Do you use UPI for payments? Follow these tips by SBI for safe transactions

Published on Sep 28, 2022 10:35 AM IST

UPI transactions crossed ₹10.62 lakh crore in July through 6.28 billion transactions, finance minister Nirmala Sitharaman had said. In the last fiscal, more than 46 billion transactions were processed amounting to over ₹84.17 lakh crores.

With its UPI, India has taken the lead and made significant progress toward promoting digital payment transactions.(MINT)
With its UPI, India has taken the lead and made significant progress toward promoting digital payment transactions.(MINT)
By | Edited by Aryan Prakash

Do you regularly use unique payment interface (UPI) platforms for financial transactions? If yes, you should definitely hear this.

Nowadays, there have been cases of online fraud wherein the users have been cheated through digital means. To prevent such misuse through UPIs, public sector moneylender State Bank of India has shared some security tips for those using UPI platforms to make payments or other financial transactions. Here are some tips which you should follow to make your UPI transactions safe and secure.

1. There is no need to enter your UPI PIN while receiving money from anyone. In case you get any message or call asking for your UPI PIN, just IGNORE it. PIN is actually a security code that ensures that the outgoing transaction is being carried out by the authentic owner of the bank account. It is used only while sending money to anyone.

2. You must verify the identity of the person you are sending money to. It is done to ensure that the person receiving the money is known to you or a genuine official source and not a fake account.

3. Do not accept random or unknown requests seeking money collection.

4. You must have received phishing calls asking for your ATM PIN or the card's CVV number. Just like these credentials, UPI PIN is also a secret code which should not be shared with anyone.

Also Read | UPI: To charge or not to charge

5. You can make the payments on UPI apps by scanning the QR code provided by the merchant, shop or even individuals. When you scan a QR code, the beneficiary's name appears on the screen. Do ensure to check the beneficiary details before sending money.

6. Just like you change your ATM PIN, netbanking passwords and other passwords, it is recommended that you change your UPI PIN regularly. This is for your own safety.

UPI transactions crossed 10.62 lakh crore in July through 6.28 billion transactions, finance minister Nirmala Sitharaman had said. In the last fiscal, more than 46 billion transactions were processed amounting to over 84.17 lakh crores.

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  • ABOUT THE AUTHOR

    Trainee Content Producer for Hindustan Times Digital Streams. I read about feminism, late modern history, and globalisation of Korean music.

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