UPI payment links: A strategic solution for modern merchants

UPI payment links: A strategic move for modern merchants

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By Pine Labs | May 21, 2024

For modern merchants navigating the digital economy, adapting to seamless payment methods is no longer optional-it's essential. Leveraging tools like UPI payment links has become a strategic move, simplifying transactions and enhancing customer experience.

By offering instant and secure payments, these links align with the expectations of today's tech-savvy consumers. The ability to create UPI payment links enables businesses to streamline their payment processes, making each transaction efficient and hassle-free.

As more merchants embrace this approach, integrating a UPI link for payment becomes a key to staying competitive in a rapidly evolving market. This blog will help you to understand how UPI payment links facilitate seamless transactions.

What are UPI payment links?

UPI payment links offer a versatile solution for businesses to collect payments both online and offline. This no-code tool empowers you to start accepting payments immediately, even without a dedicated website or app.

You can easily send a UPI payment link via SMS, WhatsApp or email, allowing customers to pay remotely or in person. Upon clicking the link, customers are presented with a list of UPI apps installed on their devices. It enables them to choose their preferred app to complete the payment.

Whether your business operates online or offline, creating UPI payment links offers a seamless and efficient way to manage transactions and enhance the customer experience. Plural by Pine Labs helps your business streamline your payments by helping you create customizable payment links. Its easy-to-use dashboard and multiple payment modes help in tracking payments easily

Advantages of UPI payment links for businesses

Unified Payments Interface (UPI) has transformed how businesses accept payments, using Point-of-Sale (PoS) payment methods. It has simplified transactions, making them faster and more secure. In this context, integrating UPI payment links into PoS systems offers significant advantages for businesses.

  1. Effortless payments
  2. UPI payment links offer customers the convenience of instant transactions without the hassle of logging into bank accounts. By using UPI links, customers can quickly select their preferred payment method and complete transactions seamlessly. This flexibility contributes to UPI's popularity, reflected in India processing over ₹ trillion UPI transactions in July 2024.

  3. Enhanced transaction success rates
  4. With UPI payment links, customers don't need to input bank details manually, minimising errors and reducing transaction failures. UPI's reliability is further demonstrated by the impressive success rates of the top 50 UPI banks , with technical declines below 2%.

  5. Data privacy and security
  6. UPI payment links protect customer data by eliminating the need to repeatedly enter bank credentials. Payments are completed securely with a PIN, addressing concerns about data breaches and enhancing customer confidence.

  7. Cost-efficient solutions
  8. Creating UPI payment links saves businesses the cost of investing in expensive payment systems or third-party applications. This cost-effective option streamlines the payment process, requiring no additional hardware or software setups.

  9. Reliable and secure payments
  10. Businesses benefit from the secure nature of UPI payment links, which reassure customers wary of entering sensitive information. These links create a secure channel for cashless payments, promoting widespread digital adoption.

  11. Seamless communication
  12. Businesses can share UPI payment links through multiple channels like SMS, WhatsApp or social media, allowing for efficient and personalised communication with clients. This versatility ensures swift payments while strengthening customer relationships.

  13. Efficient and time-saving
  14. Handling multiple clients becomes simpler with UPI payment links, as businesses can generate and distribute links in bulk, saving time and effort in collecting payments. Pine Labs One app has a web dashboard that displays immediate and easy reporting on each merchant transaction. This will help you to keep track of reconciliations, sales and even raise requests.

  15. Cashless and contactless transactions
  16. UPI links reduce dependency on cash, especially for cash-on-delivery orders and facilitate contactless payments. This is vital in the current scenario of the Indian economy when the government is focusing on digitisation.

How UPI payment links work in Pine Labs' PoS systems

UPI payment links in PoS machines work by generating a unique link or QR code for each transaction. When a customer is ready to pay, the machine creates this link, which can be shared via SMS, email or displayed as a QR code. The customer taps the link or scans the QR code using their UPI-enabled app to complete the payment.

At Pine Labs, we ensure this process is seamless. Our PoS machines, once set up, accept payments through static, dynamic and paper QR codes, with voice notifications provided by VoicePod and VoicePod Pro.

We offer a high percentage of successful transactions with a 95% authentication rate for UPI. Our app-to-app integration allows billing applications to connect with Pine Labs' PoS machines. This setup provides real-time, centralised information, reducing fraud and minimising refunds.

Seamless payments with Pine Labs

Choosing the right payment solution is important for business success. With Pine Labs, you can integrate UPI payment links seamlessly into your operations. Whether you need to create UPI payment links for online transactions or offer a UPI link for payment at your physical store, we provide secure and flexible solutions.

Our system is designed to enhance customer satisfaction by simplifying the payment process, ensuring you can focus on what matters the most-achieving your business goals. Partner with Pine Labs to leverage the efficiency of UPI payment links and elevate your payment experience. For more information, please visit https://www.pinelabs.com/