What is UPI for Business, its Benefits & How to Use it Effectively?


Our lives have transformed very much in the past few years, specifically with the upgradation of Mobile phones. People have slowly shifted away from carrying cash in their wallets to credit or debit cards and now are going towards payment solutions on their smartphones, for example, UPI and wallets. This can be accounted for the various advantages these digital payment alternatives offer. UPI for businesses and individuals has grown faster in the sense of user enactment, volumes and frequency of transaction.   

While many things have been stated regarding wallets & different digital payment modes, we would like to discuss what UPI is. Unified Payments Interface, or UPI, is a real-time payment method to resolve inter-bank payments. With the RBI or Reserve Bank of India administering the service, UPI is on path to turn into the most generally employed Digital Payment method for businesses and individuals, specifically in the tough times of Covid-19.  


Advantages that UPI offers for businesses include  

  • Bank account’s privacy  

  • The simplicity of sending or receiving cash  

  • Quick money transfer  

  • Safe payment services  

  • The capability of verifying recipient information  


How do you use UPI for Business?  

  • The main requirement of using UPI is to have a UPI application, which permits you to connect your bank account to a UPI Handle or, as discussed by NPCI, a VPA or Virtual Payment Address.  

  • Users may connect UPI handles exclusively with their bank’s registered mobile phone number.  

  • With UPI for business, you can choose a four-digit login password which would be essential for making any future payments.  

  • Once you start with the Virtual Payment Address (VPA) procedure, you are required to choose a VPA after verifying your debit card information.  

  • To send funds to a different UPI account, you can insert the recipient’s Virtual Payment Address, Account number with IFSC Code, or QR code scanning.  

  • Once you have a Virtual Payment Address linked to the mobile application, you can send cash with a maximum limit of Rs. 1 Lakh every day.  


Final Words  

We now possess an extensive range of applications providing UPI for businesses with advanced options that significantly assist new users’ growth. If you are searching for the finest business UPI, then Nimbbl’s app is much easier to use with a sleek user platform, user-friendly payment alternatives and a big range of marketing benefits and incentives provided.   


Read more : Why Use UPI as Your Preferred Payment Method?

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