How Safe It Is to Send Money Through UPI?

How nice it would be to carry your mobile wherever you go and make payments in the blink of an eye! There is no need for your wallet or big bags for shopping. UPI money transfer App is a pioneer in the progress of all online payments. A unified Payments Interface has brought the whole world into your hands. All you need to do is click your mobile buttons to complete a money transaction.

It was launched in India in 2016 and has become the most used alternative payment method. Within 5 years from 2013 to 2018, it is expected to leave behind other payment methods and 90% of the total transaction would be through this convenient App. UPI is a digital public infrastructure that encourages all players to avoid too much dependence on individual banks.

How Does the UPI Payment App Work?

The UPI App transfers money from one customer’s account to another through immediate payment service infrastructure. When the customer initiates a transaction, the App identifies the sender’s, and recipient’s details like account numbers to complete the transaction. This cutting-edge technology enables the transmission of this code through the NPCI server with the utmost security.

This process enables the App to connect to the sender’s and receiver’s bank accounts. Furthermore, it is very convenient to use the App enabling transactions within seconds through a highly secure payment service.

Steps To Make A Payment:

1. The customer scans the QR code or UPI ID to make a payment.
2. If it is a UPI ID, the sender gets a notification asking him to confirm the transaction.
3. The customer checks all the details and clicks confirm to complete the transaction.
4. The next step is to click confirm payment and he gets a notification of a quick money transfer.

How Safe It Is To Send Money Through UPI?

The volume of online transactions has indeed increased through the UPI app. But, the number of fraudsters has also increased phenomenally. We have to be careful while using this alternative payment interface. Is there anything we could do to safeguard ourselves from fraudsters?

Tips To Stay Safe From Losing Money To Fraudsters:

• Scammer alert: Every online platform provides attractive offers to customers to improve their sales. There is a high chance that you receive a request for money from these e-commerce platforms. The fraudsters end up exploiting money by offering similar kinds of offers. They appear to be e-commerce agents and ask you to pay small amounts. They assure you of a higher amount when you complete a transaction through the link they send you. When you click on them, you start losing money. Before a transaction, you should verify whether it is a real website.
• OTP scams: You would have received a “do not share your password” message often on your mobile. It is to safeguard yourself from the trap of fraudsters by sharing your UPI ID and password. If you do that, you give your key to a digital wallet to unknown persons.

• Phishing scams: When you receive a link from an unknown sender, don’t click on it. It is a clickbait to empty your bank account. You may think these links are genuine, but they take you to a link the fraudsters have designed to rob you of your money.

• Download App from trusted platforms: The identity stealers can use remote screen mirroring to display your financial details on a TV screen. It happens when you download Apps from other than trusted platforms.

To sum it up, in the modern dynamic world change is inevitable. UPI payment app is one among them which would enable users to send and receive money quickly. As a UPI user, you should safeguard yourself from online fraud.