UPI and other digital payment methods have become the most preferred payment method, both for consumers and merchants. Even in small towns, it is quite common to find QR codes displaced in every establishment for quick and easy digital payments.
As of 2022, there are over 100 million active UPI payment users across India, with at least 50 million merchants registered. NEFT (National Electronic Transfer Funds) is losing its market share to UPI and digital payment services and has shrunk by 6% in the last five years. Today, nearly 16% of all retail payments are done through UPI now.
This growth in digital payments can be attributed to increased access to mobile devices. This in turn has shot up UPI transactions. As more merchants and businesses adopt UPI and other digital payment solutions, digital payment services will become more popular outside the boundaries of metros and tier 1 cities.
Innoviti Technologies upi deeplink solution is a revolutionary digital payment service that has been awarded the Best Bill Payment Solution of 2022. It offers simplicity in function and ease of use. Innovoti Technologies has partnered with the ONDC to empower SMEs and democratize digital payments. Innoviti upi deeplink reduces the time spent on a traditional QR-based UPI transaction and aids all businesses, be it a large retail store or a local kirana store, to go phygital. Here are some of its benefits:
For merchants that are ready to embrace the future of payment technology, visit Innoviti Technologies today.