UPI Payments: Automate transactions to spend tracking. Five lesser-known perks that you should know

livemint.com:

The Unified Payments Interface (UPI) is a real-time payment system designed to enable peer-to-peer inter-bank transfers through a simple two-factor authentication process. India has emerged as one of the fastest-growing ecosystems for fintech innovation and the government and the central bank have been instrumental in driving the globalisation of India's digital payment infrastructure. UPI has made all our lives simple and easy through the convenience of instant payments. But there is more that UPI is bringing to consumers in India.

“One can automate their recurring transactions like rent, utilities, OTT subscriptions, etc with UPI AutoPay e-mandates. Pre-sanctioned credit lines on UPI will help individuals and businesses avail of loans at the click of a button," said Amit Kumar, Chief Technology Officer, Easebuzz

Most UPI Apps also enable spend tracking facility and it is easy to monitor all the successful and failed transactions thereby giving full control to consumers, added Amit Kumar

According to Shikhar Aggarwal, Chairman of BLS E-Services, the lesser-known perks of UPI include:

1) UPI works for both push (pay) and pull (receive) transactions, works for over-the-counter (OTC) payments, 

2) UPI is a simple online transfer mechanism that works well as for multiple recurring payments such as utility bills, school fees, and other subscriptions.

3) So far, several countries, including Sri Lanka, France, the UAE, and Singapore, have partnered with India on emerging fintech and payment solutions.

4) UPI Lite is a feature for quick payments up to Rs.500/- without requiring a PIN

5) An upcoming feature of UPI Tap-and-Pay will enable quick proximity payments using Near Field Communication (NFC)

In a written reply in Lok