Having a UPI Payment Gateway is the new norm for facilitating online monetary transactions. You can easily send (or receive) money to anyone without needing to enter the same details over and over again. So what exactly is UPI and UPI Payment Gateway, and how safe are they?
Unified Payment Interface or UPI refers to a payment technology through the help of which an individual can easily send or receive money. Paytm, Google pay, Phonepe are some of the big players who act as a UPI Payment Gateway for you to facilitate your transactions online.
To get your Virtual Payment Address (VPA) for UPI, all you need to do is to link your phone number to your bank account and join UPI Payment Gateway. It is a simple and hassle-free one-time process.
UPI Payment Gateway: The Merchant’s Boon
With the world gradually shifting to the online medium, UPI transactions have made payment transfer a much easier and quicker process. Merchants can easily continue with their business by making and receiving instant payments. The advantage of being able to manage the current account and passbook without much hassle has surely given businesses valuable time for expansion.
UPI Payment Security
There are people who still doubt that this mode of payment may not be safe enough. But this is not the case. In 2019 alone, UPI payments crossed 1 billion transactions with over 100 million users.
As far as security is concerned, it is one of the safest options to go for. These are the reasons why:
No Confidential Details
To make a UPI payment, you do not need to give someone your confidential information, including the bank details. With just your phone number and the VPA, you can get access to payment options by keeping all your information safe.
A UPI Payment Gateway allows you the benefit of 2-factor authentication. The first factor relates to the device information provided, such as the device name, its OS, and your phone number. On the other hand, it requires a 4 or 6 digits PIN as well. This double layer of protection makes UPI highly safe for payments.
To make the online payments even more secure, a UPI Payment Gateway uses One Time Password or OTP technology. The code generated to make a transaction gets received only on the registered mobile number. Furthermore, the OTP itself expires in a matter of minutes, making them safer than a password.
PIN Change Option
A Personal Identification Number or PIN can give you access to your UPI Payment Gateway. But unlike the traditional security system, you can change your UPI PIN to ensure extra security. It is recommended that one should change their UPI PIN on a frequent basis. This prevents them from getting deciphered by any fraud.
Some UPI Payment Gateways also ensure that your mobile phone has no unauthentic apps installed into it. If they detect something suspicious in a particular app, they do not let the transaction take place till the app is disabled or uninstalled. This will prevent any hacker from accessing confidential information on your phone.
Therefore, a UPI Payment Gateway takes all the necessary measures, which are important to ensure the safety of the merchant who makes deals online. Features like a fingerprint, security questions, captcha, etc., are some of the added security tools integrated into the payment gateway, making the UPI payment system almost unhackable. You will not be getting such secured features even in offline transactions. This is the reason why merchants are shifting to UPI to continue and manage their business in a better manner.