To help vulnerable and first-time customers overcome their fears of adopting digital payments and guide them to pursue safe payments on the unified payments interface (UPI) platform, the National Payments Corporation of India (NPCI) has started #SafetyShield campaign. The top four mobile payment apps – Google Pay, Paytm, PhonePe, and Amazon Pay, along with over 20 leading commercial banks, including State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Canara Bank and Union Bank of India, are participating in the #SafetyShield campaign.
In a release, NPCI says, “Cybercriminals use fear and lack of knowledge to deceive vulnerable consumers by means like a lottery, lucrative emails, fraud calls and messages. This strategic industry-wide initiative will help make consumers more careful and attentive while performing digital payments and pave the way for the next stage of growth of digital payments - which is the need of the hour in the current times.”
“UPI is fully safe and secure unless the user shares the confidential details or initiates the payment transaction using two-factor authentication unknowingly,” NPCI says.
NPCI’s #SafetyShield campaign is an ecosystem-driven campaign to make users aware of important safety and security tips. It aims to showcase the safety tips embedded in the payment platform and to highlight important events that lead to a financial transaction.
Dilip Asbe, managing director (MD) and chief executive officer (CEO) of NPCI, says, “We believe vigilance and digital literacy are our strongest defences to fight cyber fraud. We foresee onboarding over 300 million new UPI customers and processing a billion transactions a day on the UPI platform in the next few years. We are confident that the UPI safety and awareness initiative will make the customers ready to confidently tread into the unique ecosystem of digital payments and experience seamless digital transactions like never before.”
Here are the UPI #SafetyShield tips from NPCI...
- Know who you are transferring money to: One must verify the UPI ID of the person before making the payment. This will ensure that the money is sent to the correct person.
- Keep your UPI personal identification number (PIN) confidential: One must never share their UPI PIN with anyone and enter it only on the UPI PIN page. This is like an ATM PIN that should be kept secure.
- Entering UPI PIN means money getting deducted: One must keep in mind that scanning QR and entering the UPI PIN is for making payment, not for receiving money.
- Check the debited amount on SMS notifications: Each time you make a payment, confirm the debit via the SMS received – you will immediately get to know how much money was debited from your bank account. The SMS also works as an instant alert for any money debited from your account.
- Check the ‘UPI Help’ section on the UPI app for any issues: If there is an issue with the payment process or with a particular transaction, seek immediate resolution on the UPI app itself through UPI Help. The UPI Help section is fully equipped to sort out the issues.