UPI as a Online Casino Payment Method

Unified Payments Interface (UPI) is one of the easiest and safest payment methods for online casinos. It is developed by the National Payments Corporation of India (NPCI). These days, with the number of online casino payment methods available, it is smart to trust one. Such payment method will help you fully appreciate the games and the winnings you get.

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These days, UPI is one of the most recognizable payment methods by many online casinos. In fact, many payment methods continuously evolve to meet the requirements of gamblers. With the addition of UPI to the online casino payment method, gamblers will have more options to choose from when playing their favorite online casino games. UPI is a perfect online casino payment method since it makes our lives easier and gambling more convenient. As a gambler, you just need to identify which payment method will suit your needs, For instance, credit and debit cards for groceries and UPI for serious online casino gambling.

History

Unified Payments Interface (UPI) is an instant real-time payment method that was developed by the National Payments Corporation of India (NPCI). It was launched to help in inter-bank peer-to-peer and person-to-merchant transactions. UPI is likewise regulated by the Reserves Bank of India.

In 2009, the National Payment Corporation of India was formed and with the goal to integrate all banking transactions in the country to be used for retail payments. In 2012 the Reserves Bank of India had a vision that any transaction is geared towards a safe, efficient, accessible, inclusive interoperable and authorized payment and settlement system in India. There should be a decrease in the use of paper in the banking system. It was in 2016 that the UPI was launched for the public. Eventually, UPI became one of the most successful deep tech innovation from India.

In 2019, Google recommended UPI to the US Federal Reserve Board with the development of FedNow. This is  real-time payment system for the US. The growth of UPI has shown that India is the world’s largest real-time payment market with annual transactions of about 25.5 billion in 2020. In 2021, UPI made India a leader in global real-time market beating China and South Korea. This was even boosted with the security measures and reputable partnerships. The development and growth of UPI was even tried to be copied by other countries, such as Brazil, Bahrain, Saudi Arabia, Singapore, the United States, and European union.

It was in 2018 that UPI 2.0 was launched that linked the Overdraft accounts of the users to a UPI handle. The 2.0 version included a feature to view and store the invoice for the transactions. In 2021, the State Bank of India, Bank of Baroda, and Paytm Payment Bank hava partnered with UPI AutoPay with hundreds of thousands of registered users.

UPI is accepted by many online casinos worldwide. If UPI is your chosen payment method, you may want to check on some of the wonderful reasons why many gamblers choose this as payment method. Here are some of the reasons tho choose UPI:

  1. Free transactions.
  2. UPI can be used for deposits and withdrawals in online casinos.
  3. Transfers are instantaneous.
  4. Minimum deposit is set by the casinos, while the maxim deposit is set y NPCI. This is also true with the withdrawals.

Deposit/Withdraw – how do they work

To use UPI as a casino payment is one of the easiest things in the world. Here’s how you can use UPI as a payment method in online casinos:

  • Visit an online casino and check if it accepts UPI as a payment method.
  • Sign up a personal account and fill in the sign up form that appears. Do not worry about the personal information that you provided as they will remain safe and secured.
  • Go to the cashier section of the chosen online casino. You can fund it with money with the use of UPI. You can enter the preferred amount and verify the transaction.
  • The UPI deposit is usually credited to your casino account within 30 minutes. Once the deposit is competed, you can now play whatever game you prefer.

In addition to these, the withdrawal is as convenient as the deposits. All you need to do is visit the account page and open the Banking page. Choose UPI as your withdrawal method. Enter the amount you want to cash out and provide the banking details, including the account number, and the 11 digit code. Confirm the request and wait for the request to be processed. Confirm with your bank to see if the amount has been credited. However, withdrawal from UPI casinos may take longer of up to 3 business days. It is best to read the online casino’s terms and conditions to know more about the casino’s policy in terms of deposits and withdrawals.

There are many good reasons why many online casino gamblers. Just like in any payment method, it is best to know the pros and cons to further know it the payment method is suitable to your needs. Here are some of the advantages that users of UPI can see beneficial for their purposes:

  • Online deposits is quick and easy. All you have to do is follow the instructions provided in the online casino site.
  • Withdrawals are also supported by UPI.
  • UPI is approved and supervised by the Government of India.
  • Local currency – no currency conversion costs.
  • Compatible with other UPI-based apps.
  • 24/7 customer support to help and assist the users with any concerns and issued about their UPI account.

On the other hand, UPI also has its downside that the customers should be aware of. For instance, UPI is only available in India and there is only a flat fee per transaction.

The payment method that you choose must be suitable to your needs. Especially when it comes to online casino payment method. It is best to choose where you will be comfortable so that you will be able to fully enjoy your favorite online casino games.

UPI FAQ

What is UPI?

UPI is a single interface that allows real-time interbank fund transfers. This is made possible by merging multiple banking services under one roof. UPI was developed by NPCI and regulated by the Reserve Bank of India. Users of UPI also need not provide detailed banking information to send and receive money.

Is UPI an example of e-wallet?

No, UPI is not an e-wallet. It is an interface that is used to send and receive money from one bank to another.

Who can use UPI?

All Indian citizen or tax resident of the country who is over the age of 18 can sign up and use UPI.

Can UPI be used outside India?

UPI can be used outside India as long as you have an account with any UPI-compliant bank in the country and a registered phone number.

Is it possible to send funds to another country using UPI?

Unfortunately, you cannot send money to another country using UPI. But don’t worry as there are plans to go international soon.