Which Digital Payment System is Faster in India: UPI or Cards? Sharing My personal experience.

UPI or Cards, Which Payment system is faster in India? Digital payments have become a norm and part of daily life in India. For eg, we most often every day, use UPI with enabled apps like Phonepe, Google Pay, Cred, or Paytm for every small to big purchase and daily transaction.

While digital transactions are making our lives easier, and making us truly cashless, but it’s a game of speed that entertains both parties of the transaction.

For eg. if I go to a restaurant, after my dinner, I should be able to pay as faster as I could have paid the same bill with my cash in my wallet. It should be that much seamless and efficient.

And fortunately, with the initiative of Government of India, UPI is doing great and works much better now, comparing to the previous years.

From opening the payment app, then scanning the QR, then paying the final payment, all becomes faster within a fraction of 15 to 30 or 45 seconds duration max.

While it’s considered very much faster and efficient and makes you truly cashless, but there’s something that we are ignoring and could be much faster than this.

UPI

UPI is a payment system with a Unified Payment Interface as its full form denotes that the infrastructure and interface are exactly the same in any payment platform or device.

If your mobile number is connected to your bank account, then getting UPI enabled is just a matter of seconds only.

As in the case of Debit or Credit Cards, You have to carry them physically in your bag or wallet and have to swipe them or insert them in the PoS machine to make the payment. But it’s now like that anymore.

There’s something very interesting that I’ve experience.

Why UPI is better for eCommerce

UPI payment is always a smart choice to go for when are doing any kind of e-Commerce transaction, as it’s free of cost, and you don’t pay anything extra or any service charge to the government or the payment gateway or to the vendor as well.

Because UPI is an Open Source platform is FREE to use! There are no charges you have to pay for any kind of transaction.

How to Create a UPI account?

if you still don’t have your UPI account, Watch the above video to create your UPI account.

Steps for Registration:

• The user downloads the UPI application from the App Store/Banks website
• The user creates his/her profile by entering details like name, virtual ID (payment address), password etc.
• The user goes to the “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual ID

Generating UPI – PIN:

• The user selects the bank account from which he/she wants to initiate the transaction
• The user clicks one of the options –

Change UPI PIN

• The user receives OTP from the Issuer bank on his/her registered mobile number
• The user now enters the last 6 digits of the Debit card number and the expiry date
• The user enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
• After clicking submit, the customer gets a notification (successful or declined)
• The user enters his old UPI PIN and preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
• After clicking submit, the customer gets a notification (successful or failure)

How Bank Debit or Credit Cards Work?

Generally, if you open a bank account, through any Indian bank, Generally you get a Debit and Credit card, depending upon your income or credit history.

If it’s a Debit card, it’s already known as an ATM card. You generally withdraw the money that you’ve deposited money in your savings account. while in the case of a credit card, it’s the money that you get as a loan from your bank or any financial or NBFC institution in India.

So after utilising the credit card amount, the bill of your expenses will be generated every month and you’ve to pay it before the due date to avoid any kind of interest or extra charges or getting your financial credit score damaged.

Comparison of Transaction Speed

This is the exciting and main point of this article! I will divide it into 3 points and explain them in deep.

1^st point

If you compare UPI vs Cards, UPI stands superior as it’s cashless and cardless. You just need to carry your smartphone with you. You can travel all over India without any need for cash or a card if you have your phone with UPI enabled payment system.

2^nd point

if you are in a restaurant and going to pay your bill by Swiping your Card through the PoS machine or inserting it into the machine then UPI is greater, as it’s cashless and intangible. you just need a QR card and pay with your phone, and again for the second time UPI is the owner, but let’s look at the third case where UPI is loosing!

3^rd Point

If you are at any restaurant, cinema, or petrol pump and you want to make your transaction or digital payment faster, and you are in a hurry, then what you can do is if you’ve a debit or credit card with Wifi or Wireless payment-enabled in it, you’re good to go. Just being your card from your pocket like you do in the case of a phone, and touch the PoS machine. and go!

Here you are just taking less than 5 seconds to complete the transaction. Whereas in the UPI it will take the same 30 seconds to complete the whole process of scanning, entering the amount, PIN and payment completion.

So in the third step Card is the winner.

So I would recommend keeping your card safe and keeping a maximum payment limit in it, to avoid any fraudulent transactions, except that you’re good to go!

You can pay faster at any place just by a tap!

So, I think you got the answer. All the best.