Do you need a bank account to use UPI?

Yes, you need to connect your bank account to your UPI to use the platform for your betting needs.

Are there transaction fees with UPI?

All transactions are processed with zero fees by the UPI because it is regulated by the Indian government.

How do you create an account with UPI?

You can create an account with UPI by downloading the app to your mobile phone. Then, you can set up the account by linking your bank account to the app.

Can you use UPI for sports betting?

Yes, you can use UPI for your sports betting needs as long as it’s supported by the sportsbook of your choice.

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What is UPI?

UPI is a mobile application that lets you manage all of your bank accounts (that support UPI) within one single platform. You can get a whole plethora of features from the banks like fund routing and merchant payments all in the palm of your hand.

The answer to your Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments, merchant payments, donations and disbursements all lie within the UPI interface.

It’s safe to use, with a 2 Factor Authentication that keeps the application secured while providing one-click payments. The current participants of UPI are payer PSP, payee PSP, remitter bank, beneficiary bank, NPCI, bank account holders, and merchants.

Created by the National Payments Corporation of India (NPCI), UPI currently has 304 banks available on the app and has been operating since 2016. UPI, since its inception, has added a lot of features including “Auto Pay” which lets you set automatic dates for recurring payments.

UPI also allows Peer-to-peer and Person-to-merchant transactions so overall, the mobile application is a great way to make payments without getting into a hassle.

How Does UPI Work?

Financial transactions for UPI include two things. It allows you to request money or send money. On the app, you’ll see options for ‘Push- Send Money’ or ‘Pull- Request Money’.

When you’re sending money, you put in a payment request. This is a transaction that pushes your funds to a beneficiary to who you intend to send money to. To complete the transaction, the payment address needs to include the following:

Mobile Number & MMID
Account Number & IFSC
Virtual ID

When you put in a request for pull, that means UPI on your behalf is going to collect money using your Virtual ID.

As for the non-financial transactions, UPI uses the PSP App viz for the following:

Mobile Banking Registration (mobile number must be registered with Issuer Bank for alerts)
Generate One Time Password (OTP)
Set/Change PIN
Check Transaction Status
Raise Dispute/Raise query

UPI is accessible for both iOS (version 8.1 and above) and Android (version 4.2.2 and above) users.

How to Get Started with UPI?

Since UPI is a mobile application, it gives you the freedom of picking and choosing when or where you want to have your bank transfer needs to be met. The app runs 24/7 and 365 days a week so that’s an added bonus that makes UPI even better.

To get started, you’ll first need to register with the UPI software. The following steps should help you understand better:

1. Start by downloading the app from the App Store or Play Store. You might also find it on your bank’s website
2. Select your preferred language
3. Create your profile by inputting the necessary info including your name, payment address (virtual ID), and password
4. Go to the option ‘Add/Link/Manage Bank Account’ and select your bank
5. The bank will send you an OTP to ensure that you have the correct bank account
6. Insert the OTP and create your UPI pin
7. You may also need to change your MPIN. For this get a new OPT from your Issuer Bank and enter your debit card number and the expiry date

Once your account is registered, you may begin sending or requesting money using the account. In case of requesting money, you need to make sure the same number you have given UPI is linked to the bank account. It’s done to ensure that you receive mobile alerts or an SMS from the bank.

How to Send Money Using UPI?

There are a number of ways you can transfer money to an intended bank account using UPI. Some of them are:

Select a contact or enter a phone number with the amount you want to send and verify the transaction using your pin
Scan the receiver’s QR code on any of the supported payment applications and enter the amount and your pin
Enter the receiver’s UPI ID along with the amount you’d like to send. This method will ask for your MPIN. The MPIN is generated using the expiry date of the user’s debit card
UPI also supports IFSC payments. You simply input the IFSC account number, the amount for the transaction, and your pin.

UPI supports unique identifiers for your payments. It is a safe and secure payment method and you don’t need to worry about invalid transactions. And the best part is, you can find it in the form of a mobile application.

How to Request Money Using UPI?

For UPI to collect money on your behalf, you just need to provide your virtual ID and follow the given steps:

Open the UPI application and go to the menu ‘Request money’
Select the Virtual Payment Address where you want the money to be deposited
Enter the Virtual Payment Address from where the money is going to be sent
Submit the amount and any other additional comments
Confirm the transaction

UPI Fees

The NCPI has created the UPI payment method which does not require any fees to date. However, some banks that provide the UPI service may start charging customers a certain fee after a fixed number of transactions.

There are multiple sources stating a range of fees that UPI might incur when transferring money. What we have gathered is an expected range of fees that UPI might charge.

For transactions equal to or below ₹1000, UPI is expected to charge ₹2.5 per transaction. In case of transactions above ₹1000, UPI is expected to ask for a ₹5 charge on each transaction. For transactions related to Goods and Services Tax (GST), users will be required to pay 18% as taxes.

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FAQ. Frequent Questions

Yes, you need to connect your bank account to your UPI to use the platform for your betting needs.
All transactions are processed with zero fees by the UPI because it is regulated by the Indian government.
You can create an account with UPI by downloading the app to your mobile phone. Then, you can set up the account by linking your bank account to the app.
Yes, you can use UPI for your sports betting needs as long as it’s supported by the sportsbook of your choice.