Source:Google
There has been a rapid digitalization of all aspects of our lives in the last two years. In this day and age, we are dependent on technology for almost all our needs and requirements.
One of these aspects was how we pay for the stuff we buy. We had been very used to the basic cash and online banking methods. But, as we say, necessity is the mother of all inventions, the Covid pandemic and the restrictions it came with gave rise to the invention of UPI payments.
What are UPI payments?
The Unified Payments Interface (UPI) is a system that combines several financial services, smooth fund routing, and merchant payments into one mobile app (of any participating bank). It also takes care of "Peer to Peer" collection requests, which can be scheduled and paid as needed and convenient.
How do UPI payments work?
The use of UPI has simplified the money transfer process. You don't need to remember the account number, account type, IFSC, or bank name of the recipient. Instead, you can send money to them simply by knowing their Aadhaar number, bank account cell phone number, or UPI ID. You can create a UPI ID on any app that supports the UPI service.
The ID can be created by entering your bank account information into the app. To ensure that you are an authorized individual, the app will send an OTP to your registered mobile number. You will be required to generate a PIN for the UPI ID after entering the OTP. After finishing the registration, you can send money to any of your contacts' mobile numbers. You can also ask anyone on your contact list for money.
Here are some safety tips you should keep in mind while using such apps-
Always have a screen lock
A screen lock on your smartphone is a must; make sure your phone has some kind of password security, even if it's just a PIN code or a pattern. Face unlock is simple to utilize for iPhone users. If you're using Android, you'll need a password, pin, pattern, or the simplest fingerprint. This not only assures the security of your UPI payment, but also the security of your smartphone.
Avoid using multiple payment apps
Though there's no risk in using numerous payment applications, even if you follow all of the UPI safety rules, it's best not to use too many. Using a large number of apps, such as Jio UPI, Airtel UPI, Paytm UPI, PhonePe UPI, BHIM UPI, WhatsApp pay, Google Pay, BHIM SBI UPI, and others.
Using so many UPI applications will not only add to the complexity but will also make it difficult to keep track of payments and accounts. Use no more than two UPI payment services at a time to achieve optimal transaction security.
Keep your UPI pin confidential
So now we know what a UPI PIN is: it's the number you input whenever you need to make a payment. The UPI PIN protects your account from unauthorised access. It's comparable to an ATM pin that must be kept secure.
As a result, this one-of-a-kind UPI PIN should not be shared with anybody, including people you trust or persons posing as customer service representatives, because it can provide outsiders access to sensitive financial information on your UPI app. Only on the UPI PIN page should the UPI PIN be typed.
To receive funds, keep in mind that you will not be needed to submit your UPI PIN. Only when you are about to send money will you be prompted for this information.
Keep your payment app updated
Although automated updates ensure that your UPI app is up to current, it's never a bad idea to double-check. There will be fewer technical issues with an upgrade, and your UPI payment will be secure. This UPI safety tip is important because most payments get stuck because of the app, therefore make sure your app is up to date.
Always carry cash
The new payment system leads people to believe that they don’t have to carry cash anymore. It is to a point correct, but we have not yet developed a fully efficient system for the same. Not all shops provide UPI payments and even if they do, there could be some technical issues that lead to the failure of the payment. So, it is always advisable to also carry cash with you.
Re-check the amount deducted on SMS notifications
You will receive an SMS notification as soon as your payment has been processed and money has been deducted from your account. Make sure you double-check it to make sure the correct amount was transferred. In the unlikely event that you do not receive an SMS, check your email or bank statement.
Written By - Kritika Sharma
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