Using UPI app? What to do if lose your mobile phone1 min read . Updated: 25 Jan 2020, 08:35 AM IST
- UPI allows safer and hassle free payments of your electricity, broadband and mobile bills
- Do not share any sensitive details with anyone
Unified Payments Interface (UPI) allows users to transfer money any time, on a real-time basis, without revealing details of one’s bank account to the other party. It allows safer and hassle free payments of your electricity, broadband and mobile bills. The simple, hassle-free three-year old payment system launched by National Payments Corporation of India (NPCI), is gaining immense popularity. The number of transactions via UPI continues to rise, clocking 1.31 billion transactions in December.
It is important for customers to be aware of all that would save them from online fraudsters.
In case you lose your phone
How UPI works
In order to transfer or receive money using UPI, you need to have activated UPI for your bank account. To do this, you need to have the mobile number linked with the bank account. When you activate UPI, you also need to create a VPA (virtual payment address) which is like a UPI ID.