Time to reset economy

Get App

Time to reset economy

you are here: HomeNewsTechnology
Last Updated : Jan 16, 2020 08:20 PM IST | Source: Moneycontrol.com

NPCI guides customers on safety measures while carrying out UPI payments

The number of transactions via UPI continued to rise, clocking 1.31 billion transactions in December.


With India witnessing a rapid adoption of digital payments, National Payments Corporation of India (NPCI) has come forward to inform, educate and make people aware about Unified Payments Interface (UPI) and its positives, and at the same time guide them on steps to perform safe UPI payments.

UPI allows users to transfer money any time, on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party. The simple, hassle-free three-year old payment system launched by NPCI is gaining immense popularity among the masses.

NPCI along with the government and RBI has been working towards higher adoption of digital payments and making India a ‘less-cash economy’. The number of transactions via UPI continued to rise, clocking 1.31 billion transactions in December.

Close

In this era where people continuously look for convenient, safer and hassle free payment system, it is important that customers should be aware about digital payments such as UPI which not only provide seamless and secure digital transaction experience but also get rid of managing cash.

Safety guidelines while performing UPI and other digital payments/transactions:

Do not share confidential details

  • Details involving card number, expiry date, UPI PIN, OTP, with anyone. If you are asked to give such details by anyone pretending to be an official representative from your bank or any third party mobile app, tell them to send you an official email (do not share your email id as the bank or third party apps would already have your email ID in their records).

  • Respond only to emails from the official domain of your bank or the third party app


Check for the spam warning –

  • Various payments related apps warn you about spam numbers. if you are receiving a payment request from an unknown account, keep an eye out on the spam warnings

  • If you spot any suspicious accounts, make sure to report it to your bank and mark it that account as spam


Transact only with trusted and certified online merchants

  • Always buy products from reputed online merchants and marketplaces. Transactions on trusted e-commerce platforms ensure your payments are safe

  • Read up on the privacy policy to ensure your financial data isn’t being tampered

  • Also check for confirmation emails on completing transactions


Keep track of all your SMS’s/emails and other official communication channels from the bank on your transactions, statements, safety instructions and important announcements.

  • Carefully check every messages, popups or requests that you receive on your payments app while dealing with a transaction

  • Pay attention when you receive messages from your bank. Know the difference between a password, PIN and an OTP and carefully examine the message to stay protected

  • Keep a note of all the messages from the bank to make sure you’re aware of all the transactions to and from your account


In case you lose your phone

  • If you lose your phone, block the account linked on any UPI App present on the phone.

  • Unknown person will not be able to use your UPI related apps as UPI-PIN is required to authorize all transactions

  • In addition, please contact the customer support of your bank


Think before you enter UPI PIN

  • Remember that UPI PIN is never required to receive money. It is only needed when sending money to other UPI account

  • Be sure and attentive before hitting the Pay or approve button on any payment app


Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jan 16, 2020 08:20 pm
Sections
Follow us on