Online payment tips: Enter UPI PIN only while sending money, says SBI

Online payment has gained pace not only in India, but all over the world due to the coronavirus pandemic and the need to maintain social distance in every way possible. There are several mobile apps that have made online payment a simple process. Some of these online payment apps are Google Pay, Paytm, PhonePe, among others. Online banking apps can also be used for the purpose. From making payments, recharges, to making purchases, a lot of services can be availed with the help of Unified Payments Interface (UPI) based apps. Unfortunately, with almost everything going online, digital frauds too have increased. With this in mind, here we list a number of online payment tips that will keep you from losing money. Of especial importance are UPI PIN tips.

It is very important to take safety precautions while making online payment. Banks have been constantly releasing and informing people about steps which they can keep in mind to stay safe from online frauds. Falling prey to these frauds can cause huge financial losses. Recently the State Bank of India (SBI) has revealed certain measures to its customers which can be used to avoid online frauds. SBI has said that people need to enter UPI PIN only while making online payment.

Taking to its official Twitter handle SBI tweeted, "You need to enter UPI Pin only while sending money. Remember the safety tips every time you make UPI payments."

What is UPI

According to National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood.

Here are some of the tips provided by the bank to avoid online fraud.