By When was the last time you made a cash transaction? In the current digital era and we all are so dependent on digital payments that we need to remember the value of cash. We want accessibility and feasibility simply by scanning a QR code and walking away.
It’s been a few years since we all started using UPI payment. However, especially after COVID-19, the usage of this technology has witnessed massive growth for obvious reasons.
What are UPI Payments?
As the term suggests, it is a Unified Payments Interface payment system developed in our nation. It lets you transfer money between bank accounts instantly via a digital platform.
Here, you need to enter the UPI ID/Number or scan the QR Code. Then, enter the amount and UPI PIN, and voila, you are good to go!
- Report fraud/unauthorized transactions instantly
If you feel that your account has been used fraudulently, it is your moral responsibility to inform your lender immediately. Most UPI platforms offer a complete mechanism to report fraudulent transactions at any time of the day. Therefore, it is advisable to regularly monitor your transactions when it comes to upi payment.
- Keep UPI PIN intact!
Never share your UPI PIN with anyone whether your friends and family or even officials. This is simply because the PIN is quite similar to your ATM PIN, and should be treated with the same level of confidentiality, there are many ongoing scams that’ll try to push you to reveal your PIN. But be aware at all times.
- Use only official applications
Whenever you plan to download a fintech application, ensure that you go to the official website and then redirect to the App Store (iPhone) or Play Store (Android). Fake applications can steal your login credentials, PIN, and even banking information.
(Tip: Many such apps even offer the facility of upi pay later.)
- Avoid Public Wi-Fi at all costs
Don’t just go with the free Wi-Fi available outdoors. They lack encryption networks, making your data susceptible to hackers.
Before you finally press the tap button, check the recipient’s name. Even a single type can lead your money to the wrong account. The application should display the recipient’s name, as you tend to enter the UPI ID, so make sure the name matches the individual to whom you intend to pay.
Which is the best UPI app?
If you are looking for such an application or planning to switch your current app, then ‘Bajaj Finserv’ is the one. Believe me, this is one of the best platforms currently due to its easy accessibility. You can easily make any kind of payment with just a single tap, and you need not worry, as the security features here are just ultimate.
Conclusion
Next time you initiate a UPI transaction, keep the above-mentioned five-pointers for your upi payment online, they’ll help you a lot. There are a lot of scammers out there who are trying to deceive your money, so, therefore, be cautious and be safe at all times!