E-banking, when it was first offered by banks in India, introduced customers to a more convenient way of making online payments. Unified Payments Interface (UPI) took this a step forward by allowing customers to transfer money through their mobile phones. However, UPI payment apps today define themselves as being more than just money transfer apps. In this article, you will find 5 characteristic features of UPI payment apps that help us identify them as more than mere payment apps. Keep reading!
1. Accessibility
UPI payment apps these days offer superior accessibility to customers. To take IDFC FIRST Bank’s example, their mobile banking app allows customers to instantly check their bank account balance, download and view bank statements, check credit and debit card details, and access any other feature of the app seamlessly thanks to the “universal search” feature. Today’s money transfer apps are highly focused on making their services accessible.
2. Budgeting
Money transfer apps allow customers to budget efficiently by analysing their previous spending patterns. The popular “Track My Expenses” feature offered by IDFC FIRST Bank through its mobile banking app is an example of how banks have now started developing UPI payment apps that help customers save more through budgeting. In addition to this feature, IDFC FIRST Bank offers monthly interest credits through its savings accounts which helps customers save a lot more.
3. Security
UPI payment apps also focus heavily on securing the transactions of customers. Given the increasing acceptability of UPI payments across India, banks take the safety of online transfers very seriously and also provide customers with the option of adding layers of security to their online transactions. Some banks also help customers avail the biometric login option to add an extra layer of security to their transactions.
4. Investing
Besides accessing e-banking services such as being able to download one’s banking statement and being able to transfer money online, UPI payment apps also help customers invest in investment schemes of their choice. Customers can choose to invest for the term of their choice and can view their investment portfolio in a single screen besides also receiving curated investment recommendations based on their risk profile.
5. Instant personal loans
Another big plus of opting for a UPI payment app is that it helps you avail instant personal loans online. IDFC FIRST Bank requires customers to follow a paperless, completely online procedure to help them avail instant personal loans of up to ₹1 crore at competitive interest rates. You can directly apply for this personal loan through the IDFC FIRST Bank mobile banking app while also knowing the value of your future Equated Monthly Instalments (EMIs) by using IDFC FIRST Bank’s personal loan EMI calculator.
The above-mentioned features make digital banking apps more than just payment apps. This change in UPI payment apps offered by banks has helped customers bank seamlessly from the comfort of their homes. Before you select a UPI payment app, you must make sure that the app offers the features mentioned in this article.
