Gambling has had its deep roots in Indian history for longer than we can remember. Cricket bets, card games, horse betting, etc., were part of Indian tradition for a long time in Indian betting market. The Unified Payment Interface (UPI) is considered one of the most secure and easy-to-use payment modes.
Sports betting is legal in most parts of India, as is payment through UPI, with the exception of a few states where this game of luck is prohibited. But the major question is “How did UPI become popular in the Indian betting market?”
Back then, when digital payment was not introduced, there was a high dependency on cash transactions. Due to the disclosure of account numbers and card credentials to online betting sites, the chances of online forgery and hacking increased, making it inconvenient and difficult for the masses to trust and rely on this.
Table of Contents
Enabled ease of transaction on betting websites
During this pandemic, a large number of Indians joined this betting market, whether it’s sports betting like CASUMO, Bet365 or real money gaming apps like Teen Patti or Dream 11, which require an initial deposit at the website. This was the time when UPI came into play.
The Unified Payment Interface (UPI) is considered one of the most secure and easy-to-use payment modes. One important thing a player considers while placing a bet is the ease of making deposits and withdrawals with good customer support and easily resolved payment issues with no fear of losing money due to technical issues or any online fraud or account hacking. Here comes UPI, which itself is a government regulated payment system providing security and reliability and is developed in collaboration by the National Payment Corporation of India, Reserve Bank of India and the Indian Bank Association, which is very accountable and secure.
UPI is regulated by the RBI, which is India’s central banking and monetary authority, making it one of the most reliable and secure payment options and reducing the chance of online fraud.
UPI provided the most simplified payment option, which helped individuals place bets easily and withdraw their money. Individuals just need to download a wallet like PhonePay, Gpay, BHIM, etc where the transaction initiation should be easy.
This can easily be downloaded through the Play Store. This wallet needs to be linked via a bank account, and payment can be easily made through the betting sites. This led to no mention of card credentials and account numbers to an unknown website, thus solving the issue of online fraud and account hacking. This exponentially increased the popularity of UPI.
Enhanced Payments Security in Indian betting market
UPI uses SSL certificates to ensure information security from third parties to steal information, thus providing accountability and reliability to the users, which increased its market share from 17% to 54% in the betting industry. Third party platforms like upibetting.com verify such payment security features and give the betting operators a seal of trust.
UPI provides speed and security, and it takes 30 seconds to complete the online transaction, which allows users to place bets instantly and enjoy this game of luck. The monetary transfers through UPI are very fast and hassle-free, and the betting deposits get transferred to the user’s betting account within seconds.
The UPI payment mode is very cheap when compared to other payment options due to the low transfer fee, making it a pocket-friendly payment option. Depositing money on a user’s betting account is free of cost through UPI, whereas other payment options like Skrill and Neteller have very high rates.
Generally, it’s a good idea to make payment through UPI because no one wants to take any chances with money when it comes to online betting. There is no need to worry about credit card and bank credentials being stolen and misused on online betting sites. There will be no risk of sharing account numbers with anyone, which might result in account hacking and online forgery.
All thanks to UPI. The UPI payment mode is highly secure and uses secure encryption, which cannot be tampered with easily. Since UPSI is regulated by the RBI, it is the most reliable way to make deposits and it reduces the chance of online fraud to an extent. This payment method has both advantages and disadvantages of its own.
But individuals are safe to use this option to make deposits and withdrawals and enjoy the game with no worry and tension of losing their money due to any technical issue, online fraud, or account hacking.
UPI has been one of the greatest innovations in online payment and it is being admired by many nations with adoption of this approach in the future. These provided UPI an edge over the other payment modes and increased its popularity in the Indian betting industry.
With these secure payment options, Indian players have a world ahead of them to enjoy this thrilling experience with accountability and security to win huge prizes with their strategic thinking.