Using UPI? Avoid mistakes with these 7 tips
1. What is UPI? 2. How does it work? Link your mobile number to your bank account. Create a UPI ID (example: name@ bank). This
1. What is UPI? 2. How does it work? Link your mobile number to your bank account. Create a UPI ID (example: name@ bank). This acts as a virtual unique address, so the system knows exactly where to send or pull money from. Set a UPI Personal Identification Number (PIN) which acts as a digital signature while doing a transaction. 3. Features of UPI 4. How teens can use UPI UPI Circle: Parents can add you as a ‘secondary user’ on their account and you can scan and pay. Parents can add you as a ‘secondary user’ on their account and you can scan and pay. Teen-specific wallets: Apps like Junio and FamApp allow minors (11+ years) to use UPI through a digital wallet; no need for a personal bank account.
Apps like Junio and FamApp allow minors (11+ years) to use UPI through a digital wallet; no need for a personal bank account. If you are 10+, you’re eligible for independent UPI access. 5. Beware of the risks PIN is for sending only: You don’t need to enter your UPI PIN to receive money. You don’t need to enter your UPI PIN to receive money. No random QR codes: Don’t scan codes sent by strangers online as they could be fraud traps. Don’t scan codes sent by strangers online as they could be fraud traps. Check the name: Always verify the recipient’s name on the screen before hitting “Pay”.
6. Money challenge 7. Money fact UPI (Unified Payments Interface) is an instant payment system that allows you to transfer money between any two bank accounts using a mobile app. It acts as a digital bridge between banks, making money transfers simple.You need only UPI ID or your phone number for transactions.You pay the exact amount by scanning the QR code.The money moves from your bank/wallet to theirs immediately, any time.Transaction history is available to track your spends.Under updated ReserveBank of India (RBI) guidelines, the digital payments ecosystem has recently been opened to minors and teenagers. Here’s how you can do it:RBI UpdateIndia’s UPI ecosystem now lets minors pay digitally.+2 ¦ Smart spend (important need)+1¦ Okay spend (a planned want)–1¦ Impulse spend (unplanned want)–2¦ Regret spend (‘Why did I even buy this?’)Strong positive score—you’re in control;Around zero, could go either way;Negative score, spending needs a resetUPI works in real time.
You enter your PIN, and the money is gone instantly—no delay, no undo. That’s why every payment deserves a quick double-check.Content on this page is courtesy Centre for Investment Education and Learning (CIEL).Contributions by Girija Gadre, Arti Bhargava & Labdhi Mehta.
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