Learn these tips to do faster and secure transactions
Since its inception in 2016, UPI (Unified Payments Interface) continues to alter the digital payments ecosystem in India. Post the demonetization of Nov 2016, there has been an increasing demand for digital modes of transactions. UPI has commensurately filled up this requirement by offering faster and secure transactions. The money transfer or receive happens faster with the help of the sole information of VPA (virtual payment address). Further, UPI security features have garnered maximum attention since the beginning.
Statistics show that UPI transactions continue to increase by leaps and bounds. This showcases the increasing acceptability of UPI transactions for personal as well as commercial transactions. The transactions spiked to ₹2.02 trillion in December as compared to ₹1.89 trillion in November. Also, UPI touched 10% of India’s GDP since its inception in August 2016.
There are numerous reasons for the popularity of UPI. One of the significant reasons could be attributed to the robust security features of UPI. It includes two-factor authentication, mobile number verification while registering, etc. Further, UPI 2.0 has brought in exciting security features like signed intent and QR and invoice in the inbox.
In the course of the blog, l will walk you through the security features of UPI in detail.
UPI Security feature 1: Binding with mobile number
This is a significant feature of UPI that brings in the first layer of security. UPI verification of the user happens during the initial login and registration. The UPI app binds with your mobile number to verify your identity. In case, you change the phone or the number, you need to verify your identity again. This option ensures that your credentials stay safe in case of mobile threat or identity threat.
UPI Security feature 2: Two-factor authentication
The second security feature comes into effect during the transaction process. While registering on UPI, users are given an option to set an MPIN (Mobile PIN). It is a 4 or 6 digit number set up while registering on the UPI app. You can generate it by clicking on create/generate MPIN tab and entering the debit card details (last six digits and card expiry details). In the course of transactions, this MPIN is used to authenticate a transaction. You can also change the MPIN if you forget it, using the same create/generate MPIN tab.
UPI Security feature 3: Signed intent and QR
With a quick response code (QR) and signed intent option, users can check the authenticity of the merchants. Users have the option to check if the merchants are UPI verified or not. In case the merchant is not UPI verified, users get information via notifications. This security feature ensures that QR code tampering frauds remain low. Hence, signed intent and QR features bring in secure and tamper-proof transactions.
UPI Security feature 4: Invoice in the inbox
This is a noteworthy and secure feature addition to the UPI. Before initiating your payment to the merchant, it is possible to view the generated invoice. This brings in security by verifying the credentials of the transacting merchant. In other words, this feature safeguards you from fraudulent transactions.
With the launch of UPI 2.0, the security features are at a top-level. Based on the user requirements, the security features keep evolving and makes UPI one of the most sought after UPI feature.
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YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in