Pranam *The article is genuine. However swift , in my opinion, is safer than UPI. Swift is compensated by banks in case of wrong debit and credits, as transaction, uncarried out, gets back within 3 days to the Account. UPI for small people and small bank account, and small payment is safer. Any way you may discuss: KR IRS 6722 *
*xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx* *Key things to keep in mind for safe UPI payment* *Despite the secured platform, still, there are chances of fraud if you are not careful when using the UPI for transactions.* Unified Payments Interface (UPI) has revolutionized the electronic payment system in India. It is used to make payments using the mobile application linked to your bank account. You can transfer money to the receiver’s bank account in less than a minute. The entire payment process through UPI is contactless, and it has proved its usefulness during the Covid period. UPI uses a highly secured platform. The users have to first register into UPI using the same mobile number already registered with the bank. Despite the secured platform, still, there are chances of fraud if you are not careful when using the UPI for transactions. Here are key things you should keep in mind for a safe UPI payment and avoiding fraud. You can transfer the payment through your UPI-enabled app to the receiver’s unique UPI ID. Similarly, you can receive the payment from others through your unique UPI ID. It’s important to share the right UPI ID when you want to receive the payment. You should verify the receiver’s UPI ID before initiating the transaction when you send the payment. To further reduce the chances of a mistake, you can transfer/receive a very small amount (Eg, Rs 1) for a confirmation. *Verify While Paying Through QR code* You can transfer payment to the receiver by scanning a UPI QR code. Once you scan the QR code, the receiver’s unique UPI code will show on the payment page. You must verify the QR code before transferring the amount. There are some cases where fraudsters have replaced the QR code of the merchant with their QR code. Afterwards, the people transferred the payment and got cheated. To avoid such a situation, you must use the QR code verified and shared by the merchant or the payment receiver. *Never Share Your UPI PIN* When you transfer the payment using the UPI-enabled app, it requires a unique PIN to authenticate the transaction. The unique PIN has to be set up at the time of linking your bank with your UPI ID. The UPI PIN is required to transfer the payment and not receive the payment. You must not share the UPI PIN with anyone. *Keep Your Phone Screen Locked By Password* If your phone remains locked by password, it reduces the chance of fraud when you use the UPI for a payment transaction, especially when your phone is lost and gets into the wrong hands. It would help if you avoided easily guessable passwords, which anyone can easily crack. Try to memorize your passwords. Always change your password at a regular interval. *Avoid Using Several UPI Apps* Having several UPI apps loaded on your mobile can be confusing, and you may easily commit a mistake. As UPI transactions are free, it doesn’t benefit you in anyway to use more than one UPI app. “UPI is interoperable, which means money can be transferred between two UPI users through any bank or UPI app. When paying someone using a different app from yours, you may face difficulties in paying to their phone number, but you can always pay to their QR code or their UPI ID which follows the name@bank format,” suggests Adhil Shetty, CEO of BankBazaar.com. *Never Click Unverified Links* Many cases were reported in which people were cheated when they clicked on a link they received through an SMS or email. You must avoid clicking on the unverified links received on your phone. Such links are often used to hack your phone to steal your identity and banking password/PIN. You may delete them immediately or block the source if you receive such links. In some cases, people receive a call from fraudsters claiming to be bank officials. They ask people to provide the OTP, PIN, or to download <https://www.financialexpress.com/investing-abroad/warren-buffetts-berkshire-hathaway-share-price-over-421000-nasdaq-cant-take-a-rise-for-long/2247615/> an app using the link they send on SMS/WhatsApp <https://www.financialexpress.com/about/whatsapp/>. Never follow such instructions from strangers or unknown sources. *Check SMS received On Amount Deduction* Despite all the efforts, you should remain vigilant about all the transactions happening in your bank account. Whenever you use the UPI to make a payment transaction, you must check the SMS received on your registered mobile number from the bank to verify the amount deducted from your account. If you face any issue related to the UPI transaction, you may contact your bank’s customer care by calling them on the provided toll-free number. All the UPI-enabled apps come with the helpline features. You must make use of such features and report any unscrupulous financial activities in your account. *Here are some of the steps you must take to have a safe UPI transaction.* - Always Have a Screen Lock: ... - Don't share UPI Pin with anyone: ... - Try not to use multiple payment app: ... - Do not fall prey to Scammers and click on any link: ... - Keep the UPI app updated: ... - Disable screen sharing and recording. ... Prefer UPI id over Number. KR IRS 6722 On Wed, 6 Jul 2022 at 11:52, 'N Sekar' via iyer123 <[email protected]> wrote: > Alternative to SWIFT: NPCI plans to take the UPI system to 32 million > NRIsIndians > overseas remitted $87 billion last year, the biggest inflow for any country > tracked by the World Bank > > The company that built India’s digital payments backbone plans to make it > cheaper and easier for the nation’s 32 million expatriates to bring their > money home. > > Indians overseas remitted $87 billion last year, the biggest inflow for > any country tracked by the World Bank. The remittances market, where it > costs $13 on average to send $200 across borders, is ripe for disruption, > according to Ritesh Shukla, chief executive officer of NPCI > <https://www.business-standard.com/topic/npci> International Payments Ltd. > > “We have displaced cash in India to a large extent and are now looking to > repeat the success in cross-border corridors,” said Shukla. “Overseas > Indians can use our rails to remit money inwards straightway into their > bank accounts, and for the markets where Indians travel frequently, we will > build acceptance for our instruments.” > > Successful overseas forays by NPCI > <https://www.business-standard.com/topic/npci> would give India a > home-grown alternative to SWIFT, the Belgium-based cross-border payment > system operator, though Shukla stressed that the objective was not to > displace existing platforms. About 330 banks and 25 apps -- including > Alphabet Inc.’s Google Pay and Meta Platform Inc.’s WhatsApp -- share > NPCI’s unified payment interface, which has helped make instantaneous > digital transactions a $3 trillion market in India. > > [image: Alternative to SWIFT: NPCI plans to take the UPI system to 32 > million NRIs] > > NPCI <https://www.business-standard.com/topic/npci> is in the process of > connecting the UPI platform to systems in other countries to replicate its > domestic success. It is negotiating collaborations with governments, > fintech companies and service providers around the world, aiming to reduce > transaction costs and enable more small-ticket transactions, Shukla said. > > *Cutting Costs* > > “This is going to take the payments world by storm,” said Mayank Goyal, > CEO of moneyHop, a cross-border banking app that lets users make > international remittances through the SWIFT network. The company will seek > to integrate UPI rails into the app as it makes cross-border payments > easier, Goyal said. > > UPI’s linkage with overseas nations will further anchor trade, travel and > remittance flows between the countries and lower the cost of cross-border > remittances, the Reserve Bank of India said in a report. > > [image: Alternative to SWIFT: NPCI plans to take the UPI system to 32 > million NRIs] > > The Reserve Bank of India set up NPCI along with the country’s lenders to > make retail payments faster, more accessible, and cost-efficient. A user > just needs a virtual payment address to instantly transact with vendors and > exchange cash between friends or family members. > > Dear Reader, > > Business Standard has always strived hard to provide up-to-date > information and commentary on developments that are of interest to you and > have wider political and economic implications for the country and the > world. Your encouragement and constant feedback on how to improve our > offering have only made our resolve and commitment to these ideals > stronger. Even during these difficult times arising out of Covid-19, we > continue to remain committed to keeping you informed and updated with > credible news, authoritative views and incisive commentary on topical > issues of relevance. > We, however, have a request. > > As we battle the economic impact of the pandemic, we need your support > even more, so that we can continue to offer you more quality content. Our > subscription model has seen an encouraging response from many of you, who > have subscribed to our online content. More subscription to our online > content can only help us achieve the goals of offering you even better and > more relevant content. We believe in free, fair and credible journalism. > Your support through more subscriptions can help us practise the journalism > to which we are committed. > > Support quality journalism and subscribe to Business Standard > <https://www.business-standard.com/subscription-cart/product?utm_source=BSA&utm_medium=BS&utm_campaign=DE06102020> > . > > Digital Editor > *Read our full coverage on NPCI > <https://www.business-standard.com/topic/npci>* > First Published: Wed, July 06 2022. 09:11 IST > > - READ MORE ON > - NPCI <https://www.business-standard.com/topic/npci> > SWIFT INDIA <https://www.business-standard.com/topic/swift-india> > UPI TRANSACTIONS > <https://www.business-standard.com/topic/upi-transactions> > ECONOMY & POLICY <https://www.business-standard.com/economy-policy> > NEWS > > <https://www.business-standard.com/category/economy-policy-news-1020101.htm> > > PREVIOUS STORY > > NEXT STORY > New infrastructure finance secretariat to boost capacity, financing > <https://www.business-standard.com/article/economy-policy/new-infrastructure-finance-secretariat-to-boost-capacity-financing-122070501287_1.html> > States must push farmers to up sowing to boost exports: Piyush Goyal > <https://www.business-standard.com/article/economy-policy/states-must-push-farmers-to-up-sowing-to-boost-exports-piyush-goyal-122070600065_1.html> > Russia signs pact for supplying tech for Kudankulam nuclear power plant > <https://www.business-standard.com/article/economy-policy/russia-signs-pact-for-supplying-tech-for-kudankulam-nuclear-power-plant-122070600055_1.html> > Tussle over $5 billion in wages is new risk to India's coal supply > <https://www.business-standard.com/article/economy-policy/tussle-over-5-billion-in-wages-is-new-risk-to-india-s-coal-supply-122070600046_1.html> > Scope for further pruning of GST exemption list: Revenue secy Tarun Bajaj > <https://www.business-standard.com/article/economy-policy/scope-for-further-pruning-of-gst-exemption-list-revenue-secy-tarun-bajaj-122070600044_1.html> > Rupee slips 41 paise to 79.36; dollar index surges to 2-decade high > <https://www.business-standard.com/article/economy-policy/rupee-slips-41-paise-to-79-36-dollar-index-surges-to-2-decade-high-122070600033_1.html> > India says Big Tech must obey law of the land as Twitter goes to court > <https://www.business-standard.com/article/economy-policy/india-says-big-tech-must-obey-law-of-the-land-as-twitter-goes-to-court-122070501250_1.html> > Food ministry calls meeting of edible oil firms to reduce retail prices > <https://www.business-standard.com/article/economy-policy/food-ministry-calls-meeting-of-edible-oil-firms-to-reduce-retail-prices-122070501203_1.html> > States' borrowing cost remains high at 7.86% despite fall in G-secs yield > <https://www.business-standard.com/article/economy-policy/states-borrowing-cost-remains-high-at-7-86-despite-fall-in-g-secs-yield-122070501192_1.html> > India may not need to import urea after 2025, says Mansukh Mandaviya > <https://www.business-standard.com/article/economy-policy/india-may-not-need-to-import-urea-after-2025-says-mansukh-mandaviya-122070501191_1.html> > RECOMMENDED FOR YOU > Recommended for you > Recommended by > <https://www.outbrain.com/what-is/default/en> > [image: An incredible slimming product for the stomach] > <https://prouseum-cheads.xyz/88cf1816-d267-4123-8381-1806ee47b98e?campaign_id=00eb67d5d389d1b7ab6f2c2578cd25d2fa&publisher_id=$publisher_id$&publisher_name=$publisher_name$&ad_id=00b38ff20154838e236a273c6b779154fa&ad_title=An+incredible+slimming+product+for+the+stomach§ion_id=$section_id$§ion_name=$section_name$&req_id=$req_id$&promoted_link_id=00b38ff20154838e236a273c6b779154fa&time_stamp=$time_stamp$&ob_click_id=$ob_click_id$&obOrigUrl=true> > [image: Official US Green Card Lottery - Check your eligibility] > <https://usagco.com/landing/register-11?mod=t&utm_source=outbrain&utm_medium=discovery&utm_campaign=Arab_Bundle_Desktop_Copy&utm_lp_name=LPall&tm_publisher=$publisher_name$&utm_section=$section_name$&utm_campaign_id=009be72fa9d58157f73c111256d622f9f3&utm_ad_id=002e181f233989bbd7a27a10584c867b88&uutm_doc_id=00a9bb1ea55981956485474d6da0be3177&utm_text=Official+US+Green+Card+Lottery+-+Check+your+eligibility&utm_clkid=$ob_click_id$&utm_ban=usconv-uae&obOrigUrl=true> > [image: Term Plan for Indians Living in Abroad -No Medical Required] > <https://termlife.policybazaar.com/prequotes?utm_source=Outbrain&utm_medium=Native&utm_campaign=Term_Insurance_NRI_Mobile00Insurance&utm_term=$publisher_name$_$section_name$&obOrigUrl=true> > [image: Dubai: You could Earn a Second Income With Companies Like Amazon] > <https://preg.viciltd.com/aserving/4/1/blg/1/ik/WEBCR-2847/index.html?cpl=62020&pxl=1&a=4&adv=1&f=266086&c=1&SerialId=1239965&FormId=2501&p=$section_name$&k=00ab2787a259045afa080861665fa65c58&obOrigUrl=true> > [image: If you'd rule United Arab Emirates... 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