UPI (Unified Payments Interface) has drastically changed how India pays, even for the smallest of things. Be it buying a 10-rupee vada pav or paying off a hefty restaurant bill, UPI transactions have ruled the world of digital payments by making it more effortless and instant. There has been a significant rise in the number of UPI apps in recent days. There are so many options to select from: POP UPI, Google Pay, Paytm, and now even banking apps have begun to integrate this feature within them. However, no matter how much of an increased convenience they offer, even the tiniest mistakes made during transactions can lead to financial losses.
If you are someone who religiously uses a UPI app for their daily financial transactions, then here are the major and most common mistakes that you must avoid while making any UPI transactions:
- Entering a wrong number or UPI ID:
While entering the mobile number to which you wish to pay, entering even a single wrong number can lead to financial loss. Typing in even a single digit of the mobile number can send your money to the wrong location. UPI payments are mainly irreversible and instant. Hence, always make sure that you are entering the correct mobile number and UPI ID to which you need to make the payment.
- Not Acknowledging Internet Stability:
Forcing a UPI payment to get through, even at times when the internet connection is barely stable, can cause your payment to get stuck midway. This often results in a ‘Payment Pending’ and ‘Transaction Failed’ message. The said amount does not get deducted from your account, but in cases where it is deducted, the banks usually initiate a reversal that usually gets completed in 24-48 hours. Hence, always ensure that you have a very stable data connection before paying that amount.
- Trusting Fake UPI Cashback Schemes
Scammers are taking advantage of the growing popularity of UPI cashback and daily UPI rewards by sharing fraudulent links with people, promising them huge rewards. People often fall prey to this, and this can lead to huge financial losses. One should always trust their daily UPI payment apps, such as POP UPI, Google Pay, or banking apps for payments, rewards, and cashbacks. Never click on any unknown link coming from an unknown source.
- Not Implementing App Security:
There are many people who often leave their phones and UPI payment apps unprotected without a password or security measures. This is a major risk, especially at times when you lose your phone and are unaware of its whereabouts. Without any proper security on your phone or app, anyone can access your account. Hence, make sure that you have enabled a strong screen lock as well as app lock on your device (preferably biometric authentication).
- Using Public WiFi To Make Payments:
Public WiFi is a breeding ground for cyberattacks. Using this connection to make your payments puts your financial data at a huge risk of being leaked and misused. Hence, always ensure that you are making payments using your mobile network or a private WiFi so as to protect your financial data.
UPI is only making digital payments more and more seamless, but it’s up to us to use it responsibly. By avoiding these five mistakes: wrong IDs, unstable internet, fake cashback links, weak security, and unsafe WiFi, you can ensure that your UPI transactions remain smooth and secure. Digital convenience is powerful, but safety should always come first.