UPI

UPI stands for Unified Payment Interface. This payment system was launched in 2016 and has been well received within 5 years. As of December 2020, more than 200 banks are active on the UPI platform, which handles more than 2000 million transactions a month, worth almost 4 lakh crore rupees.

Most people have a UPI app that they use. You can pay for goods online or at a small tea vendor using this method.

Indian players love to play various online games, and being a fan of sports like Cricket, make various deposits on online gaming sites based outside India. While betting with PayPal and Skrill used to be the only options, now these sites are becoming more and more ‘India friendly’. Many major gaming websites accept UPI payments as a way of depositing money into a player’s betting account.

1. UPI Betting makes it quite easy to make transactions as funds do not need to be transferred to an intermediary foreign e-wallet.
2. There’s no need to learn anything new and you can deposit money using any UPI app you’re comfortable with.

Some of the most popular UPI betting sites include Betway, Bet365, Casumo, Funbet, and PhonePe.

Bet Offers Using Phonepe

PhonePe is another site that offers UPI deposits as a convenient option and PhonePe can be used to make deposits via their UPI interface. 

As of now, PhonePe also has an exclusive offer of Rs. 35,000 Welcome Bonus available to our users. This deposit offer can be used when making a deposit using PhonePe on PhonePe.

Step:

• Log in to your account on PhonePe
• Choose banking, deposit options and choose UPI as the payment method
• Enter the PhonePe Virtual Payment Address and enter the deposit amount and make the payment, complete the deposit in the PhonePe account
• Click deposit Now, and your betting account will be topped up

Deposit Money In Your Gambling Account Using UPI

To deposit money, you must first log into your gambling account.

1. After logging in, you can go to the option `Deposit´, or `Bank´ or `Cashier´.
2. You will be shown a list of all the options available to you. Select UPI from the list.
3. You will now be asked to enter the amount you wish to deposit. After you enter the amount and confirm, you will be directed to the UPI app installed on your phone, where you will need to enter your UPI code, as well as your PIN. 
4. Once confirmed, the money will be credited to your UPI betting site account.

Deposits made by UPI are free of charge and instantaneous in most cases although it is normal for the balance to reflect this new deposit after about an hour or so. If it is not reflected in your gambling account within about an hour, you can contact the customer support of the respective site. You may also be asked to upload proof of your transaction in the form of an RRN number or a screenshot.

To avoid problems with depositing, make sure that your UPI account name matches the name you used to create your gambling account.

One should also understand that the amount deposited through UPI will be debited from your bank account. So make sure you have a sufficient balance in the account linked to UPI.

Benefits Of Using UPI

UPI brings several different payment methods and applications under one umbrella, and users don’t have to remember the account number, bank name, or IFS code of the person they want to transfer money to. Instead, they can send money digitally using a mobile number, Aadhar number, UPI ID, or by using a QR Code.

You can link a number of different bank accounts to a single UPI ID and can use one of them to make payments. Transaction fees are minimal, and funds are transferred in real-time. It also integrates various bank applications and digital wallets under one structure, and you can transfer funds seamlessly from one to another.

Advantages Of Using UPI To Load Your Betting Account

• UPI is very safe because it is regulated by the government and RBI. Therefore, you can be sure about the safety of your funds transferred through UPI.
• Transactions via UPI are fast, and in most cases, instant. Also, the minimum and maximum deposit limits are sufficient for most players. You can start using your money instantly to place bets.
• Deposits made through UPI are free of any fees by the website, although there may be a nominal transaction fee charged by your bank, making UPI one of the cheapest deposit options out there.
• The service is available 24×7, so you can load your account at any time of the day.

Disadvantages Of Using UPI For Betting Sites

There wasn’t too much of a downside, to be honest!

Just like every transaction made through your bank account, anyone looking can easily track the money. While there are no known cases of anyone facing issues, you should be aware that your transactions are not anonymous.

Additionally, while most gaming websites prefer to direct your withdrawals using the same method you used to deposit, UPI is still not a valid withdrawal option on most sites. Therefore, the withdrawal will most likely end up in your bank account and it could take a few days to process.

Withdrawal Using UPI

As of now, no gambling or betting site in India supports withdrawals using UPI. If you have made a deposit using the UPI method, the withdrawal amount will be credited to your bank account, or you will be asked to choose another method.

How To Create A UPI Account

1. You must first make sure that the bank you have an account with supports UPI payments. Since most private and national banks support it, this should not be a problem.
2. Now download government-owned payment apps, BHIM, or other popular private apps including Paytm, PhonePe, Google Pay, etc.
3. Once the app is downloaded, enter your mobile number linked to your bank account, and set a password that you must enter every time you want to access the app.
4. Some apps will automatically withdraw your bank account while others will ask you to select your bank name from the list provided. Either way, you must choose the bank account from which the money will be deducted after you make the payment.
5. You can now set up a UPI or VPA (Virtual Payment Address) ID by providing the last six digits of your debit card, and the expiration date. Your UPI ID has now been created and you can now send or receive money using your linked bank account.

Frequently Asked Questions about UPI Betting Sites