- UPI: Introduction
- Overview of UPI
- Criteria for Choosing the Best UPI Sportsbooks
- Deposit With UPI at Online Sportsbooks
- How to Withdraw With UPI at a Sportsbook
- Safety and Security of UPI Sportsbooks in India
- UPI Security Measures
- Betting Bonuses at UPI Sportsbooks
- UPI Fees in India
- Deposit and Withdrawal Limits on UPI Sportsbooks
UPI is an important payment method in India. This instant real-time payment system is popular in the country not only because of its easiness but also because of the way it enabled the digitalisation of the country’s economy. So, it’s no surprise UPI is also used as a payment option in Indian online sportsbooks.
Overview of UPI
Before we start discussing the UPI payment option at sportsbooks, it’s essential to talk about this payment system in general. Unified Payments Interface was developed by the National Payments Corporation of India – NPCI. Since its introduction in 2016, UPI has become widely popular throughout the country. In April 2023, the monthly volume of UPI transactions exceeded 8.8 billion in India. There are more than 400 banks available on UPI.
The Origins and Meaning of UPI in India
The NPCI developed UPI to provide an instant payment option, earning more trust in digital payment options in India. Thanks to this instant payment system, cashless payments have become more popular in the country. The National Payments Corporation of India also introduced a mobile app to provide additional convenience. That being said, let’s discuss how UPI works in India and how to choose the best sportsbook that accepts UPI.
How Does the UPI Payment Option Work in India?
UPI is easy to use. The payment system allows you to link several bank accounts in the UPI app and make money transfers quickly. With the UPI app, you don’t have to provide your account number and the funds are transferred instantly. Instead, you need to use a Virtual Payment Address (VPA).
You need to have an active bank account and a phone number linked to the said account to use UPI. Other than that, all you need is the UPI app and an internet connection to transfer your funds via Unified Payments Interface. UPI is a convenient and widely popular form of digital payment, being compatible with the vast majority of digital wallets.
Criteria for Choosing the Best UPI Sportsbooks
There’s a particular set of criteria you need to keep an eye on when choosing the best sportsbook that accepts UPI.
- Security: No matter what payment options you’re looking for, security always comes first. Make sure the online sportsbook takes the necessary steps to keep your funds and personal information safe.
- Licensing: Make sure that the sportsbook is licensed and regulated by an authoritative regulatory body. Licensing means the betting site is trustworthy and reliable.
- Special bonuses for UPI users: Look for online sportsbooks that offer special bonuses and promotions for those who use UPI as their payment method.
- Fair withdrawal times: Some online sportsbooks take longer to process withdrawals. Choose a sportsbook that offers fair and acceptable processing times.
- Customer support: You can never know when a technical issue will arise, so it’s always great to have a customer support team available. It’s recommended to sign up at sportsbooks with a knowledgeable and friendly customer support team. We suggest choosing a sportsbook that offers various ways of reaching customer support (live chat, e-mail, hotline, etc.)
- Wide variety of betting options. Of course, the most important aspect of any sportsbook is entertainment. One of the best ways of providing a fun experience is by introducing a lot of gambling options, games, and tournaments, so choose your sportsbook wisely!
Deposit With UPI at Online Sportsbooks
Before choosing UPI as a payment option at an online sportsbook, you need to sign up at UPI itself. For that, you’ll need an Indian bank account and a smartphone. First, you need to download a UPI app.
Options include, but aren’t limited to, PhonePe and Google Pay. Then you need to open the app and fill out the registration form. The app will allow you to create a Virtual Payment Address (VPA) we’ve already mentioned above. The creation of a VPA only takes a few minutes. Once it’s created, you should link your bank account to it. Indicate your phone number, and you’ll be all set to send and receive funds via UPI.
After you’ve done signing up at UPI, you can choose an online sportsbook that supports UPI as a payment option. Usually, you’ll be presented with a list of supported options, out of which you need to select UPI. Then you should fill out the amount you want to deposit and insert the UTR code of the deposit transaction. Once the transaction is finished, the funds will appear on your balance, and you’ll be free to start playing.
Step-by-Step Guide to Depositing With UPI
In this guide, we’ll explain how to sign up at UPI and deposit funds into your sportsbook account.
- Download a UPI wallet app.
- Complete the app registration form.
- Create a VPA.
- Link your bank account to your VPA.
- Enter your phone number to finish the registration process.
- Choose UPI as a desired payment option at an online sportsbook.
- Enter the amount of funds you want to deposit.
- Insert the UTR code.
- Wait for the transaction to complete.
No system is perfect, and UPI has its issues as well. For example, one of the most common issues Indian users face is delays in payments. This is usually a result of a network error or an issue with the bank server. If you’re experiencing delays in payments when using UPI, you can try changing the internet network or switching from mobile data to a Wi-Fi network. However, if this doesn’t work, it could be that the issue lies within the bank server.
Another issue related to UPI is that the six-digit PIN may not be strong enough to keep your account safe. However, you can always use two-factor authentication to further secure your funds.
How to Withdraw With UPI at a Sportsbook
There’s no shortage of options when it comes to online betting sites that accept UPI. The timing of the withdrawal process varies from site to site, so it’s best to read the terms and conditions upon signing up and reaching customer support if necessary. Usually, withdrawing funds with UPI isn’t a hard task.
You need to find the withdrawal button, enter the amount you want to withdraw and confirm. The rest is up to the betting site – some sportsbooks take less than a day to process a withdrawal, while others may need 24 hours or a couple of business days.
Step-by-Step Guide to Withdrawing With UPI
Let’s see how to withdraw using UPI step-by-step:
- Click on the “withdrawal” button (might have a different name on different websites).
- Enter the amount.
- Verify the transaction on your UPI app.
- Proceed with the transaction.
We’ve already mentioned that UPI is a quick and easy payment method. We believe depositing and withdrawing at online sportsbooks with UPI won’t cause any specific issues, but if something unexpected happens, you can always reach the sportsbook’s customer support for help.
Safety and Security of UPI Sportsbooks in India
We highly suggest choosing betting sites that use the industry standard safety and security measurements. That includes two-factor authentication, SSL encryption, and more. Additionally, it’s always great when betting websites have a list of sources for players who need professional help. Features like self-exclusion and limiting your daily activity are essential as well.
UPI Security Measures
UPI uses two-factor authentication and UPI PIN to provide security. The first security measure is the UPI PIN. It’s essential that you only enter your UPI PIN on the UPI PIN page and never share the PIN with anyone to keep your account secure. Two-factor authentication is a more advanced security option, which provides additional convenience and frees you from the need to keep your funds in another wallet.
The UPI PIN and two-factor authentication are the most significant measures to keep your account safe. However, there’s another factor: you receive an SMS whenever you finish a transaction. Your bank is confirming the amount of the transaction with the SMS. This is another way of ensuring your account and funds are safe: check the amount indicated in the SMS and always inform your bank if the amount is incorrect.
Betting Bonuses at UPI Sportsbooks
Different betting sites offer different bonuses, but players who use UPI stand a chance of getting special bonuses and promos. For example, UPI users may be up to get a special deposit bonus upon depositing with UPI. Moreover, there are other kinds of promotions, such as cashback promotions and individual offers for VIP members. All in all, Indian sportsbooks that support UPI can offer many pleasant bonuses and promotions.
UPI Fees in India
UPI applies a 1.1% interchange charge on transactions that exceed ₹2,000, but only for transactions made with Prepaid Payment Instruments. Normal UPI payments are free of charge.
That being said, the only other fee that might apply on a deposit or a withdrawal at an Indian sportsbook is that of the betting site itself. If the site doesn’t apply any additional fees, you won’t pay any other fee. It’s best to check the site’s payment options page as well as the terms and conditions.
Deposit and Withdrawal Limits on UPI Sportsbooks
Different sportsbooks may have different minimum and maximum limits on UPI transactions. We recommend checking your favourite UPI sportsbook’s payment options page or gathering additional information by contacting customer support.
Here are some FAQs about this payment method.
Yes, you can use UPI to deposit into your account in India. UPI, or the Unified Payments Interface, is a widely popular Indian instant payment system. There are sportsbooks and betting sites that support UPI as a payment option. UPI is quick and easy to use; it allows you to add multiple bank accounts to a single UPI app and transact funds in real-time.
Different sites might have different fees, so we recommend checking the sportsbook’s payment options page. Alternatively, you can reach customer support to find additional info. However, UPI doesn’t apply any fees on standard UPI payments. The National Payments Corporation of India only applies a 1.1% fee on PPI wallet transactions exceeding ₹2,000.
Much like the gambling fee, the minimum and maximum deposit limits depend heavily on the betting website.