Smartphones- Next gen payments assistants

Ever since the central government initiated the call for Digital India, major changes have taken place in every gamut of life. As a result, digitization took over almost all facets of our lives today. One of the areas where digital media has done wonders is in the online payment industry. India has moved steps ahead with the adoption of the Unified Payment Interface or UPI as commonly known. We endeavor to go cashless with the increased penetration of smartphones in India. As per market research leader, Statista, the market penetration rate of smartphones touched 42% in 2020, and by 2025 is expected to reach 51% in India. Effectively, it means that almost half the country would be online in another couple of years, ready to carry out money-related transactions using UPI pay apps.

What is a smartphone?

Not many readers need an introduction to a smartphone, as most people in urban areas in India use smartphones to stay connected with their personal and professional circuits. From the widely used gamut of social media forwards, updates, live video sessions, posting selfies and photographs, watching movies, and even TV shows, the small screen on your smartphone is powered to do a lot. But, the smartphone is no longer an electronic device that suffices entertainment. It is a powerful gadget that can be put to a lot of other types of use. One such use is in making online payments and recharging mobile prepaid connections.

Online payment replaces the traditional payment method where a person using a service or purchasing a product needed to pay the seller in cash or through credit cards/debit cards. Today, due to UPI apps, you no longer need to carry cash or your cards in your physical wallet. Just ensuring that your smartphone’s battery is charged and that you have enough balance in your prepaid or postpaid plans is sufficient to pay online – without the use of physical cash, cheque, credit, or debit card. When your mobile plan has enough money, you can use your mobile data network to carry out any online transaction effortlessly and instantly.

Thus, one of the primary advantages of paying online is that it is wonderfully fast and is carried out seamlessly, provided the internet connectivity is strong and dependable. Whether you step into your local grocer’s store or need to buy an expensive gift item online, a trusted UPI app is enough to get you going. Just make sure that you have the best app downloaded on your mobile.

Besides shopping in the real and the virtual world, you can successfully use the app to make online bill payments and get your connection recharged. For example, suppose you are one of the 220 million subscribers of Idea Cellular Limited, a Mumbai-based network operator. In that case, you have the option for Idea recharge online using either the website of Idea or one of the third-party payments apps. It is important to remember that there are many payment apps available today – one can download them on their smartphone and become a part of the cashless journey. However, enough care and vigilance must be exercised to use only such payment apps that are popular and have a flawless reputation in the market. Why should you take care? Because the app will be used by you or your family members to carry out online payments and involves your hard-earned money. Just as you would be careful with your cash or cards in the physical wallet, ensure the same level of caution is exercised when downloading a payment app and using it for online payments. Being vigilant helps in such cases, keeping your money safe while ensuring that you carry out all transactions swiftly and conveniently.