Things you must learn while using UPI

The introduction of UPI, or the Unified Payment Interface, has made more people’s financial lives easier than one could have imagined.

The headache of keeping track of account numbers, IFS codes, phone numbers, and bank locations has long since passed. Fund transfer is easy, as you can easily transfer funds from your bank account to the recipient using UPI.

All you have to do is download the UPI payment app and save the recipient’s phone number. Learn the things you must learn while using UPI:

Keep your UPI PIN private at all times:

One of the most important things to remember is never providing your 4- or 6-digit UPI pin to third parties. Before each transaction, the UPI-enabled app requests the PIN. Therefore, a unique PIN needs to be set up when tying your bank account to your UPI ID.

Later, it is used to start secure payments in a way similar to an ATM pin. Therefore, keep your UPI PIN private. Bank balance enquiry is easy using a UPI pin.

Make use of your phone’s screen lock feature:

You should always keep your phone locked because it contains many critical apps, emails, and other data. For a safe transaction, UPI-enabled applications request your phone’s lock screen passcode before allowing you to use them.

If your phone case is lost or mishandled, this also reduces the likelihood of fraud. To be extra cautious, you’re also advised to update the lock screen password often.

Before every transaction, make sure the UPI ID is correct:

The UPI-enabled app allows fund transfers to the recipient’s unique UPI ID. You can also receive payments from other people using your unique UPI ID. Whenever you receive money, disclose the correct UPI ID and verify it again.

Likewise, before starting the transaction, make sure you have verified the recipient’s UPI ID twice. You won’t have to give money to someone else or make a mistake by doing this.

Don’t use many UPI apps at once:

Having several UPI apps installed on your phone can be confusing. It is not advantageous to use many UPI apps. It usually encourages you to make mistakes instead. Every app allows you to send and receive money for free via UPI. Because UPI is interoperable, transactions between two UPI users can be completed using any bank or UPI app.

If someone uses an app other than yours, you might need help paying them with just their phone number. However, you can always ask for their UPI ID for transactions within separate applications or scan their QR code.

Never ever click on untrusted links:

Apparently, people have fallen victim to scams several times after clicking on links they received over email or SMS. When you receive links on your phone that don’t seem legitimate or suspicious, don’t click on them.

These links are often used to breach your phone, steal your identity, and get your PINs and banking credentials stolen. You can immediately remove or block the source of such links if you ever encounter them.

Occasionally, con artists posing as bank representatives would call people. Additionally, they offer links via WhatsApp or SMS, asking consumers to download an app or enter their PIN. Share no-secret passwords, OTPs, or PINs; never fall for these tricks.

Wrapping it up:

If you are either a beginner or already have experience using UPI, these points will be highly helpful in ensuring safe money transactions.  Scan QR code scanner can be beneficial for transferring money; all you have to do is scan the QR code to make the payment.

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