Will you send money? At present, there is no mobile phone. You can send money to anyone through UPI like PhonePay and GooglePay on your smartphone. Similarly, cash payments to shops are now down. The number of people who drink single tea and take scans has increased. Fraud is also more likely to occur in UPI transactions, which have become a place where money flows. So we have to handle it carefully.
What is UPI?
Various efforts have been made over the years to make banking transactions easier. UPI is key to such technological development. That is, consolidated transaction data. UPI stands for Unified Payment Interface (UPI).
It allows one to instantly transfer money from one bank account to another via one’s mobile phone. Payment through the app is only available on mobile devices. Money transfer via UPI works on 24×7 basis.
To use UPI, you need to have a bank account, that is, your bank must allow you to use the UPI facility. For example you may have a bank account with banks like State Bank of India (SBI), HDFC Bank, and ICICI Bank. want Once you have checked whether your bank supports UPI payments, you need to download the UPI support app on your smartphone. BHIM is one of the most commonly used apps to make payments through UPI, developed by NPCI, and you can make such payments in some private apps as well. Especially Paytm, PhonePe, Google Pay, Amazon Pay etc. are popular among people. First note that you need to register your mobile number with your bank account for verification.
Here are some things that those doing UPI transactions must know:
You only need to enter UPI PIN to send money from your account to someone else. You don’t need to enter your UPI PIN to receive money from someone else
If you are paying someone, check their name before sending. Sending money to someone else without confirming their name is risky
UPI PIN should be kept confidential. Do not share it with anyone else
QR scan as a key option in UPI should be used only for payment. No need to scan QR to get cash
Avoid sharing your UPI or installing unwanted apps when unknown or unfamiliar person asks. If we get any sms on our phone asking us to install any app, we should avoid it