{"id":15850,"date":"2020-11-23T20:03:30","date_gmt":"2020-11-23T14:33:30","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=15850"},"modified":"2020-11-26T00:04:37","modified_gmt":"2020-11-25T18:34:37","slug":"which-upi-app-is-best-for-your-small-business","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/which-upi-app-is-best-for-your-small-business\/","title":{"rendered":"Which UPI App is Best for Your Small Business?"},"content":{"rendered":"

Whatsapp Pay is now in India! After two years of speculation and beta testing, the RBI gave the green light to launch last week, right around Diwali. With another UPI app in the picture, which one should you use for your business? We chart out the options for you.<\/p>\n

CEO Mark Zuckerberg said in a press note that the launch of WhatsApp Pay in India could change the UPI landscape. Whatsapp Pay is rolled out to over 20 million users in India currently.<\/p>\n

There are a number of UPI apps in India today that are immensely popular. According to the Hindu Business Line<\/a>, about one-third of all the transactions ever made via UPI has been done post the COVID-19 lockdown!<\/strong><\/em><\/p>\n

As more people adopt this payment method, it’s important for businesses to understand and offer the right UPI method to customers. Check out this short comparative guide to all the UPI apps you can use for your business.<\/strong><\/p>\n

Top 5 UPI apps in India right now<\/strong><\/h2>\n

Here are the top 5 UPI apps trending in India –<\/p>\n

    \n
  1. Google Pay<\/li>\n
  2. BHIM UPI<\/li>\n
  3. PhonePe<\/li>\n
  4. BharatPe<\/li>\n
  5. Paytm<\/li>\n
  6. AmazonPay<\/li>\n
  7. Bank apps – ICICI, HDFC<\/li>\n<\/ol>\n

    Read – UPI apps you need for Instant Payments\u00a0<\/a><\/strong><\/p>\n

    GooglePay, PhonePe and Paytm<\/h5>\n

    According to a study by entrackr,<\/a><\/span> PhonePe, Google Pay, and Paytm control over 90% market share in the UPI apps segment and PhonePe is leading the show, followed by Google Pay.<\/p>\n

    Paytm has shifted focus from pure P2P transactions to P2M transactions in the past year. The most popular UPI app for P2M transactions are Paytm and PhonePe.<\/p>\n

    In a recent poll conducted by our team, it was shown that PhonePe is the preferred mode of UPI payments for small businesses in India.<\/p>\n

    \"Poll<\/a><\/figure>\n
    A poll conducted to know what is the most popular UPI apps preferred by small businesses<\/figure>\n
    The rise of BharatPe<\/h5>\n

    BharatPe, a relatively new UPI app in the market, is already becoming a favourite with small merchants.\u00a0 <\/span>The UPI app relies on QR codes, allows merchants to track payments from customers, and offers working capital assistance to small businesses.<\/p>\n

    The fall of BHIM UPI<\/h5>\n

    Due to the rise of GooglePay and Phonepe, along with other third-party apps, transactions on the simple user interface BHIM UPI has been steadily falling. Bank apps and privately owned apps too have taken over the original UPI app.<\/p>\n

    Which UPI is best and safe?<\/h2>\n

    In the below comparison, we have put together points that can help you decide which one to use for your business.<\/p>\n

    \"UPI<\/a><\/p>\n

     <\/p>\n

    UPI trends for small businesses<\/span><\/p>\n

    UPI is India\u2019s biggest fintech success since its launch 4 years ago. COVID saw a sudden surge in UPI app usage too, with over 2.07 billion transactions taking place, worth over Rs. 3.86 lakh crore as of October.<\/p>\n

    What led to the uptick in UPI payments?<\/h5>\n