Unified Payment Interface, commonly known by its acronym ‘UPI’, is one of the most popular payment systems in India. The ease of use and secured platform make it a preferable choice for users. There are many UPI apps to help you transact funds hassle-free.

One of the key features of an UPI payment mode is that it can be operated through your mobile phone, so you can carry your funds in your pockets. However, knowing about some of its important aspects can enhance your experience. Here are 5 things that you must know about UPI.

Verify UPI ID

When you use the UPI to transfer money, a confirmation page is displayed on the UPI app that shows the name of the receiver, UPI ID and the amount that you want to transfer. You must verify the details very carefully and if not sure, you may transfer a very small amount like Rs 1 or Rs 2 to check whether the ID is correct or not.

Recently a case came to light in which an Spa manager replaced his own QR code with the outlet QR and received lakhs of payment in his personal account. So, if you are using a UPI QR code to receive money in your shop or establishment, then make sure the customer is paying through the right QR code.

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Never Respond to Unknown Payment Requests

You can also use the UPI to request payment from the other person. You can send a payment request to other UPI users. The person who receives the UPI payment request needs to approve the request to transfer the payment.

Adhil Shetty, CEO, Bankbazaar.com, says, “You must avoid such payment requests which you receive from an unknown source. Often scammers use such tricks of sending payment requests to dupe people of their money. Therefore, it is recommended to verify the details before responding to such requests.”

Transaction Limit in UPI

UPI allows a maximum transaction of up to Rs 1 lakh per day for person-to-person (P2P) transfers, whereas some of the person-to-merchant (P2M) transactions like credit card payment, share market payment, etc. allow a transfer of up to Rs 2 lakh. Also, there are restrictions of a maximum of 20 UPI transactions per day. If you have exhausted the 24-transaction limit, you need to wait for 24 hours to make another transaction. However, the above-mentioned limits may also vary from bank to bank, so you can check the exact limit from your bank.

Use Credit Card for Merchant Payment Through UPI

For making merchant payments you can use your RUPAY credit card to pay through the UPI platform. You need to link your existing RUPAY credit card to your UPI platform before making a transaction. When you use the UPI application to make the merchant payment, you can choose between your bank and linked credit card to perform the final payment. It is important to note here that you can’t use a credit card through UPI for a P2P transfer or to small merchants.

Failed Transaction and Amount Debited

There is always a possibility of a technical glitch when you use any software or application. Sometimes you may experience the payment debited from your account but not credited to the receiver’s account while using the UPI platform. Usually, the payment is refunded immediately but it may take up to 3 to 5 working days in some cases. However, you can file a complaint to your bank’s customer care for a quicker resolution. Before making a transaction, make sure your mobile internet is working. You can make a small ticket payment before performing a big transaction to reduce the chances of failed transactions.

Shetty adds, “Before transferring any amount, make sure to verify the payment amount to prevent overpayments or underpayments. Cross-check the bill to avoid paying less or higher amount. Use a trusted UPI-enabled app from a reliable source and keep your UPI app updated.”

When using the UPI facility, never share your PIN with anyone you don’t know. Always use a trusted Wi-Fi network or your private internet for making UPI transactions.