Importance of UPI Payments in Social Media Marketing

Pune, 29th November 2023: Ever since the evolution and implementation of digital marketing, there has been a purge of growth among businesses regarding engaging with their audience and, ultimately, boosting their businesses. Over time, social media has emerged as one of the most potent platforms for conducting or promoting businesses/sales by connecting with potential customers, which has led to boosting brand visibility. As social media has become the most convenient platform for marketing, so have the concerns and need for efficient and secure payment methods. Now, this is where the role of UPI in social media payment has come to it’s importance and benefits.

Let’s understand UPI payments and how the role of UPI payments plays in social media marketing.

How UPI Payments Work?

UPI, (also known as Unified Payments Interface) is a payment system developed and introduced to India by the National Payments Corporation of India (NPCI). UPI involves a simple process. UPI allows users to link to multiple bank accounts via a mobile app and creates a unique UPI ID, i.e. VPA (Virtual Payment Address), which can be used to make payments instead of the long-waiting process of manually filling in card numbers or paying via cash/cheque.

UPI payments for business has many perks, such as lower transaction fees, instant transactions and crediting amounts in the receivers’ account, enhanced customer satisfaction, strong security measures, etc., making it an ideal option for businesses and customers for secure and seamless transactions.

To make a UPI payment, all one needs to do is:

1. Select UPI as the payment option
2. Link the bank accounts to the UPI-enabled app and create a unique VPA
3. Authenticate the transaction with a UPI PIN or biometric verification, and
4. Receive instant confirmation

Now we understand how UPI payments for business work, let’s dive into the significance of UPI payments in social media marketing.

Importance of UPI Payments in Social Media Marketing

1. Improves Conversion Rates and Customer Experience: Ever since the involvement of UPI on social media platforms, payment option has been accessible to all. When it comes to business, UPI has streamlined the checkout process so that customers can make purchases without the hassle of manually entering account numbers or card details. This has created a great convenience for consumers, which has boosted conversion rates.

2. Reduces Cart Abandonment: One such challenge an online business on social media platforms could encounter is cart abandonment, which is usually caused by the time taken to enter details or the long payment process, thus affecting sales. Having UPI payment option could give an overall simplified payment experience, thus reducing chances for cart abandonment.

3. Cost-Effective Transactions: Most online payment platforms have transaction fees that could vary based on the platform fees. But UPI payments for businesses involve lower transaction fees, making it convenient. For businesses, the chance of getting overhead coats is lesser, which makes it easy and helps gain profit margins.

4. Instant Settlements: UPI payment offers a real-time payment process, which helps in instant payment and getting the amount credited to the receiver’s account. This further allows businesses to access their revenue, which also helps manage their sales and cash flow.

5. Personalization Opportunities: This feature allows businesses to gain insights into UPI payment data to understand customer behaviour. Based on this data, one could personalize marketing plans, understand, and design campaigns to make it more engaging.

6. Secures Payment: UPI payment has promising security measures. With the help of multi-factor authentication and encryption, UPI transactions are made highly secure. From your transaction details to your financial data are secured with these security measures. This helps businesses and individuals confide in UPI when it comes to paying through social media platforms.

Thus UPI payments have become essential for businesses, helping them thrive in social media marketing. Having UPI payment options on social media platforms can boost customer satisfaction,
higher conversion rates, and more seamless transactions, thus expanding businesses. As social media payment options continue to evolve, UPI payments will significantly reshape how businesses interact with their audience and drive revenue.