UPI payments have made lives a lot more convenient and hassle-free. It supports cashless transactions that the entire world is emphasizing right now. Also, its quick and efficient approach has added to its popularity.
However, with the growth of cybercrime cases in the nation, many users may doubt the UPI interface. Read below for the clarification of your queries regarding UPI payments.
What is UPI?
UPI stands for Unified Payment Interface, introduced on 11th April 2016. Users can transfer money between bank accounts using this portal.
The prerequisite here is a UPI ID, which is mostly the user’s registered mobile number followed by some alphabets. The UPI payments also require a six-digit UPI pin that acts as a password to confirm the transaction. Furthermore, UPI payments can also be successful by scanning QR codes.
The developer of this system is the National Payments Corporation of India, in collaboration with the Indian Banks Association and Reserve Bank of India.
What is an UPI payment app?
A UPI payment app is a platform that supports payments using the UPI method. Several apps are present in today’s marketplace that are compatible with UPI. However, customers often wonder if these payments and apps are safe. The following section has all the details about the same.
Are UPI payments safe?
UPI payments are absolutely safe. Here are the major reasons behind the secure nature of these payments.
- When a user signs up on a UPI payment app, he receives a push-SMS on the registered mobile number. So, the user will know if someone else is trying to use their phone number on another device.
- The six-digit UPI pin is an extra layer of security for the transactions. Users need to provide their card details and an OTP (One-Time Password) to generate their pin. In the worst case of smartphone theft, your money shall remain secure as the pin is mandatory to withdraw amounts.
- The Reserve Bank of India regulates all UPI transactions and wallets. Thus, the UPI payment portals have the least chance of forgery or illegality.
What are the Key Benefits of UPI Payment Apps?
A UPI payment app is very user-friendly and saves time and effort. Here are some of the prime benefits of using applications that support UPI payments.
Almost Nil Transaction Charges
We know that bank transfers through NEFT or RTGS may charge some fees. However, most banks do not charge any fees for UPI payments. Even the banks that do have some charges associated, it is 50p per transaction.
Safer Payment Method
UPI payments are linked with the UPI pin and push notifications to the registered mobile number. Thus, they are secure and protected.
No Time Lag
One of the most advantageous features of the UPI payment app is its fast processing. The money is transferred immediately from the sender to the receiver. This means that the platform works irrespective of bank working hours or days.
Also, NEFT or IMPS methods require adding the beneficiary details. The bank verifies these particulars that takes more time. Even in the option for immediate payment, there is a limit to sending money. The UPI payment app is free from all these hassles. All you require is a correct UPI ID, and you can send money without any delay.
Today, many apps support UPI payments. Therefore, you can select the UPI payment app of your choice to make the transactions. However, you must check the reviews and ratings of the application before selecting any UPI app.
UPI is a safe, secure, and fast method of carrying out transactions. Its benefits make it a convenient option for sending money and completing payments hassle-free.