The financial transactions carried out by a business owner are very different from other categories of customers. This is not just because of the increased frequency of daily transactions, but also the volume of money transacted through their mobile banking apps. This article lists 6 features that must be present in a UPI payment app used by a business owner in 2023. We take the example of IDFC FIRST Bank’s mobile banking app in this article.
- More options to transact money
The IDFC FIRST Bank UPI payment app helps you transact money using three distinct modes of online transfers – “Auto Pay”, “One-Swipe Pay”, and UPI (Unified Payments Interface). It also allows you to transfer using NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), and RTGS (Real-Time Gross Settlement). Having multiple options at your disposal is essential since it helps you rely lesser on a single mode of transferring money.
- Ability to apply for credit cards
As a business owner, you can apply for any of IDFC FIRST Bank’s credit cards directly through the app. Therefore, you need to choose a UPI payment app that offers better access to your credit card and its repayment schedule.
- Increased access to your bank statements
As a business owner, you should be able to access your bank statements instantly and conveniently on any given day. Since business owners carry out a lot of transactions every day, they can enjoy instant access to their bank statements through a UPI payment app.
- Better budgeting
Another unique feature offered by UPI payment apps in 2023 such as IDFC FIRST Bank, is the “Track Your Expenses” feature. This feature helps customers analyse their previous expenses and budget better for the future by inferring learnings from these expenses. Modern-day UPI payment apps, therefore, help you budget better by factoring in your previous expenses.
- Instant personal loans
IDFC FIRST Bank also allows you to opt for instant personal loans through the mobile banking app. You need not visit the bank to apply for a personal loan anymore. Any efficient mobile banking app would let business owners apply for instant and affordable personal loans.
- Investment opportunities
A defining feature of bank-to-bank money transfer apps in 2023 is that in terms of features offered, they intend to go beyond being mere facilitators of online money transfers. Various apps in the market are now defining themselves as all-in-one apps that offer all the services that are offered by banks offline. These services include investment-related services such as mutual fund investment opportunities through the app, the ability to get insurance coverage through the app, FASTag-related features, etc. You can choose from a variety of investment opportunities on the IDFC FIRST Bank mobile banking app to choose an investment of your choice.
The six features mentioned in this article sum up the various features that can be found in an efficient UPI payment app for a business owner in India in 2023.