Ans:
Some of the advantages of using UPI are:
By using UPI, Funds can be transferred instantly, 24 hours a day, seven days a week. It eliminates the need for traditional methods of transferring funds and the need to wait for any type of confirmation before the funds are transferred.
At any point in time, funds can be transferred to any payee.
It is one of the most effective methods of encouraging cashless transactions. UPI Apps are simple to install and use on smartphones.
Transactions can be completed simply by using a Virtual Payment Address, with no need to provide banking information to the other party.
It reduces the likelihood of losing a bank card or having your sensitive banking information stolen.
UPI PINs are unique to each bank account, ensuring that the intended person can only use them.