UPI India Review 2022

UPI (Unified Payment Interface) is a payment system which was introduced in 2016. A product of the National Payments Corporation of India, UPI allows the transfer of funds between bank accounts without the need for exchanging bank account details.

UPI also brings together several banking features into one place, while facilitating added advantages like sending collect requests, checking account balance, and more.

What we like about UPI India

• 24 x 7 availability
• Unified payments interface UPI offers can be used to link multiple bank accounts into a single UPI app
• No need to share any credentials thanks to the use of Virtual ID
• Ability to raise complaints on any transaction through the UPI app – like PayTM

What we dislike about UPI India

• UPI transactions are only capable of supporting up to Rs 1 lakh/transaction

Best Betting Sites for UPI Deposits

Benefits with using UPI

There are several reasons to choose UPI transactions over conventional money payment methods. For starters, users are able to make payments and other transactions within seconds. There is literally no wait time associated with this option.

The user also gets the freedom of bringing together multiple bank accounts into a single app like PayTM. Since the transactions are governed by RBI, one can make a transaction knowing that they are completely safe and operating within the legal boundaries.

Alternative to UPI

Even though this payment option has brought about many advantages like UPI gambling with a piece of mind, one can still consider alternatives. The top four alternatives available in India to this payment option would be:

• Credit cards
• Debit cards
• NEFT bank transfer
• IMPS bank transfer

Withdraw money using UPI

The process of withdrawal transactions using UPI is similar to making payments. The user has to verify their identity on the betting site so that fraudulent transactions and criminal activity is prevented.

Only users who have made a payment using UPI can request a withdrawal transaction through this option. The money reflects into the bank account immediately, as payments are instant.