UPI vs PayPal: Comparison Which is One Better For You?
Unified Payments Interface (UPI) and PayPal are both digital payment platforms that have been gaining popularity in recent years. Both platforms offer users a wide range of features and services, making it easy for them to make digital transactions.
However, a few key differences between the two platforms may make one more suitable for certain types of transactions than the other. In this article, we will take a closer look at UPI and PayPal and compare them based on various factors such as ease of use, security, and fees.
What is UPI?
UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI) to enable fast, secure, and convenient transactions between two parties.
It allows users to make transactions using their mobile number, virtual payment address (VPA), and other details. UPI is linked to a user’s bank account, and transactions are made through the Immediate Payment Service (IMPS) or the National Electronic Fund Transfer (NEFT) system.
What is PayPal?
PayPal is a global online payment system that enables users to make transactions in more than 200 markets. It allows users to send and receive money, make payments, and shop online. PayPal is linked to a user’s bank account, credit card, or debit card, and transactions are made through the PayPal website or mobile app.
UPI vs PayPal Comparison
UPI | PayPal |
---|---|
0% Fees | up to 3% Fees |
Money Settle Immediately in Your Bank | Money settles within 5 days in Your Bank |
74 Billion Transactions in 2022 | 19.4 billion transactions in 2022 |
Money Debit from Bank and Credit in Bank | Debit from Card, Credit in Wallet Then Bank |
For Login: Only Phone Number | For Login: Identity, Email, Card, Bank, and other |
Security: Not Hacked Yet | Hacked Many Times |
Available in 10+ Countries | Available in 200+ Countries |
Features Comparison
UPI and PayPal are both popular online payment platforms that offer their users a wide range of features. However, they have some key differences that set them apart. UPI and PayPal offer a wide range of features to their users. Some of the key elements of UPI include:
Ease of Use:
UPI is a payment platform developed and maintained by the National Payments Corporation of India (NPCI) and is designed to work seamlessly with various banks in India. Merchants and businesses widely accept it in India, and it can be used to make transactions through various channels, including mobile apps, SMS, and the web.
On the other hand, PayPal is a global payment platform that is widely accepted by merchants and businesses worldwide. It can be used to make transactions through various channels, including mobile apps, the web, and in-person transactions using a PayPal card.
In terms of ease of use, both UPI and PayPal are relatively easy to use. However, UPI may have an edge in India, as it is more widely accepted and integrated with local banks.
Security:
UPI vs PayPal employs advanced security measures to protect users’ personal and financial information. UPI transactions are protected by PassCode, which requires users to enter a PIN. For Create Account in UPI make sure your mobile is registered with a bank account. It verifies live to make sure your SIM card should be in the Same Phone where you want to use.
PayPal also uses advanced security measures, including encryption and fraud detection, to protect users’ personal and financial information. Additionally, PayPal offers a buyer protection policy, which can reimburse eligible transactions that are not completed as described.
In terms of security, both UPI vs PayPal is considered secure platforms for making digital transactions. However, PayPal’s buyer protection policy may give it an edge for transactions with merchants or businesses that have not been previously used.
Fees:
UPI transactions are totally free of cost.
PayPal, on the other hand, charges fees for certain types of transactions. For example, there is a fee for receiving payments for goods and services and a currency conversion fee for transactions made in a foreign currency.
UPI may have an edge in terms of fees as it generally does not charge fees for transactions. However, PayPal’s fees may be more suitable for businesses that need to make or receive payments regularly.
Number Of Transactions:
In 2022 Data UPI Processed 74 Billion Transactions (Source) while 19 billion transactions were completed in 2021 on PayPal (Source)
Leading UPI Payment Platform
PayPal
PayPal | Download |
Conclusion
UPI vs PayPal are both popular and reliable digital payment platforms that offer users a wide range of features and services. UPI may be more suitable for transactions in India and Some other countries, as it is more widely accepted and integrated with local banks. On the other hand, PayPal is a global payment platform that is widely accepted by merchants and businesses worldwide.
Both platforms are considered secure and easy to use. In terms of fees, UPI generally does not charge fees for transactions, while PayPal charges fees for certain types of transactions. Ultimately, the choice between UPI and PayPal will depend on the user’s specific needs.