UPI has made people's lives very easy. Any payment is done in a jiffy. Due to which the problem of carrying cash has reduced. NPCI constantly brings new facilities for the users.
Continuous improvements are made to make payments easier and safer for UPI users. Keeping such small transactions in mind, NPCI has introduced UPI Wallet.
How are UPI wallets better than UPI?
To avail the UPI facility, you have to link your bank account. To use UPI Wallet, you have to add balance through UPI.UPI is used through payment apps like Paytm, Google Pay, PhonePe. To avail this facility, customers have to link it to their bank account. Whenever a payment is to be made, the payment is made directly from the bank account linked to UPI.
To make payment using UPI wallet, it has to be linked to UPI account. After which the payment is made.
· A maximum of one thousand rupees can be paid at a time through UPI wallet. It has been created keeping only small payments in mind.
Only Rs 10,000 can be paid through UPI wallet in a day. Due to which there is no risk of any major financial fraud through it. Many such cases have come to light in which cyber criminals commit major frauds through UPI.
The UPI wallet is designed in such a way that there is no need to enter the UPI PIN repeatedly to make payments through it.
UPI wallet is not directly linked to your bank account, only Rs 1000 can be paid through it at a time, hence this medium is considered quite safe.
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