5 things you need to know while using UPI

financialexpress.com:

Unified Payment Interface, commonly known by its acronym ‘UPI’, is one of the most popular payment systems in India. The ease of use and secured platform make it a preferable choice for users. There are many UPI apps to help you transact funds hassle-free.

One of the key features of an UPI payment mode is that it can be operated through your mobile phone, so you can carry your funds in your pockets. However, knowing about some of its important aspects can enhance your experience. Here are 5 things that you must know about UPI.

When you use the UPI to transfer money, a confirmation page is displayed on the UPI app that shows the name of the receiver, UPI ID and the amount that you want to transfer. You must verify the details very carefully and if not sure, you may transfer a very small amount like Rs 1 or Rs 2 to check whether the ID is correct or not.

Recently a case came to light in which an Spa manager replaced his own QR code with the outlet QR and received lakhs of payment in his personal account. So, if you are using a UPI QR code to receive money in your shop or establishment, then make sure the customer is paying through the right QR code.

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You can also use the UPI to request payment from the other person. You can send a payment request to other UPI users. The person who receives the UPI payment request needs to approve the request to transfer the payment.

Adhil Shetty, CEO, Bankbazaar.com, says, “You must avoid such payment requests which you receive from an unknown source. Often scammers use such tricks of sending payment requests to dupe people of their money. Therefore, it is recommended to verify the details before responding to such