Debunking Common UPI Myths: Facts to Stay Safe Online
Unified Payments Interface (UPI) is a revolutionary real-time payment system developed by the National Payments Corporation of India (NPCI). It enables instant and seamless money transfers between bank accounts using a mobile device. Despite its widespread adoption, misconceptions surrounding UPI persist, which could lead to unnecessary concerns or misuse.
To address this, the NPCI has launched the awareness campaign ‘Demystifying Myths About UPI,’ aiming to clarify misunderstandings and promote safe digital payment practices. This initiative follows the clarification of issues like the ‘Jumped Deposit’ scam, reinforcing the security and reliability of UPI.
Debunking UPI Myths
Myth 1: Opening a UPI or banking app automatically approves payment requests.
Fact:
Opening a UPI or bank app does not authorise any payment automatically. For a transaction to occur, users must:
- Navigate to the payment request.
- Explicitly select the “pay” option.
- Enter their UPI PIN.
This multi-step process ensures deliberate user actions for every transaction.
Myth 2: External parties can directly withdraw funds from your account.
Fact:
No external party has the ability to directly withdraw funds from your account through UPI. The platform securely links your account to your registered mobile number and device. Only the account holder can initiate a transaction or withdrawal.
Myth 3: Entering the UPI PIN for a balance check automatically approves payment requests.
Fact:
Entering a UPI PIN for a balance check does not authorise payments or withdrawals. Balance inquiries and transactions are distinct processes requiring separate user actions.
Why Trust UPI?
NPCI has emphasized that UPI operates under stringent security protocols and regulatory oversight, ensuring secure and real-time digital payments for users.
Important Tips to Stay Safe While Using UPI
To further safeguard your UPI transactions, follow these key practices:
- Keep Your UPI PIN Confidential:
- Never share your UPI PIN with anyone, not even close acquaintances or customer care representatives.
- Avoid Clicking Suspicious Links:
- Beware of phishing scams that trick users into revealing sensitive information. Always verify links before proceeding.
- Enable App Locks for Additional Security:
- Use app locks or biometric authentication for your UPI and banking apps to add another layer of protection.
- Double-Check Payment Requests:
- Before approving a payment request, ensure it is legitimate and matches the intended recipient.
- Regularly Monitor Your Bank Statements:
- Review your account activity to identify unauthorized or suspicious transactions promptly.
- Verify Apps Before Downloading:
- Only download UPI apps from official app stores like Google Play or the Apple App Store to avoid malicious software.
Conclusion
By debunking myths and adhering to safe digital payment practices, users can confidently use UPI for secure and instant transactions. The NPCI’s efforts to demystify misconceptions ensure that the platform remains a trusted tool in India’s digital payment ecosystem. Staying informed and vigilant is the key to leveraging UPI’s benefits without compromising on security.
