When it comes to betting, having many ways to deposit money to your betting account is always a plus. Knowing that the method you choose to fund your account is safe, is even more reassuring.
Bettors in India have a host of payment options at their disposal. However, each online betting platform supports a few select methods of payment. In this article, we are going to talk about the Unified Payments Interface, a payment system that has gained a lot of traction among Indian punters recently.
Related Reading: How to deposit on betting sites in India
What is UPI?
UPI is a digital payment system that allows users to send money instantly. The National Payments Corporation of India unveiled UPI in 2016. And this payment gateway became a hit among Indians almost instantly. It is responsible for about 50% of all digital payments in India.
Since UPI belongs to the NCPI, which is also the organization that regulates digital payment platforms in India, it is an incredibly safe cash transfer medium. This system facilitates instant money transfer between two bank accounts via a mobile application.
When depositing money to a particular betting site, you move money from your account to the betting company account, which makes UPI a great money transfer system among bettors.
How UPI works
UPI is well regulated by both the Indian Bank Association and the Reserve Bank of India. It offers immediate transfer of funds between bank accounts through a mobile phone. So, if you’d like to use this service, the first step is creating what is known as a Virtual Payment Address. Then, link it up to your preferred bank account.
How to deposit money using UPI
Depositing money using UPI is super easy. You can do it on your computer or your phone. If you prefer to use your PC, log into the platform, and follow these steps:
- Click on the ‘cashier’ option
- Click on the ‘make a deposit’ option
- Open the UPI tab and follow the given instructions
The process isn’t much different when using the app. To deposit through the app:
- Log into the app
- Select the ‘real money’ option
- Choose the deposit option and tap the UPI tab
From there, follow the instructions on the screen to successfully make your deposit. You can do this in less than five minutes.
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How to make withdrawals using UPI
To withdraw your winnings through the UPI option, log into your betting account and head to the cashier section. Choose the UPI option to withdraw your funds. You’ll be required to fill in some financial details for verification purposes. Then, click on the withdraw button, and you’ll receive your funds.
The only challenge that you are likely to face with UPI is that it doesn’t allow bulk withdrawals. Nonetheless, this shouldn’t worry you as the system is continuously evolving to cater to all the needs of its customers. Also, don’t get alarmed if your first withdrawal takes longer than expected. This is a typical occurrence for first-time withdrawals.
Banks that support UPI in India
Just like with other payment gateways, not all banks support the UPI system. But due to the convenience and safety of this system, most banks are getting on board. Each bank has its own unique UPI application. Here is a comprehensive list of the popular banks that accept UPI payments in India:
- Axis Bank-Axis Pay
- ICICI Bank-iMobile
- South Indian Bank-SIB M-Pay
- Bank of Baroda- Baroda M-Pay
- Union Bank of India- Union Bank UPI
- Yes Bank-Yes Pay Wallet
- Punjab National Bank-PNB UPI
- UCO Bank-UCO UPI
- Federal Bank-Lotza
- State Bank of India-SBI Pay
- Vijaya Bank- VijayaUPI app
- Bank of Maharashtra-MahaUPI
- HDFC-HDFC Mobile Banking
Advantages of using UPI
- Compared to others, UPI transactions are fast and more reliable
- The UPI digital payment is well regulated by the Reserve Bank of India, which makes it tremendously safe
- The proprietors of the UPI system are designed specifically for the Indian market. All deposits and withdrawals are made in INR
- The UPI system charges a reasonable fee for every transaction, making it one of the most reliable money transfer platforms
- It is supported by a myriad of money transfer applications and mobile wallets such as PhonePe, Google Pay, and so on
- You can use this system on your mobile phone, laptop or desktop
- The UPI system offers much-needed privacy and confidentiality to all punters
Why UPI is safe
As a bettor, you always want to use a secure payment medium for deposits and withdrawals. UPI is one of the safest platforms you’ll ever use. With a Two Click Factor Authentication, you are guaranteed of safe transactions.
Additionally, the cash transfer process has a powerful encryption format. This means that third parties can’t intercept or interfere with your transactions. Moreover, to transact through UPI, users need to login and approve their transactions.
UPI is a game-changing digital payment option for the Indian betting industry. The system is becoming increasingly popular and hard to ignore for most casinos, and this is good news for bettors. It provides secure and fast payments and withdrawals. You can use it at any time of the day, regardless of where you are.
Ever since its launch, the UPI system has made major strides in the Indian digital payments space. Users don’t need to visit a bank to deposit money in various betting accounts. At first, you may think that this system is sophisticated and only suitable for a select few people. But once you start using it, you’ll realize that it is user-friendly.
As an online bettor, you probably want to work with the most flexible payment option. And this is what you get with the UPI system. If you prefer to bet using your mobile phone or tablet, then UPI is the way to go. This means that you can fund your betting account from any location and at any time. All you need to ensure is that the betting platform you use supports the UPI system. The best part is that there are plenty of casinos that support it, so finding one should be easy.
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