In the last few years, the trend of digital payment has increased rapidly in the country. UPI has become a widely used digital payment mode in the last few years. Because transferring money from UPI sitting at home is done in a jiffy. In such a situation, frauds related to UPI have started coming to light. That's why customers have to be careful while making UPI payments.
What is UPI and its benefits-
UPI means a real-time payment system. With the help of which you get the facility to transfer money from one bank account to another bank account immediately. Its special thing is that through UPI, you can transfer money anytime day or night.
How does the UPI system of money transfer work?
Transferring money through UPI is quite easy. For this, there should be a UPI app like Phone Pay, Paytm, Google Pay, Bhim, etc. on your mobile, which has to link the UPI app to your bank account. After which you can use it. Through UPI, you can link one bank account with multiple UPI apps. At the same time, many bank accounts can also be operated through a UPI app.
RBI's UPI 123 Pay-
The special thing is that UPI gives you the facility of money transfer even if you have only one of these information like scanner, mobile number, and UPI ID. To bring thousands of phone users into the digital payment system, the Reserve Bank of India has introduced a new version of UPI, UPI 123 Pay.
You can avoid UPI fraud by these methods-
- Be careful of any unknown mobile numbers and users.
- Do not disclose UPI PIN for the greed of receiving money through UPI.
- Do not accept any unknown payment request.
- Always beware of fake UPI apps.
- Verify identity before sending money to someone.
- Do not enter or disclose your UPI PIN to any stranger.
Verify the details while making a payment through the QR code.
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