What are UPI payment links? How to create and receive payments? www.deekpay.com

India has been slowly but steadily moving towards a cashless economy over the past few decades. However, the epidemic has pushed the country to adopt digital technology at a super-fast pace, with digital transactions growing by nearly 48 billion in 2020 alone.

But for Digital India to succeed, Indian businesses of all sizes need a cashless payment method that is simple, secure and user-friendly. This is.UPI paymentsWhere link generators come into play.UPI Payment Links provide the fastest, easiest, and most cost-effective way to accept payments.

What is the UPI Payment Link?

UPI Payment Link is a no-code payment solution that enables organisations toUPIapps, online banking, debit cards, credit cards and wallets to receive payments. These links are essentially URLs that can be shared with customers through various communication channels such as SMS, email, WhatsApp or social media. When a customer clicks on a payment link, they are directed to a payment page where they can select their preferredpayment methodAnd close the deal.

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UPI payment links are versatile and can be used by a wide variety of businesses, including small merchants, social media dealers, utility service providers, insurance agents and non-profit organisations.Banking and finance companies (NBFC). They simplify the payment process for both merchants and customers by eliminating the need to manually enter transactions and reducing the likelihood of errors and delays.

Recommended Reading:Non-Banking Financial Corporation of India NBFC

Payment collection for Indian businesses: the impact of UPI payment links

The advent of UPI Payment Link has brought about a paradigm shift, especially for Small and Medium Businesses (SMBs) across India. This innovation has redefined the payment collection landscape, making the process more streamlined and convenient.

Essentially, UPI payment links are a cutting-edge digital payment mechanism. Merchants use the power of these links to facilitate seamless payment collection by allowing customers to pay through multiple channels, including UPI apps, online banking, wallets, and various other methods.The soaring popularity of UPI payment links can be directly attributed to the concerted efforts of the Government of India to propel the country towards a digital economy, with an overarching goal of making transactions cashless and frictionless.

Advantages of UPI Payment Links

Collect faster: With UPI Payment Links, organisations can embed payment links in digital invoices or other forms of communication to speed up the collection process. Customers simply click on the link and enter their payment details to complete the transaction. This eliminates the need for manual data entry and significantly reduces the time it takes to receive payment. Multiple Payment Options: Once the customer clicks on the embedded link, the payment link provides the customer with a range of payment options. Whether they prefer UPI, online banking, debit, credit, or wallet, customers can choose the method that works best for them. This flexibility enhances the customer experience and increases the chances of a successful payment. Ease of Access: Since the payment link is sent online, customers can access it anytime, anywhere. This convenience allows customers to make payments anytime, anywhere, whether they are at home, at work or on the go. It eliminates the need to physically visit a physical shop, making the payment process seamless and easy. Simplified tracking: online payments or collections made through payment links create a trajectory of the entire process, making it easier for businesses to track and analyse their transactions. This comprehensive tracking system provides valuable insights into payment trends, customer behaviour and revenue patterns. It also streamlines the reconciliation process, ensuring accurate and efficient financial reporting. Improved Cash Flow: By enabling faster receipts and payments, UPI Payment Link helps bring healthier cash flow to businesses. The faster a business receives payments, the better it can manage working capital and meet financial obligations. By improving cash flow, businesses can invest in growth opportunities, expand their business and maintain a competitive edge.

In short, UPI Payment Links ushered in an era of convenience, security and growth, becoming a driving force in transforming the transaction experience.

How to create a UPI payment link

Businesses can be reached through thePayment GatewayCreate UPI Payment Links. To generate a payment link, the product and customer details of the business must be added first. The merchant can send the generated link to the customer via message or email and can charge up to INR 100,000 per transaction.

Below are the steps to create a UPI payment link through a payment gateway, which varies slightly from one payment gateway to another.

Go to the Payment Gateway dashboard. Go to the Payment Links tab and select Create Payment Link. Next, select "Create UPI Payment Link" from the list of options. Add the payment details. Set the expiry time of the payment link. Fill in customer details (email ID and mobile number) to share the link. There is also an option to set up an automatic payment reminder for the customer. Fill in all required fields and click Finish. A payment link will be generated. Copy the link and send it to the customer.

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Considerations when using UPI payment links

Here's what you need to know about paying with UPI:

1. UPI links cannot be deleted

So what do you do if you accidentally send the wrong link to your customer? Deactivate the payment link. This way, the customer will no longer be able to pay through that link.

2. Use UPI AutoPay for recurring payments

The UPI Payment link is only available for single payments. To receive recurring payments, you can use the UPI AutoPay feature. It allows customers to set up a recurring fixed amount to be automatically deducted from their account.

3. Choosing a better UPI payment gateway

Use trusted payment gateways like Paytm, PhonePe, Razorpay etc.

Recommended Reading:An Introduction to Paytm, India's Payment Gateway

concluding remarks

In addition to providing convenience, payment links have become a key requirement. The adoption of payment links can provide businesses with the advantages of secure transactions, increased customer satisfaction and expanded market reach, giving them a competitive advantage in the digital economy.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.