Which do you use for daily payments, UPI or UPI wallet? It is very likely that you will be using UPI only.
Which do you use for daily payments, UPI or UPI wallet? It is very likely that you will be using UPI only. You are not alone in doing this. Most people in our country do not use UPI wallet. However, experts believe that for payment of daily purchases like milk, vegetables, fruits, etc., UPI wallet is more secure and useful than paying through UPI directly.
UPI is a payment system, which facilitates the transfer of money between two bank accounts. Through this, direct bank transactions can be done through apps like Google Pay, PhonePe and Paytm. Also, the UPI wallet is a pre-paid wallet, in which pre-deposited money can be used for small transactions and that too without accessing a bank account.
Why is UPI wallet secure?
UPI wallet is considered more secure for small transactions as it can only transact the amount that is pre-loaded in your wallet. For example, if you have to pay Rs 100 and mistakenly pay Rs 1000, the transaction will not go through UPI wallet.
This is because your transaction limit is set. There will be no payment beyond the limit. This limit is usually kept up to 500 rupees. Thus it avoids unwanted large transactions.
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