In recent times, the National Payments Corporation of India (NPCI) has issued a clarification regarding the Jumped Deposit scam and underlying the importance of safe Unified Payments Interface(UPI) practices.
As more people use UPI for its ease, several myths have popped up that could put the security of digital payments at risk. Its important to debunk these myths and ensure that UPI remains a safe and efficient mode of payment.
MYTH 1: PAYMENT REQUESTS GET APPROVED AUTOMATICALLY
One of the most common misconceptions is that simply opening a UPI or bank app will automatically approve a payment request. This is far from true. To initiate a transaction, users must navigate to the payment request and explicitly click on the Pay option.
Additionally, the user must enter their UPI PIN to authorise the payment. Without these steps, the transaction would not proceed, ensuring that only authorised users can make payments.
MYTH 2: EXTERNAL PARTIES CAN INITIATE WITHDRAWALS
Another prevalent myth is that an external party can initiate a withdrawal from the users account directly. This is false. UPI and other banking apps are designed to ensure that only the account holder can initiate a transaction. No unauthorised person can access your funds without your direct involvement, making UPI transactions secure as long as the user is vigilant.
MYTH 3: ENTERING THE PIN FOR BALANCE ENQUIRY AUTHORISES PAYMENTS
Some users believe that simply entering their UPI PIN to check their balance can authorise a payment request. This is not the case. The PIN is required even for balance checks, but it does not authorise any payment or withdrawal transactions. For a payment to be processed, a separate action must be taken by the user.
As more people use digital payments, it’s important to understand these myths to keep transactions safe. By following the right steps and staying informed, users can make payments confidently, without worrying about fraud or errors.