique ID. Your bank will next email you a one-time password (OTP) to validate that it is truly your bank account. After the verification process is completed, you can create your Virtual Payment Address (VPA). The Virtual Payment Network (VPN) resembles an email address and is personal to you, such as xyz@merabank. Your VPA allows you to take advantage of the enormous potential of UPI payments and transfers. The VPA is a payment gateway that allows you to make payments from your bank account using your phone.