Do UPI apps guarantee security while processing your electric bill payments?

Posted 2 years ago in BUSINESS.

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Do UPI apps guarantee security while processing your electric bill payments?

Thanks to recent technological advancements, online transactions are now the most popular way to make payments, whether making a Tata power bill payment or transferring money to bank accounts. Given the advantages of online payment methods, it is clear that payment methods like UPI are gaining popularity daily. Let's take a look at UPI payment apps and their security for financial transactions, including electric bill payments.

How does it work?

When using the usual payment methods, users must submit information about the recipient, including the account number, IFSC, account type, bank name, etc. The recipient will be added to the sender's account as a new payee, and the transfer cannot be processed until this process is done.

The development of UPI apps was mainly meant to free people from this complicated process. With the help of this service, people may effortlessly transfer money between one other or make bill payments by simply using the unique UPI IDs of their respective accounts. You need to sign up for the app before you can start sending money over UPI. After successfully registering on the app, you must only follow a few easy steps to make UPI payments/transfers.

Different methods of money transfer through UPI

  • Choosing a contact and entering a mobile number: Sending money is as easy as sending a message.
  • By scanning the recipient's UPI QR code
  • Entering UPI ID - All you have to do is open MobiKwik and input the UPI ID of the recipient.
  • Entering Account Number and IFSC - This is the traditional method of payment, which is also supported by UPI.

Are UPI Payment Apps Safe to Use for Financial Transactions?

Users can send and receive money using UPI using an online platform like MobiKwik. The following examples further illustrate the security of UPI payment apps for financial transactions:

  • Users must establish their validity at each step of the UPI payment process by inputting their unique UPI ID/contact receiver's number and UPI PIN. The UPI ID is a unique identifier for a user's identity, and the UPI PIN is set up by the user himself and must be kept personal at all times.
  • To complete a Tata power bill payment via UPI applications, users must input the UPI PIN, a 4- or 6-digit number created by the user for confidentiality reasons. In order to protect the security of transactions, users are also encouraged not to reveal their UPI PIN to anyone.
  • An OTP issued to the registered mobile phone is used to verify a user's mobile number as they register for UPI. Your UPI account and mobile phone are connected immediately by the app. As a safeguard against identity theft, even if the user's mobile phone is stolen or misplaced, he or she can simply block the number.
  • Many applications that accept UPI payments include additional security features, such as the prohibition of screenshots of the application or the transaction, to protect the security of the user credentials.
  • In addition, UPI apps never call users to ask for any additional or personal information. So users can be sure that if someone calls them asking for information like OTP or bank account data, they can be sure that it is a scam.
  • UPI collects an extra UPI security feature in which the merchant payment app requests the sender's VPA, and the sender confirms the request via his/her UPI app to complete the transaction. It is crucial that the sender only confirms requests that he has started, or else they could become victims of fraudsters that submit random requests to random VPAs.

Conclusion

There are a number of advantages to using UPI payment apps, but you must also keep certain things in mind. For example, you shouldn't reply to SMSs with unverified links, people requesting your CVV, OTP, or UPI PIN, or any social network accounts requesting your contact information or unverified applications. To maintain your UPI account's security, all you have to do is avoid engaging in any transaction that you haven't initiated or you have no idea about. It will also help if you are familiar with how UPI functions in order to understand the process. This will give you knowledge about the UPI procedure and will keep you from being misled.

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Zahid Khan

Living in United States

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