The digitalization of the payment segment has sparked an evolution in various industries. Moreover, after the mayhem of the COVID-19 pandemic, contactless payments through Unified Payment Interface (UPI) have become the most preferred mode of transaction for individuals. While UPI payment is a highly convenient and secure way of making transactions, many people struggle with the question: Is UPI safe? It is best to exercise caution while making online payments to avoid any cybersecurity breaches. Read further to know some simple tips to use UPI safely and transact with ease.
Check the Transaction Type
Some of the most common errors on the UPI platform are caused due to customers being confused among payment requests and collect requests. Since for many users, UPI is a new concept they are unable to tell the difference between the two and end up paying for something they were supposed to receive money for. This is specifically common on websites where individuals work directly with other individuals for goods and services. Here are three simple steps that one should follow to avoid such a situation.
- It is important to keep in mind that an individual doesn’t need to enter a UPI PIN to receive money via UPI
- Always check the type of transaction, check the name of the payee initiating the transaction, the VPA, etc.
- If the user suspects fraud or sees an incorrect amount for the collect request he/she was expecting, reject the request. The user can always ask the sender to resend the request
Avoid Saving Card Details
Even though this seems basic, it is very important to ensure that credit/debit card details are not saved while making transactions. Many users like to save their card details to avoid the hassle of entering the card details from scratch every time they make a purchase. However, it is wise to erase the card information after completing the online purchase to ensure that the card details are safe and are not prone to the risk of being stolen.
Use a Private Window for Transaction
The most effective way to use UPI safely is to avoid any suspicious app or website while making digital payments. The users should always rely on trusted official apps suggested in the app store. The users should use virtual/ private browsers and secure connections that start with HTTPS:// for transactions to ensure financial security. These browsers are designed to offer safe online banking and prevent credentials and cookies from being stored. Also, make sure to log out of the page once the transaction is completed.
This is one of the most common and important tips that individuals should keep in mind. One should never share his/her UPI PIN with anyone and should change regularly to avoid falling prey to cyber-attacks. Also, make sure to inform the bank in case you receive anonymous calls asking for details such as your UPI PIN or ATM PIN. In addition to this, it is best to use a One-Time Password (OTP) to complete the transaction as these are more secure.
Beware of the Fraudulent Apps
There are many fraud apps on the play store and app store. However, these apps can be easily identified through multiple negative reviews, lack of verified badges and a low number of downloads. While downloading the application, ensure that it is verified either on the app store or play store. Use legitimate mobile wallet applications or mobile banking.
How to Send Money Using Paytm UPI?
Paytm UPI transfer allows the user to send money directly from his/her bank to the receiver’s bank account. However, both parties must have a UPI ID. Thus, the registration of a UPI ID must be with the same phone number that one links to his/her respective bank accounts.
Money transfers through Wallet Payments or UPI Payments using Paytm guarantee safety. They are not only safe but also quick, convenient, and free of cost. All you need is to download the app and register yourself on Paytm for using the wallet. Similarly, create a UPI ID with the phone number linked to your bank account and make online payments without any complications.