UPI Security Tips: SBI Offers Top 6 Tips For Making UPI Transactions Secure

Unified Payments Interface popularly known as UPI is a system that can power several bank accounts into a one mobile application (of any participating bank), merging various banking features, continuous fund routing and merchant payments into one hood.

It serves to the "Peer to Peer" collect request that can be schedule and paid according to need and ease, as per npci.org.in website.

NPCI held a pilot launch with 21-member banks. The pilot launch took place on April 11, 2016 by Raghuram G Rajan, former governor, RBI. Banks have already begun uploading their UPI enable Apps on Google Play store beginning from August 25, 2016 onwards, according to npci.org.in website.

How UPI is helpful?

• It ensures swift money transfer via mobile device round the clock 24*7 and 365 days.
• Single mobile application to access various bank accounts.
• Single Click 2 Factor Authentication - Aligned with the Regulatory guidelines, still provides a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
• QR Code
• Effective answer to Cash on Delivery issue, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments.
• Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.

Participants in UPI

• Payer PSP
• Payee PSP
• Remitter Bank
• Beneficiary Bank
• NPCI
• Merchants
• Bank Account holders

Amid the soaring risk pertaining to UPI frauds, country leading lender SBI shared effective UPI safety tips to make safe and secure transactions. Below are these:

1. Never enter your UPI Pin while receiving money
2. Make sure to always cross check identity of person you are sending money to
3. Never accept random/unknown collect request
4. Never not share your UPI Pin with anyone
5. You must always verify the beneficiary details when you make payment via QR Code
6. Make sure you change your UPI Pin every now and then in a regular manner