UPI (Unified Payments Interface) is a state-owned platform by NPCI (National Payments Corporation of India) and was launched in 2016. This payment method facilitates immediate fund transfer between two bank accounts. This is done via mobile apps, which are much quicker than NEFT (National Electronic Funds Transfer). Since it facilitates withdrawals and deposits at UPI casinos, it’s a big advantage for Indian players. Netbanking overall is one of the better methods to use for Indian players.
During the last few years, there has been a trend of these payments have become quite common, especially with online casinos. In fact, the number of banks processing transactions based on UPI payment has increased from a mere 21 in 2016 to a whopping 142 at present. Fortunately, gambling operators also support UPI casino online transactions services.
Top UPI Casinos
Here are some of Live Casino India‘s top casinos that offer this payment method, you cannot go wrong with any of them.
What is UPI?
This IMPS (Immediate Payments Service) method is regulated by the Indian Bank Association and the Reserve Bank of India, instantly transferring funds between two bank accounts on mobile platforms. To use the UPI payment method for transferring money to some of the best online casinos in India, you should create a VPA (Virtual Payment Address) of your preference and link it to your bank account. Besides this virtual address, there’s no need to remember any more details like bank codes and account numbers, which is incredible. To make this process easier, use Google Pay.
Using a mobile device like a smartphone, UPI facilitates the fund transfer in real-time between two participating banks. So, it’s a unified platform, allowing users to club every account they have in various participating banks. UPI brings together a ton of banking features in a single roof by just using single mobile application software. This way, it helps users to a secure, speed, and seamless funds transfer experience round the clock. Here’s how you can receive or pay money:
- VPA (Virtual Payment Address)
- QR code
- Registered phone number
And thanks to UPI, you don’t have to remember or enter the IFSC, bank address, account number as well as other financial details of the recipient. So, with UPI, the transfers are instant, safe, and easy – and all the qualities that every casino banking method strives for.
Very similar to IMPS, the UPI is also built on NFS (National Financial Switch), which is an Indian multilayer network that connects more than 50,000 ATMs across India. So you can be sure it’s safe and secure. The essence of the entire transfer process is NFS, which transfers money from one bank to another without any delay.
How does UPI work?
In terms of how UPI works, there’s not much difference between UPI and IMPS except that the former is much more convenient and faster.
There are a plethora of Payment Service Providers (PSPs) within the UPI ecosystem. These PSPs are certified, trusted mobile apps that support the payments system by integrating an API (Application Programming Interface) that’s approved by the government. These apps can either be by an add-on or a third-party service that member banks offer. These apps represent some or all of the member banks and play the role of a terminus for all UPI monetary transactions.
So, using UPI to make online casino deposits is pretty straightforward. Just follow the steps outlined below:
Find out and sign up at a casino that accepts UPI, you can pick one here on the page.
Then, choose the deposit option by navigating to the site’s cashier section.
First, make UPI your preferred deposit option.
After selecting the amount you’ll be depositing, start following on-screen instructions.
Once you have done this you fill in the details and use your app to confirm the payment.
Typically, deposits are processed almost immediately.
After that, you can begin playing.
Let’s look at it through an example
Mr. Rajnish (payer) and Mr. Aniket (payee). Mr. Rajnish has to send the funds, and Mr. Aniket has to receive them.
Mr. Rajnish and Mr. Aniket have accounts in different banks, and therefore, they’ll have to register for different Payment Service Providers (PSPs). But the NFS would only recognize them simply as the point at which a transaction is triggered or came to an end.
The moment Mr. Rajnish and Mr. Aniket sign up with a Payment Service Providers (PSPs) of their preference, they’ll receive a unique VPA. So, this is also referred to as a UPI ID and looks something like this; [email protected]
Now, if Mr. Rajnish wants to transfer funds to Mr. Aniket, he would require Mr. Aniket’s VPA or QR code or registered phone number). Likewise, if Mr. Aniket wants to request funds from Mr. Rajnish, he would require the VPA or QR code or registered phone number of Mr. Rajnish.
The source bank would process this money and send it to the destination bank through NFS with reference to the two VPAs, QR codes, or registered phone numbers.
Quite straightforward, isn’t it?
What payment methods are supported?
You can also make casino deposits with UPI using the following options:
QR code: This is one of the fastest and easiest methods of deposing money. Just scan the merchant site’s QR code. It has client details, bank details, and self-integrated VPA. However, if a casino site doesn’t offer the option of QR code, you can use other methods.
Bank account: Some casino websites may redirect you to a page that’ll ask you to enter the details of your bank account. Don’t worry about your bank details, they are fully secure and will only be used to deposit money. Enter the mandatory information like the amount you’ll be depositing in INR, name of the account holder, IFSC code, and bank account number. Tap on ‘Proceed’ and you’ll receive a prompt asking you to confirm the transaction. To process the transaction, enter your pin.
Recipient’s ID: You can also make payment directly to the recipient’s UPI ID. Which is the merchant site of your online casino. And there won’t be any difference in the steps. But you’ll have to select the amount and proceed with your PIN to confirm. This will execute your transaction.
If you want to use some other payment methods check out our other reviews for other popular methods here.