Solutions for INSERT OR UPDATE on SQL Server

Question

Assume a table structure of MyTable(KEY, datafield1, datafield2...).

Often I want to either update an existing record, or insert a new record if it does

Answer 1

I had tried below solution and it works for me, when concurrent request for insert statement occurs.

begin tran
if exists (select * from table with (updlock,serializable) where key = @key)
begin
   update table set ...
   where key = @key
end
else
begin
   insert table (key, ...)
   values (@key, ...)
end
commit tran