Making UPI Payments: 5 important things you need to know
UPI has made payments simple. Using UPI apps connected to their bank accounts, users can send money to the recipient’s bank account in under a minute.
The Unified Payments Interface has transformed India’s electronic payment system which is commonly called UPI. Simply by putting the payment procedure at everyone’s fingertips, UPI has made payments simple. The UPI apps is connected to the bank accounts of the user, and this way user could send money to the recipient’s bank account within a minute. Payment apps like Google Pay, Phone pay, and PayTM are all linked with the UPI to make online payments easy.
Certainly, UPI has simplified money exchange more than ever before, which has also escalated the number of cybercrime. Recently, there have been a number of incidences where people were affected in various ways to access their UPI accounts and steal their hard-earned money.
So, here we bring to you a 5 considerations while using UPI to make online payments in order to save you from any such scams.
1. Never share your UPI pin with anyone
Sharing your 4 or 6-digit UPI pin with anyone is against the rules and the most crucial thing to remember. Every transaction requires the PIN in the UPI- compatible app. Therefore, you must create a unique PIN when you link your bank account to your UPI ID. Similar to an ATM pin, it is afterwards used to start secure payments. The UPI PIN should therefore be kept private.
2. Add a screen lock to your phone
You should always keep your phone locked because it contains a lot of crucial apps, emails and other items. Before accessing the app for a safe transaction, UPI- enabled apps also request the password from your phone’s lock screen. In the event that your phone case is stolen or misused, this also reduces the likelihood of fraud. In order to be extra cautious, it is also advised to routinely update the lock screen password.
3. Always verify the UPI ID before the transaction
The UPI- enabled app facilitates the transmission of funds to the recipient’s unique UPI ID. Utilizing your unique UPI ID, you can also receive payments from other people. Always disclose the right UPI ID and double-check it whenever you get money. In a similar vein, confirm the receiver's UPI ID twice before starting the transaction. This will aid you in preventing transferring money to the wrong person or conducting the incorrect transaction.
4. Avoid using more than one UPI app
Switching between different UPI apps that you have loaded on your phone can be confusing. Multiple UPI apps are not beneficial in any way. Instead, it usually encourages you to make mistakes of any kind. UPI transactions are free to complete from any app to anyone. Due to UPI’s integrity, transactions between two UPI users can be completed using any bank or UPI app.
If they’re using a different app than you, you could have problems paying them with their phone number, but you can always scan their QR code or request their UPI ID to make payments across various apps.
5. Don’t click on unverified links
According to reports, countless victims of fraud have fallen victim to scams after clicking on links sent to them by SMS or email. When you receive links on your phone that are unverified or otherwise seem suspicious, don’t click on them. These links are regularly utilized in order to hijack your phone, steal your identity, and obtain your banking credentials and pins. You can immediately remove such links or block the source if you ever receive them.
On occasion, scammers calling as bank representatives would contact people. Additionally, they offer links via SMS or Whatsapp that ask consumers to download an app, enter their pin, or OTP. Never indulge your PIN, OTP or private passwords by falling for these tricks.