India Since the introduction of UPI, people's life has become much easier. UPI has almost eliminated the need to carry cash. NPCI constantly keeps improving UPI to make it more secure and easier for users. NPCI introduced UPI Wallet for small transactions, which is not only convenient but also secure in many ways. Actually, to use UPI you have to link your bank account. Similarly, to use UPI Wallet, one has to load balance from UPI. Let us know how UPI Wallet can be better, convenient and secure than UPI.
Difference between UPI and UPI Wallet
UPI is a payment system used through payment apps like Paytm, PhonePe, Google Pay. In this you have to link your bank account and UPI sends money instantly from your bank account directly to the receiver's bank account. Whereas UPI wallet is linked to UPI and money is deposited in it through UPI. After which when you make payment, the money is directly transferred from your wallet to the other person's bank account.
Benefits of UPI wallet for small payments
UPI wallet is used for small transactions. Through this, you can transfer a maximum of Rs 1000 at a time and Rs 10,000 in a day. In such a situation, there is no risk of any major financial fraud. You must have seen or heard that now cyber criminals are committing fraud in many ways through UPI, which causes huge losses.
more convenient
There is no need to enter UPI PIN to transfer money through UPI Wallet. In such a situation, if you make frequent purchases at a grocery store or tea stall, payment can be made in a faster and convenient way.
Very little chance of payment failure
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