To encourage computerized miniature payments at scale, the National Payments Corporation of India (NPCI), a consortium of Indian banks, presented the UPI to empower free and moment cash moves between financial balances of various customers. UPI opens backend design that empowers simple combination and interoperability for individuals. UPI has made advanced exchange for people as simple as sending instant messages.
PayG has been actively working towards creating a better platform for rural small businesses and individuals to find their online presence towards the ‘Digital India.’ PayG is going to open the doors for large-scale adoption of digital payments across India, including the remote corners of the country to bloom the digital ecosystem. Among other advantages, the interoperable feature of UPI 2.0 makes it best suited to the population residing in rural India.
UPI 2.0 aims at addressing concerns by providing more contexts to the underlying transactions. Most UPI transactions have been payer initiated and focused on person-to-person (P2P) transfers. The ability of merchants to send a digital invoice along with a collect request in UPI 2.0 can assist the payer with the end goal of the solicitation and boost collect request side transactions. Another noteworthy feature is related to the QR code which promotes digital payments at micro merchants.
UPI Autopay- A seamless solution for customers to set up recurring payments using their UPI app. Customers can e-mandate and schedule a predetermined date to pay a recurring bill without any risk.
One-time mandate- Create one-time block functionality for transactions. Customers can pre-authorize a transaction and pay at a later date. It works seamlessly for merchants as well as for individual users. Mandates can be created and executed instantly.
Objectives of UPI with PayG payment solution:
- Providing moment payments by means of versatile, web and different applications
- Providing safer, helpful payment administration to both sender and collector channels
- It permits banks and different players to advance and offer a better customer experience than make electronic payments advantageous and secure
- Supports the improvement of online business, while simultaneously meeting the target of money related thought.
- Virtual payment addresses, 1-click 2-factor verification, Aadhaar incorporation, utilization of payer's cell phone for secure certification catch, and so on are a portion of the centre highlights.
PayG UPI: Experience the next generation of digital payments
At present, India is creating at the pace of 6 to 7%.we realize that credit only payment will lessen or stop the weight of circling hard money all through the country. At PayG, UPI makes the comfort of executing without realizing bank subtleties implies realizing telephone number or virtual location with high security and basic cycle. From all the above focuses, we can presume that UPI will steadily end the money payments and diminishing the dissemination of cash notes. This will prompts a straightforward framework and a credit only economy.
PayG brings a ton of amazing advantages for customers just as the merchants; this payments framework does not have the significant element of computerized repeating payments. We have manufactured these endeavor item modules to give organizations the highlights they have to dispatch tweaked administrations for their customer base. We are offering services like:
- Payment Link Solution-Easy Collect & Collecting Order
- Pay Buttons
- Invoice feature
- Recurring billing
- Dynamic QR code
- Our Virtual POS and Future POS that stands out the most and true incremental value additions
- Future POS - A cost effective yet highly scalable one stop solution with embedded web based billing application (for both retail & non retail) - replacement to costly billing terminals.
- Readymade website (Online Store) - Build the business website with in-built payment gateway, in just a few minutes for free. Can upload the product and service details along with the pricing. Just share your website URL and start selling online.
Minimum requirement for PayG UPI transaction
- Mobile phone with internet facility
- Use registered MPIN
- Self Service Mode
- Balance Enquiry
- Transaction History
- Send or Pay Money
- Virtual Address
- Account no. & IFSC code
- Mobile no. and MMID
- Collect Money
- Virtual Address
- Add bank account
- Account Management
- Change or Set MPIN
Stepping into the Cashless Economy with PayG
UPI is a significant bounce for the payment system in a creating economy like India, engaging the clients to execute without paper money and handing out different points of interest:
1. PayG is predicted to make the payments system absolutely inter-operable over all payment structures wiping out straightforwardness arbitrage by enabling a solitary tick two factor affirmations.
2. PayG will catalyse high volume; ease payments, making another ecosystem that billers/billers may hold onto in order to offer less unpredictable UPI offering to the clients.
3. UPI is required to essentially profit the banks as the administration can be given by the monetary specialist co-op to the vendor even with a fundamental cell phone. The need to PoS machine establishment at the business environment is totally wiped out. In this manner, it can diminish the shipper acquisition cost by giving a reasonable arrangement having long haul benefits.
4. More extensive crowd can be served by offering a 'gather' include thusly improving the section boundary for littler organizations and new companies.
5. UPI, as an advancement in the portable payment space will bring all the key accomplices including merchant, buyer, and banks or financial foundations on a regular platform, making an assortment of organizations still unheard in the overall payment offering space.
Benefits for Merchants:
- Seamless fund collection from customers - single identifiers
- No risk of storing customer’s virtual address like in Cards
- Tap customers not having credit/debit cards
- Suitable for e-Com & m-Com transaction
- Resolves the COD collection problem
- Single click 2 factor authentication facility to the customer - seamless Pull
- No risk of storing customer’s virtual address like in CardsIn-App Payments
Benefits for end Customers:
- Round the clock availability
- Single Application for accessing different bank accounts
- Use of Virtual ID is more secure, no credential sharing
- Single click authentication
- Raise Complaint from Mobile App directly
PayG UPI Solution: Who Is This For
PayG provides payment services for small and medium enterprises, Mom& Pop stores and individuals. PayG focuses on the rural markets because of the small businesses in these areas to increase its operational base.
- Education industry
- Health care services
- Small and Mid-sized Enterprise
- Mom & Pop Stores
- E-commerce & M-commerce
- Micro merchants (Groceries and supermarket)
- PayG works for all type of businesses: Airlines, B2B, Cabs, Food deliveries, E-commerce, Retail, Mutual funds, IT services, Membership association, NBFC’s, online services and many more
Future of Digital Payment in India with PayG
It appears to be that it will require some investment in India to turn out to be totally credit only economy. It will require complete help from individuals and more mindfulness and information among individuals. The issue of absence of training and computerized proficiency should be comprehended first to have more number of advanced exchanges. Further, cashback offers are functioning admirably at present yet it will require a submitted, secure and exceptionally dependable payments organization to support computerized exchanges in India to have straightforwardness in the exchanges, destruction of dark cash and to have since quite a while ago show financial advancement to credit only economy. By doing this, we can doubtlessly have an incredible eventual fate of computerized payments in India.