College life comes with its own financial challenges, whether it is paying rent, buying groceries, or even splitting bills with friends. In today’s digital world, with innovative technology, managing finances has become easier and revolutionised how we handle money with the help of UPI using UPI wallets.
UPI has undoubtedly made managing money and tracking expenses easy for students. In this guide, we’ll learn how UPI is a game changer for students, how to set it up, and tips for using it safely.
What is UPI?
Unified Payments Interface, or UPI, introduced by the National Payments Corporation of India (NPCI), is a digital payment system that allows users to make real-time payments and transfers quickly and conveniently.
Benefits of using UPI
- Since the service is digital, you can make transactions anytime and anywhere.
- The service enables 2FA security to make payments and user data safe.
- Use UPI to pay utility bills, recharge mobile devices, and shop online.
- UPI promotes cashless transactions, so you don’t even have to carry your cards as they are directly linked to your bank accounts.
- Use your UPI wallets to get numerous cashback and rewards.
Why UPI Wallets are Perfect for Students?
Using UPI digital wallets for payments is ideal for students and offers numerous benefits:
- Students can make payments or receive funds any time of the day as the service works 24/7.
- UPI is widely accepted, making it easy for students to use it anywhere without having to carry cash or cards every time.
- Students can track their expenses with the help of trusted UPI apps like Bajaj Finserv, manage their finances, or even make monthly budgets.
- UPI transactions are secured, and you don’t have to worry about data breaches.
- Transactions are speedy and instant when they are made using UPI Pay India.
- You can link multiple bank accounts to one UPI ID to make it easy to make payments with any of the accounts.
How Can Students Use UPI for Everyday Payments?
Now that you have understood why UPI wallets are perfect for students, here are some of the points mentioning how you can use BHIM UPI to simplify everyday transactions:
- Daily Expenses: Pay for your daily expenses, such as food and transportation, by scanning the QR code available at the checkout.
- Rent and Bills: Students living in hostels, PGs, or rented apartments can make their monthly payments and utility bills with the help of UPI.
- Books and Stationery: Since most vendors nowadays take UPI payments, it has become easy for students to buy books and other stationary items without hassle.
- Educational Fees: Tuition fees, exam fees and other charges can also be paid using UPI, eliminating the need to carry cash, cards or cheques.
- Split Bills: You can easily split bills and instantly transfer money to your friends.
Easy Steps to Set Up UPI
To set up UPI, you need to follow the below steps:
- Download a UPI app like BHIM UPIor Bajaj Finserv.
- Enter the mobile number linked to your bank account for verification.
- Create a unique UPI PIN for further security.
- Once everything is verified and set up, use UPI for all the transactions.
Pro Tips for Using UPI Safely
While the UPI platforms offer numerous security features, there are measures that you can take to protect your transactions. Here are some of them:
- Use strong and unique passwords (a mix of uppercase and lowercase letters, symbols, and numbers) to make it difficult for hackers to guess.
- Avoid sharing passwords and UPI PINs with anyone, and update them regularly.
- Regularly monitor your transactions and check for any suspicious activity.
- Enable two-factor authentication for an added security measure.
- Avoid using public Wi-Fi to make transactions.
Conclusion
It is evident that the UPI payment service has made transactions seamless and reduced cash payments. Students can easily manage and track their financial transactions instantly without any hassle.
If you’re looking for a comprehensive digital payment solution, use the Bajaj Finserv app. It is a platform that allows students to link multiple bank accounts, make payments quickly, and securely manage their finances and daily transactions.
Before proceeding with payments using UPI wallets, use the above tips and enjoy safe and secure digital payments.