A unified payment interface (UPI) is a system owned and run by the National Payments Corporation of India (NPCI). UPI was launched in 2016 by the NPCI, an umbrella organisation owned by the Reserve Bank of India that controls retail payments systems in India. The primary goal of the NPIC is to help India create a digital economy.
This process is simple, free of charge and almost instantaneous. You can transact 24/7 on any day of the year, and according to the National Payments Corporation of India (NPCI), transfer up to INR 1 lakh in a UPI per day.
UPI permits any number of bank accounts to be brought into a single mobile app to transfer funds between any bank account across a single window. This means the user can send or receive money or scan a quick response code (QR) to pay a service provider, merchant or individual. This allows users to settle accounts, shop online or authorise payments to merchants, service providers and entertainment sites.
This method of paying merchants, sending or receiving funds, is simple, safe and almost instantaneous. The ease and simplicity of this system have made it immensely popular throughout the sub-continent, and it is used for millions of transactions every year. The transaction takes place within a safe, secure environment managed by the NPCI, so all merchants have found it a most attractive payment method.
As UPI payments have become ubiquitous all over the sub-continent, many entertainment venues have encouraged their patrons to use this payment method as it ensures the identity of the person depositing the funds. This positive verification and ease of use have attracted the attention of online casinos, especially those offering sports betting. Indians are passionate about their sports and love placing a wager on the outcome of a match. With a UPI payment on 10CRIC, funds are immediately available so that cricket-mad Indian fans can place a bet within seconds.
How Does UPI Work?
UPI is a simple money transfer app run by the National Payments Corporation of India (NPCI). To create a UPI account, you follow some very simple steps:
- You must have a mobile device and a bank account at a bank which is part of the UPI network. Also, your mobile phone number must be registered with the bank. It’s unlikely that your bank is not part of this network, as there are 385 registered banks with NPCI.
- Next, you’ll have to install a UPI-supporting app on your phone. These apps, such as Google Pay, Paytm, Uber, SBI Pay and Bob UPI, are available through registered play stores.
- Install the app on your phone and create your virtual identity through the app. Your virtual identity is a unique identity that you’ll use to make or receive payments through the UPI system. This will link to the bank account you quoted, and you’ll be sent an OTP (one-time password) to confirm the link between the app, your virtual identity and the bank.
- Once this link has been verified, you’ll set up a Virtual Payment Address (VPA). Your VPA will look similar to an email address and will be unique. This address allows you to pay via your phone from your linked bank account. More than one bank account from the same or different banks may be linked to the same VPA. Using the VPA saves you from the headache of having to remember long bank account numbers both of your bank and of the person you are paying. It makes the UPI platform very simple to use.
Are UPI Transactions Safe?
The NPI emphatically states that UPI is the most secure platform that Indians can use to make cashless transactions. These transactions have several safety features:
- The first safety step is verifying your mobile phone number by your bank. This ties your UPI account to your mobile number, ensuring that it is a verification point. However, should you change your phone number for any reason, you’ll have to repeat this verification step again.
- You can block your mobile number on the UPI system if your mobile phone is lost or stolen. This will ensure that your phone cannot be used again by anyone.
- You’ll be asked to set up a PIN number when you create your UPI account. On the UPI system, this is called a mobile PIN or MPIN. Every transaction will ask for this MPIN, preventing anyone else from using your UPI account.
- Before making a payment, you can check the authenticity of the merchant to avoid fraud.
How Do I Use My UPI Account At 10CRIC?
To deposit and withdraw funds from 10CRIC using a UPI transaction, you must have an eZeeWallet account.
To open an eZeeWallet account, you must be at least 18 years of age. Go to the eZeeWallet website, click the “Get Started” button, and complete the registration form. You’ll be sent an email to verify your account. Click on the verification in the email, and you’ll be ready to go.
eZeeWallet will provide the link between 10CRIC and UPI. You can deposit funds into your eZeeWallet with a UPI transaction and then use eZeeWallet to deposit the funds into your 10CRIC account. Similarly, you can withdraw funds from 10CRIC into your eZeeWallet account, and when you’re ready, move them from eZeeWallet to your account.
eZeeWallet does not charge fees for depositing funds, but there is a small withdrawal charge.
Bottom Line
UPI is a fantastic, quick, secure means of transferring funds between your bank account and a merchant, service provider, or anyone with a UPI account. NPCI processes millions of transactions through UPI every year, and this transaction method is as safe as placing the money in your hands or the hands of a merchant.
For 10CRIC, there is the extra step of using eZeeWallet to link to your UPI account, but this is a small step, and there are very low fees associated with the transaction. eZeeWallet is a trusted service provider in India.
Using these two service providers to deposit or withdraw funds from 10CRIC will ensure that you have immediate access to your funds to place a bet. Whether before or during a game, these service providers will ensure you have the funds to enjoy placing your bets.
