5 UPI Safety Tips For You To Ensure Protected Payments; Check Details Here

 UPI stands for Unified Payments Interface. It’s a system developed in India that lets you transfer money between bank accounts using your smartphone. It’s kind of like a digital wallet, but it can be linked to multiple bank accounts and works across different apps.

Before 2016, India utilised various systems for interbank money transfers, such as RTGS, IMPS, and NEFT. The complexity of these systems, along with their differing rules and increasing paperwork, highlighted the need for a unified and automated payment platform.

In 2016, the National Payments Corporation of India (NPCI) embarked on a mission to transform the country’s payment systems.

NPCI developed the UPI, a comprehensive architecture framework with standardised Application Programming Interface (API) specifications, designed to streamline and facilitate online payments.

UPI’s smooth transactions have fueled the digital economy. It’s simpler for businesses to accept digital payments, which has boosted e-commerce and other online activities. However, keeping the usage safe has also become important while doing day-to-day transactions.

While UPI is a fantastic innovation, it’s important to be aware of safety precautions

5 UPI Safety Tips

  • Enter UPI PIN only to deduct money from your account. UPI PIN is NOT required for receiving money
  • Check the receiver’s name on verifying the UPI ID. Do NOT pay without verification.
  • Enter UPI PIN only on the app’s UPI PIN page. Do NOT share UPI PIN with anyone.





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