Payments through the Unified Payments Interface (UPI) have become very popular in the country. The number of monthly UPI transactions has reached a record high of 5 billion. These numbers tell the success story of the UPI system in India. Today there are no areas where the UPI payments facility is not used. UPI system is used for grocery shopping, online shopping, and industrial sectors.
While its acceptance is increasing, its risks are also increasing. Several scams through UPI have been reported recently. UPI technology comes with strong security features. But many people get cheated due to a lack of clear understanding of this system and stupidity. Read on to know tips to secure UPI app usage.
When to use UPI PIN
You need to be sure where to use your UPI PIN while making a payment. UPI PIN is required when sending money to another person. No need for UPI PIN when money comes into your account from whoever. This is the most common way money is lost from victims’ bank accounts.
Always verify your mobile number, name, and UPI ID before sending money to someone. It is also a good idea to send a small token amount before sending large amounts. UPI transactions should be done after completing the verification process.
UPI PIN and OTP are not the same
The first thing to understand is that UPI PIN and OTP PIN in apps are not the same. Don’t get confused between these two. Similarly do not share UPI PIN with anyone.
Know what a scanner is
QR code scanner can only be used for fund transfer. Never scan the QR code scanner unless you are sure.
Use only official sources
Answers and solutions to UPI-related queries should be sought from official sources only. Do not use information from other sources without verifying it. Any queries related to UPI can be approached at NPCI, the nodal agency. Consumer help numbers available from Google and other websites should also be verified.
Look inside the app
For any payments or technical issues use the help section within your UPI app. Please consult your bank if there are any discrepancies. All banks will have such complaint redressal portals and numbers. DigiSaathi is a 24×7 helpline introduced by NPCI. Digital will answer all queries related to digital payments.
UPI transactions in the country are moving towards an all-time record. In the first quarter of 2022 (January, February, and March), 9.36 billion transactions were made through UPI in India. So many transactions have been done through platforms like Google Pay, PhonePay, WhatsApp Pay and BHIM. A total of 10.25 trillion rupees transactions were done through UPI in the first quarter of this year alone. P2M transactions are most common in the country. i.e. financial transactions between individuals and traders. 64% of UPI transactions in the country are of this kind. UPI transactions in the first three months of this year are almost double compared to 2021. Not only the number of transactions has increased, but also the amount of money transferred.