United Payments Interface (UPI) has become a part of our daily transactions, right from digitally transferring money to peers or paying it to merchants. Indian consumers have experienced the speed and convenience of paying through UPI and the adoption rate grew exponentially in the last two years. While digital payments are convenient and fast, it is also important that one needs to be cautious and alert while transacting online or digitally.
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Here are a few safety tips to keep the money safe and avoid it falling in the wrong hands:
Verify the UPI ID
According to Amit Kumar, CTO at Easebuzz, it's important to verify the UPI ID before making payments, On scanning the QR or entering the number, the app verifies the beneficiary UPI ID.
Never share UPI pin
Every UPI transaction requires a UPI PIN to authenticate the transaction. Users should never share this with anyone whether directly or through the calls, SMS or WhatsApp messages that they may receive.
"It's important to understand that UPI PIN is not required to receive money. To do the same, UPI handle can be shared. One is required to enter a UPI PIN/password or scan a QR code only for debiting money." Mehul Mistry, Global Head, Strategy, Digital Financial Services & Partnerships at Wibmo, told CNBC-TV18.com.
Check SMS post amount deduction
Once the amount is debited, users should always keep a check on their SMS, as the bank confirms the deduction of money post a successful transaction.
"Immediately report to the bank or the UPI App in case of suspicious transactions," Kumar suggested.
Rely on help section in UPI app
In case of transaction-related issues, users can use the help section within the UPI app itself. The NPCI has trained experts who are available 24×7 to assist users with any concerns or issues regarding UPI transactions.
