What is UPI?
UPI, or more formally referred to as Unified Payments Interface is one of the most prevalent payment systems available in India right now.
UPI betting allows users to transfer money at one go with a single tap on the screen of their device. Over the years, due to its immense popularity and consistent reputation for reliable banking, UPI has signed up plenty of customers on its platform.
Given the rate at which Indians have accepted UPI and its services, it is no surprise that bookmakers in India now allow transactions through UPI.
How does it work?
Essentially, UPI is a payment service that allows you to transfer money from one bank to the other. It is a real-time payment option that does not follow a complicated procedure making it easy for people to get the hang of.
People can also use their tablets to complete the relocation of funds if they do not have access to a smartphone. For a successful transfer of funds, customers will only require the number of the recipient. Users can either use ID numbers, telephone numbers or QR codes in order to receive or send funds between banks.
As you can see, there is no need to use bank account details every time you want to make a transaction.
Since UPI betting payment mode makes transferral of funds so easy, the payment method is now being adopted by several gambling sites with Google Play, Samsung Pay, WhatsApp Pay, and Pat TM as examples in India.
History of UPI
The UPI betting payment method was first launched in 2016. Ever since then, it has affiliated itself with more than 200 banks from all over India. The platform has been developed by the National Payments Corporation of India in order to establish a secure inter-bank transaction service.
As of 2020, UPI has processed more than 2110 crores making inter-bank transfers effortlessly easy for Indians.
In the year 2018, the National Payments Corporation of India helped launch UPI 2.0 which has an enhanced mode of service for its users. For example, it can help you pay recurring payments automatically. Moreover, it also allows users to tie their overdraft account.
If you are worried about the banks which will allow UPI transactions, do not worry because we have got you covered! All you have to do is just head to the National Payments Corporation of India’s website and check out the list under which they have noted down the banks that are in affiliation with them.
Initially, UPI successfully processed over 92000 transactions of funds every month. However, ever since its establishment, it has grown to process a figure above 100 million all over India today.
UPI betting was launched with assistance from Governor Raghuram Rajan, who wanted to help transactions become a lot faster in India. This was done with help from the government in an attempt to make transactions cashless.
UPI Payment Provider in the Country
UPI is a household payment option in India nowadays. People rely on UPI betting to make daily necessary transactions like merchant payments and other transferral of funds.
Note that through UPI, funds can be passed on between banks or from a bank to wallet or vice versa.
People can use UPI betting at any point of the day and transfer funds 365 days a year. Several in-app payments can also be made using this mode of payment service.
What’s more, UPI is also compatible with e-Com and m-Com transactions. Some of the commonly used apps include Google Tez, PhonePe, Axis Pay, Uber, Paytm, MobiKwik, BOB UPI, Chillr, BHIM app, Paytm Payments Bank, iMobile, SBI Pay, etc.
Advantages of Using UPI
India has succeeded in making transactions cashless through UPI betting payment option. Here are some of the advantages of using UPI in India:
What makes UPI one of the best payment modes is its great user interface. This means that those of you who have a hard time getting accustomed to new technology, will not face any difficulty using UPI. There is no complicated manual that needs to be glanced at before using the UPI app.
A lot of us face difficulty when we are reminded of important payments that we forgot to make during the day. Luckily, for us, UPI allows its users to make these transfers 24/7.
This means that in case you have forgotten about a payment deadline, you can transfer the funds at any point of the day. Plus, UPI’s service is available 365 days a year.
The best perk about having a payment mode like UPI is that users do not have to make physical trips to the bank to complete transactions. A smartphone or a tablet with a stable internet connection is all that you will need for successful transfer of funds.
The UPI app is the only app that you will require to have access to all the banks available in India. You will not require any further app in order to get services from a bank apart from UPI.
As mentioned above, UPI is extremely easy to navigate. So much so that you only have to make a single click to get done with payment transactions.
Who doesn’t want a fast yet secure payment method for completing their bank transfers? UPI offers the best of both worlds for its users by enabling the fastest and most reliable transactions of funds in all of India.
Users of UPI Betting do not have to take the pain of filling out excessive details like bank account numbers, QR codes etc. Any one of these information like the phone number for example will be sufficient to make the transfer.
The merchant payment option offered by UPI betting is one of the best features ever. This has made online shopping and in-app purchases a lot easier for consumers residing in India.
Do not want to make the long walk to the utility bill’s office to make the month’s payment? Do not worry because UPI can help you do it within seconds from a single tap on your phone or tablet.
So, the next time you forget to pay the electricity bill on time, do not rush to the bank. Instead, sit back, relax and make the payment from your smartphone.
Users of UPI can also make donations through the app.
No one likes paying extra for making transactions through an app like UPI. For those of you who feel the same way, you will be delighted to know that UPI offers its bettors to make the deposit fees absolutely free of cost
What’s the point of using a payment method which is not readily available at multiple gambling sites?
Hence, if you happen to be a regular punter, we would suggest signing up for betting sites that accept UPI. This way, you can make your deposits and withdrawals in a very short period of time due to UPI’s fast money transferring service.
Making deposits to iGaming websites through UPI betting can help you to avail enticing bonuses and promotions. Some of these offers can give you a head start while placing your bets on these websites.
Thus, punters in India should always sign up for betting sites that accept UPI. If not for the fast payment procedures, then for the exciting bonus offers and promotions.
Since this real-time payment system is regulated by the government, users can be guaranteed secure transactions while using the app. Moreover, the account details and other personal information will also be stored safely so that other third-party apps are unable to get a hold of it for malicious activities like scamming.
UPI in Betting
There is no other payment system available in India, which is as secure as UPI. Ever since its launch back in 2016, UPI has gained a good reputation for its reliability in iGaming platforms.
Most punters love to avail bonus options and promotions from iGaming websites. Fortunately, plenty of UPI betting sites offer this for their users. However, sports bettors can only avail these offers if the deposits are made using the UPI betting option. Punters will be delighted to know that UPI works closely with several iGaming platforms to facilitate the safe use of payment methods. This is important since there are plenty of websites that have been a victim of scams in the past.
In fact, several third-party payment modes have often scammed gamblers as well as betting sites by depriving them of the money transferred through the betting account. Therefore, in order to give yourself the best experience that betting sites in India has to offer, sign yourself up for betting sites that accept UPI.
What’s more, you do not have to worry about making the transactions at any time of the day. All of your payment commands will be successful in real time through secured transactions. Even on bank holidays!
How to Deposit & Withdraw?
Deposits
Most betting sites fail to offer payment methods that work for both deposits and withdrawals. UPI betting sites enable punters to use their services for carrying out both of these commands without having to switch to another payment mode.
These are the steps that you have to follow when making a deposit through UPI:
- The first step is to put in the login credentials of your sportsbook account.
- Secondly, you have to head to the Payment feature that shows up on the sportsbook page.
- Up next, you will have to select the ‘deposit’ option and type in the amount that you want to deposit. However, you have to keep the minimum and maximum amount offered by the sportsbook in check before making the deposits.
- For the next step, you will have to tap on the UPI app on your phone or tablet to get started.
- Use the app to deposit the amount to your betting account with the help of your UPI id.
It might take a couple of seconds but not more than a minute to receive confirmation that your money has been deposited into the betting account.
Withdrawals
As for withdrawals, go through the following steps to make successful withdrawals from your betting account:
- First, log in to your sportsbook account using your login credentials.
- Up next, you will have to find the Payment feature from the iGaming website.
- Once you have located the payment feature, tap on the withdrawal option to land on the withdrawal page.
- Next, you will have to type in the amount that you want to withdraw from your betting account.
- For this, you will have to use your UPI to verify that it is you who is making the withdrawal for safety purposes.
Finally, although the transaction will be complete within seconds, you will have to wait a day or two to be able to cash out the wins from your account.
How Secure Is It to Use UPI?
Regulated by the Reserve Bank of India, UPI betting sites are extremely secure. Apart from this, UPI betting sites have additional safety features which ensure the safety of punters making transactions through their Payment feature.
For example, sports bettors do not have to worry about their personal details being at risk since all you need is a phone number to send over the money successfully.
Moreover, the UPI betting sites have a two-factor authentication service for both 4 digit and 6 digit pins ensuring extra layers of security for its Indian punters.
Not to mention, betting sites that accept UPI have state of the art encryption methods set in place to an added level of protection. This ensures punters that they can easily spend hours on an end placing their bets without having to worry about any privacy issue popping up as a hindrance.
How to Open an Account?
If you want to avail benefits from UPI betting sites, the first course of task would be to join a bank that is in association with UPI. Some of the names of these banks include SBI, Axis Bank, Central Bank and HDFC.
For the next step, you will have to download the UPI betting sites app so that you can get started with the process of opening an account.
Once you have downloaded the app, follow the procedures step-by-step as listed below:
- The first task at hand is to select the language that you feel comfortable in.
- Up next, you will have to confirm your mobile number which has also been linked to your bank account.
- For the next step, you will be required to put in an active email address. At this point in time, you will be required to use an OTP for verification of your number.
- Then you will have to choose the bank that you have joined.
- Now, you will have to create a unique 4 or 6 digit PIN with the help of your debit card.
Once you have followed all of these steps accordingly, you are all set to begin your UPI transaction journey!
UPI Betting Sites – Fees
One other factor that attracts punters into signing up for betting sites that accept UPI is that they get to make all of their deposits and withdrawals at free of cost. Although, in situations where you have made more than 20 transactions, you will be charged with a value not more than 2.5 INR.
Alternatives to UPI
If you are looking for alternatives, let us tell you that you will find plenty of those in India. While all of the features may not match UPI’s services, some of the basic functions will remain the same.
Some of these alternatives include imps, Skrill, Neteller, Bitcoins, Debit card, Google pay etc.
UPI Betting Sites – FAQ
Is it safe to use UPI for sports betting? Yes, it is absolutely safe to use betting sites that accept UPI. As mentioned above, it has a standard encryption system set in place for the protection of punters in India. Moreover, the 2-factor authentication enables sports bettors to make the safest transactions possible for sports betting.
Which deposit/withdrawal methods can I use when using the UPI? UPI betting sites allow all kinds of deposit and withdrawal methods for the flexibility of their punters.
Do I have to verify anything when using UPI? If yes, which benefits do you get from it? For every transaction you make using UPI betting sites, you will have to verify using your unique UPI PIN and mobile number. This ensures protection against safety threats.
Will there be any added fees when I use UPI? No. Not unless you make more than 20 transactions a month. In that case, you will be charged a mere 2.5 INR.
What do I do if my payment is declined? Although this is highly unlikely to happen, on the rare occasion that it does happen, you can get in touch with UPI’s customer support to help you with your issues. You can also contact your bank in case of an emergency in these situations.
How long will it take before my deposit is received by the betting site? Deposits using UPI betting sites are instantaneous. One tap from your phone and the amount will be deposited to your betting account to help you get started ASAP.
How long will it take before my withdrawal is received from the betting site? Although the withdrawal confirmation will be dealt with within a minute or two, it will, however, take around 2 business days to reach your account so that you can cash out.
Tips
- Take Your Time When Selecting The Best Payment Provider For You
Betting online puts your personal information and money at risk if you do not have the best payment provider in your service. This is why Indian punters should opt for betting sites that accept UPI to get the best payment method service.
- Be Aware Of Any Fees Which May Occur
If you are using UPI betting sites, we can assure you that you will not be charged any additional fees for your transactions. However, extra fees will be added if you make more than 20 transactions a month. Therefore you should look into the payment options thoroughly to see the flexibilities that it offers to its users.
- Make Sure That Your Favourite Betting Site Accepts Your Preferred Payment Method
Before signing up for any random iGaming website, make sure that you have your preferred mode of payment available on their payment feature.
- Know The Transaction Limits Of Your Preferred Payment Method
Betting sites generally have limits set in place which you can find out from their terms and conditions page. Make sure to give it a read before making any such transactions without knowing the minimum and maximum limits offered by your sportsbook.
Summary - UPI Betting Sites
With people being dependent on their smartphones for every other task, punters have now joined the bandwagon due to the flexibility of payment options offered by the sportsbook.
UPI betting sites have been offering their services to bettors in India since 2016 and have been consistent with their top-notch service. So, if you are looking for sportsbooks that offer secure payment options, we will recommend betting sites that accept UPI.
After all, it is the fastest cashless payment system available in India today!