Over the past few years, the digital payment landscape in India has transformed how we make online transactions, making them more convenient, secure, and seamless. With UPI new apps emerging, the competition among them and established players has risen. But, in this dynamic market, who offers the best features? Are the new apps better, or do traditional apps still hold an advantage? Let’s dive in and understand the key differences between the two.
Understanding UPI Apps: Old vs New
It is no surprise that established players or older applications have dominated the market for years and possess a niche customer base. However, newer UPI applications tend to feature more advanced functionalities and place greater emphasis on innovation, automation, and user-friendliness. With improved security protocols, broader integration, and additional services, these newer applications have introduced more appealing rewards, offers, and cashback deals.
Some of the new UPI payment apps are even personalised according to demographics and tailored to specific spending habits. However, many of the old apps are now advancing themselves and coming up with cutting-edge features and innovative technology, giving strong competition to the new apps.
Key Difference Between New UPI Apps vs the Old Apps
Let’s explore some of the differences between newer UPI platforms and established ones:
- User Experience and Ease of Use: Established UPI apps are feature-rich and, sometimes, become cluttered with numerous financial services. On the other hand, new apps are designed with a user-friendly interface that is easy to navigate and accessible to everyone.
- Security Features: Newer UPI apps are focussing more on the security of users’ data and are equipped with advanced safety features to eliminate data breaches and unauthorised access. These apps offer AI fraud detection and alert users about suspicious activities, while old platforms are still on the way to providing fraud alerts.
- UPI Lite: New platforms are concentrating on UPI Lite payment apps, which make small, day-to-day transactions seamless even in low-network areas and reduce the need to carry cash everywhere.
- Cashback and Rewards: Established players do offer a variety of rewards and promotional deals to users, but they are mostly tied to partner merchants. On the other hand, newer apps have introduced referral programs and personalised spending rewards to attract more customers.
Choosing the Right Option
Here are the features you should consider when choosing between new UPI apps and established apps:
- Transaction Speed: Check the speed and performance of different apps to choose an app offering seamless and fast transactions.
- Security: Choose a platform that includes advanced security features such as two-factor and biometric authentication and notifies users about fraudulent activity.
- User-Friendly Interface: Ensure that your chosen platform features an intuitive interface to facilitate quick and straightforward navigation.
- Rewards: There are many apps available in the market that offer rewards, exclusive discounts and exciting cashback deals to the users. Make sure to compare them and see if the platform provides referral programs and loyalty points for tailored discounts.
- Customer Support: Look for a platform with loyal customer support to assist you anytime you want.
Final Thoughts: New UPI Apps or Established UPI Apps
It is evident that old apps continue to dominate the market in terms of trust and reliability, but new UPI apps are equipped with advanced features, offer better security and provide better user experience.
You must choose trusted platforms like Bajaj Finserv, which is a one-stop platform for everything you need. With Bajaj Finserv, you can scan the QR code, pay to contacts, check your balance and payment history and pay bills. The platform offers a user-friendly interface and is secure for making transactions.
By considering the above-mentioned points, compare different platforms and choose an app that best suits your needs and helps you make the most of your UPI transactions.