UPI payment is one of the most amazing inventions of technology to date. UPI has been successful in its aim to get away with the time-consuming and complex payment processes. Using this payment facility, everyone easily transfers money and makes payments using a specific UPI ID. However, before you kickstart your payments through UPI, you must register on the application.
Once successfully registered, you can follow simple steps to start making UPI transfers and payments and even receive vouchers. Various modes of making a transfer or payment on the UPI app include money, transfer through a mobile number, scanning, or UPI, QR code, sharing through UPI ID, and entering the account number and IFSC code.
Is UPI safe enough to make payments? If yes, how?
The above-mentioned payment process on UPI shows how to transfer money using the UPI app. However, the points listed below prove the safety the UPI payment app provides for money transactions.
- A UPI app user must prove their authenticity by entering their unique UPI ID, UPI, pin, or receiver’s contact number. The UPI ID is a unique identifier on any UPI app. To identify a user’s identity, the user sets up the UPI pin. The user must keep his UPI pin confidential and never share it with anyone.
- Before the UPI app, the user processes any transaction and needs to enter the UPI pin, which can be a six or four-digit set up by the user for his account confidentiality. To ensure the top-notch safety of transactions, users are strictly advised. Keep the UPI pins private. While making a payment on a UPI app, the user even gets access to certain discounts.
- When a new user registers for any UPI app, the mobile number is verified through an OTP sent to the registered mobile number. Furthermore, the app automatically links your UPI account to your mobile number. Even when the user’s mobile phone gets lost, broken, or stolen, as a safety net against identity theft, they can easily block the number. Also, being a newbie, these apps welcome users with different offers.
- An additional security feature provided by most UPI payment applications is the restriction to take screenshots of the app or the transaction journey to ensure the safety of the credentials entered by the user, such as account number, bank branch, IFSC, etc.
- A brilliant step taken by most UPI apps is to Send a timely reminder to the users through an SMS or a call never to share the OTP with anyone. Moreover, only some UPI app representatives call their users asking for additional or personal information. If you face any such calls or emails, report them immediately.
- UPI call is another UPI security feature that stops us from making fraudulent payments. Through this feature, the merchant payment app sends a request to the sender’s VPA, and the sender approves the demand from their UPI app to complete the transaction. However, the sender must approve only those requests that they initiate. There is a higher chance of fraudsters sending random requests, and An unaware user might fall into such tricks.
Even though UPI apps offer us multiple benefits such as rewards & cashback, there are certain checkpoints that UPI users must keep in mind. All a user needs to do is stay alert before making any transactions through their UPI account. You must never respond to SMSes with unverified links, individuals asking for CVV, OTP, or UPI, pin calls from any bank representatives, or any social media platform asking you for your contact details or any unverified application.