Unified Payments Interface
Scamsters who target well-meaning tourists and pilgrims are thriving in busy temples, pilgrim centres, parking lots, ATMs and more.
UPI is an instant payment system that allows users to instantly transfer money to any bank account
By removing the need for two-factor authentication for small value transactions, these channels enable faster payments.
If your UPI account is linked to more than one bank account, you can select the account from which you want to debit money.
The repeated instances have left the customers worried, but banks express their helplessness to intervene and solve the issue.
Downdetector, the website that tracks outages globally, has also reported the issue with SBI.
All UPI transactions made via prepaid instruments will attract an interchange fee of 1.1% for merchant payments above Rs 2,000 from April 1.
The charge will kick in when a customer having a wallet of one particular company makes a payment to a merchant, who has a wallet of another company.
The charges are applicable only for prepaid payment instruments like wallet and credit cards.
Transfers of funds between the two countries will now be possible using just mobile phones due to the tie-up between India's UPI and Singapore's PayNow facility.