A Guide for making UPI payments safely: Save money loss, know how to

UPI payments safely
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The government has issued a number of regulations aimed at promoting digitalization in the country, particularly in the area of financial transactions. People have begun to choose online or digital transactions over cash after the outbreak of the coronavirus epidemic. As a result, conducting online payments via the UPI payments feature has become more popular in India in recent years, as indicated by the high download numbers of applications such as GPay, Paytm, and PhonePe. However, it should be mentioned that UPI payment has its own set of advantages and disadvantages. As a result, you should be aware of all the top UPI payments safety tips and tricks in order to avoid losing money. You must remain alert and attentive against online or cyber frauds. A simple click on the wrong link, answering fraud calls, or disclosing personal information such as your PIN can result in significant losses.

There are online payment options available almost everywhere. Everyone accepts online transactions, whether it’s a local grocery store, a shopping center, or even vendors. Making an online payment is not only quick and straightforward, but it also eliminates the need to keep cash or spare change on hand. To make an online payment via the Unified Payment Interface (UPI), simply scan the code, enter the amount, and pin, and your transaction is complete.

Several apps, such as Google Pay, PhonePe, and Paytm, allow you to make online payments. If you use any of these apps, you must take particular precautions to avoid fraud and financial loss. Here are some safety precautions to keep in mind when making UPI payments.

Top UPI payments safety tips and tricks

1. Screen lock:

Not only for your phone, but also for any payment or financial transaction apps, you need to use a strong screen lock, password, or PIN. Avoid keeping simple passwords like your name, date of birth, mobile number, etc.

2. Do not share your PIN:

You should never share your PIN with anyone.  Anyone with access to your phone and the ability to transfer money can commit fraud if you share your PIN. If you believe your PIN has been exposed, you should update it right away.

3. Do not click on unverified links or attend fake calls:

In your inbox, plenty of fraudulent messages with unverified links start appearing. You should avoid clicking on such links since you could lose a lot of money. It’s also a good idea to avoid answering fake phone calls. The caller may impersonate your bank or another organization and ask for personal information such as your PIN or OTP. Hackers frequently send users links or call them and ask them to download a third-party app to verify their identity. Banks never ask for a PIN, an OTP, or any other personal information.

4. Keep updating UPI App regularly:

Every application requires an update and each update brings better features and benefits. You should always keep updating the UPI payment app to the latest version.

5. Avoid using multiple payment applications:

Keeping multiple payment apps on your phone is not a good idea. Installing only trusted and certified payment apps is a good idea.

Unified Payments Interface (UPI)

The Unified Payments Interface (UPI) is a system that combines many banking services, seamless fund routing, and merchant payments into a single mobile application (of any participating bank). It also handles “Peer to Peer” collection requests, which can be scheduled and paid according to need and convenience.

How is it unique?

  • Instant money transfer through mobile devices 24 hours a day, 7 days a week, 365 days a year.
  • Single mobile application for accessing different bank accounts.
  • Single Click 2 Factor Authentication — Complies with regulatory requirements while also offering a powerful feature of smooth single-click payment.
  • For Pull & Push, the customer’s virtual address provides additional protection by removing the need for the customer to provide details such as card number, account number, IFSC, and so on.
  • QR Code.
  • The best solution to the hassles of Cash on Delivery, rushing to an ATM or rendering accurate amounts
  • Payments to merchants via a single application or in-app payments
  • Utility bill payments, over-the-counter payments, and payments based on QR codes (Scan and Pay).
  • Donations, collections, and disbursements can all be scaled up or down.
  • Directly raising a complaint using a mobile app.
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