What UPI is All About?
UPI stands for Unified Payments Interface, an interface that facilitates inter-bank peer-to-peer and person-to-merchant transactions. UPI was developed by the National Payments Corporation of India and is regulated by the Reserve Bank of India. UPI is basically an instant real-time payment system similar to Trustly that works by instantly transferring funds between two bank accounts on a mobile platform.
To move to a cashless economy, digital India is continuously making new progress. As a result, more and more people are opting for an online financial solution, and UPI payments played a significant role in this movement.
With the rise in smartphone technology and online gambling, a change in how financial transactions are made is required, and financial institutions are constantly inventing new ways to dominate the market. Since its launch in 2016, UPI has undoubtedly changed how payments are made at Indian online casinos.
How UPI Works
The UPI payment method is growing exponentially in India. Most Indian betting fans know what UPI is all about or have heard of this safe payment alternative. UPI allows you to make transfers and payments by simply using an app on your smartphone utilizing a UPI ID or QR code.
UPI allows you to make instant bank-to-bank transfers. All you need is your UPI ID (or mobile number), which is your unique virtual payment address. To obtain a UPI ID, you need to choose an app that supports UPI payments and register (with your required personal information) by following the prompts the app will provide.
UPI Safety and Security
As previously stated, UPI is regulated by the Reserve Bank of India, making it one of the safest online betting methods. In addition, several security features are built into this payment method to protect Indian punters when gambling at UPI betting sites.
The UPI app you register with binds your account to your mobile number, ensuring your credentials are safe from identity theft. Besides the security features enabled by the various UPI apps, an additional layer of protection is added. Two-factor authentication in the form of your 4- to 6- digit pin must be inserted when you make any transaction.
Best UPI Apps Available in India
UPI payments are pretty popular in India, and there are several apps available that support UPI. The most popular apps are PayTM UPI, BHIM, PhonePe, Google Pay, Cred, Amazon Pay, and Yes Bank apps. Below we take a look at the three most popular UPI apps for online betting in India:
This revolutionary app is designed for UPI payments, recharges, and money transfers. It was one of the first UPI apps of its kind. It played a significant role in making the Indian population trust UPI as a payment method. On the PhonePe app, users can pay bills, order food, and do online shopping.
This mobile app is well-known in Inda and is mostly used for money transfers, mobile recharge, and BHIM UPI payments. Often referred to as a mega store, PayTM offers a variety of products and services, all under one umbrella. Users can use the PayTM app to perform every activity related to online payments, buy groceries, and household items, book bus and flight tickets, and even buy gold and make loans.
3. Google Pay (Tez)
The Google Pay app (formerly known as the Tez app) is one of India's biggest and best UPI apps. With the brand name "Google" in the title, it is no wonder this app helped build trust with new and prospective UPI customers in India. In addition, Google Pay users are awarded a gift card or "scratch card" with which money can potentially be credited directly into the registered bank account. The Google Pay app enables users to pay bills, shop online, recharge, or even send money to friends.
All UPI apps have a simple user interface and offer their users a safe and fast online payment experience. In addition, some UPI apps have various offers, rewards, and cashback for their loyal customers.
A Final Word About UPI
UPI is one of India's favourite modes of online casino banking methods, and people prefer using their smartphones to make payments over traditional card methods. This digital movement motivated the rise of UPI casinos across India, especially during the past two years.
UPI is an excellent cashless alternative in India and is widely accepted on online betting sites. With UPI, you can safely gamble at your favourite Indian casino from the comfort of your home.