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The Unified Payments Interface (UPI) is a game-changer technology for digital payments, allowing users to make instant payments, check account balances, and manage multiple bank accounts in a single app. It does away with the time-consuming process of visiting banks or ATMs for transactions.
Payment security refers to the processes and practices used to safeguard financialtransactions, funds and personal information of clients from threats like online and offline payment fraud, unauthorized access, and data breaches. As a final confirmation, the bank sends you an OTP on your registered mobile number.
It encompasses protective measures and protocols to safeguard sensitive payment information during online transactions. In FY2022-23, banks reported a total number of 6,659 cases of digital payment fraud. Issuing domain (bank): The bank that issued the credit / debit card. What is Payment Security?
Unified Payments Interface (UPI) and UPI Lite are digital payment systems designed to simplify transactions in India. While UPI allows you to send and receive money directly from your bank account, UPI Lite focuses on smaller transactions, enhancing speed and convenience. 1,000 per transaction; 4,000 per day. What is UPI?
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