UPI Payments have Led to the Popularity of Online Casinos in India
India is a country in which gambling has always had a complicated history – currently, gambling is banned throughout the country, except in certain states and certain situations. However, when it comes to online gambling, the situation can be described as “a bit different”.
Online gambling, or iGaming as it is also known, is not legal or illegal within the country because the law does not specifically ban it. Currently, it stays within a certain “legality-limbo”, although things might change in the future.
Adaptations within the online gambling industry
Since online gambling in itself lies in this current state, people and companies have had to adapt within the country. Corporations have developed apps that allow a more smooth and easy experience while online betting and gambling. The technology itself is rapidly evolving as well, and with the current COVID-19 pandemic, people in India, just like anywhere else in the world, have turned to their smartphones for any activities. Citizens of India have also adapted to the ever-changing climate and currently, they turned their attention towards online betting. Even Cryptocurrencies are on the rise.
Online casinos are no exception – the rise in their popularity has been growing recently, with more and more people from India deciding to engage with them. Players have a great variety of payment methods that they can use to top-up their balances while they are at online casinos. Some of those method payments include credit and debit cards, e-wallets like PayPal, Google Pay, and Paytm, and a more recent payment method called UPI. If you are curious about the online casinos that accept UPI Payments, then visit casinofox.in soon. They have explained in detailed about how UPI works in casinos.
What is UPI and how does it work?
In terms of popularity, there has been one payment method on the rise more recently. That method is UPI or Unified Payment Interface. A quick history lesson will tell that it was launched in 2016 by the National Payments Corporation of India (NPCI), a state-owned organization that also regulates most digital payments in India. The citizens of India have started to use UPI more frequently because it is very easy to use
So how does it work? UPI as a payment method works by immediately transferring funds from one bank account to another while using mobile platforms. The only thing needed to use UPI is a VPA or Virtual Payment Address which the customers create for themselves. After that, the customers have to connect the VPA to their bank account and they are set. No remembering of IFSC codes or beneficiary account numbers is required.
The involvement of banks
Since UPI permits transactions between two banks while using tablets or mobile phones, it is easy to see why over a hundred banks in India chose to be involved within this system. The notable banks that are involved are South Indian Bank, Bank of Baroda, Federal Bank, United Bank of India, State Bank of India, Union Bank of India, Axis Bank, UCO Bank, ICICI Bank, Punjab National Bank but there are many others. UPI, as a payment method, just processes transactions quicker which makes it more appealing to everyone that uses it. Such quick and easy use is one of the reasons why banks chose to use UPI as well.
Apps and UPI payments
Along with banks, a great number of apps have also started to offer the use of UPI payment services. One of the more popular ones would be Hike, WhatsApp, PhonePe, Truecaller, Paytm and Google Pay.
How safe is UPI?
Another appealing reason why UPI is getting more popular is because of its incredible safety. So how safe is it? UPI is regulated by the Reserve Bank of India, meaning, it is safe.
What is also notable is the fact that UPI is based on an authentification system known as Single Click Two Factor Authentication and all transactions are processed with the use of a highly encrypted format. This easy-to-use and safe method in banking and finance makes UPI even more appealing to its users.
The use of UPI in the future
Since there is a lack of easy-paying methods such as UPI, online casinos decided to invest in the use of this payment method so that they do not lose potential customers.
There is an ever-growing market for UPI as its popularity has grown tremendously over the years. Transactions through UPI will probably soon surpass card payment. By the year 2023, the annual number of UPI transactions will likely reach 60 billion. The low exchange fee of 0.50 Indian rupees for each transaction also gives this payment method an edge among online casino visitors. The current top 5 UPI casinos in India are Bons Casino, Pure Casino,10Cric Casino, Casino Planet, and Casumo.
With all these benefits, it is no wonder why the UPI payment method is getting such hype and why it currently has such a bright future. It is also no wonder why UPI has given even more popularity to online casinos because it is so easy and safe to use. The numbers are looking well for the entire online casino industry thanks to the use of UPI and that is something everyone involved in online casinos can agree.