UPI Cricket Betting Guide
Unified Payment Interface, popularly known as UPI, is one of the payment methods used by Indian players. It can be used for a wide array of purchases in online merchants or online gambling sites. This article will discuss UPI as a payment method for funding an online gambling account.
UPI is a payment system launched in 2016, and in just a short period of time, it became renowned across India. It made a significant milestone in December 2020 as over 200 banks are on the UPI platform. Such banks have the ability to handle over 2000 million transactions per month. The majority of people have already installed UPI app, and they primarily use the platform to pay for goods and services online.
Fact-checked & Updated on 20th June 2022 by Ushan Arya Industry Researcher.
Published on 15th Feburary 2022.
Best Online Betting Sites That Accept UPI
The popularity of UPI has enticed many companies to come up with many wallets and tie up with UPI. Some of them are the following:
- Google Pay
- Amazon Pay
- Airtel Money
Are UPI wallets the same as digital wallets?
UPI wallets and digital wallets are not the same, although some people think they are. The differences between the two are as follows:
- With UPI, the transaction is bank-to-bank. On the other hand, digital wallets serve as intermediaries between two banks.
- Digital wallets primarily use mobile numbers, while UPI uses a virtual payment address.
- UPI has a higher transaction limit. You can deposit up to 1 lakh using UPI, while a digital wallet only allows 10,000 Indian rupees.
Creating a UPI account
Creating an account with UPI involves simple and easy steps. However, there are a few things you need to consider, such as ensuring that your bank supports UPI payment. After which, you can proceed with the account creation, and the steps are as follows:
- Download and install UPI.
- You will be asked to provide your mobile phone number (linked to your bank account).
- Create a unique password and make sure you remember the password. Every time you will access the app, you will need to key in first the password.
- There are apps that will instantly pull up your bank account. Although, some would ask you to choose a bank name from the provided list. To be certain, you will need to choose a bank account you wish the money will be deducted from every time you make payment.
- Choose your UPI ID. You can also set a Virtual Payment Address (VPA). All you have to do is use your card’s last six digits and the expiration date of your card. After which, your UPI ID is set up. You can now start sending and receiving money.
That is how easy and simple set up an account with UPI. For as long as you have all the requisites, fund transfer will be a breeze. There is not much issue when it comes to using UPI for online payments and fund transfers.
How to fund your online betting account using UPI?
Indians are fond of playing games online. They love sports like football and cricket. They show their love for sports by placing a bet on sports betting sites outside India. Skrill and Neteller were the options back then, but now UPI is starting to become a game-changer. The majority of online gambling sites accept payment made via UPI. Many players prefer UPI over other online payment methods because the transactions are carried out easily. It makes the transaction seamless because transferring funds does not need to go to a third party foreign e-wallet. Some of the sports betting sites that accept UPI payment include ComeOn, Casumo, Bet365, Betway, and Funbet
PhonePe deposit via UPI Gateway
Some online gambling platforms do not accept direct deposits using PhonePe, such as ComeOn. Fortunately, UPI can be used as a gateway for PhonePe, thereby allowing fund transfer from PhonePe to an online betting account. What’s even great is that ComeOn offers a welcome bonus available for deposits made via UPI. To avail of such perks, the following steps have to be followed:
- Visit ComeOn official website and log in to your account.
- Go to the cashier section or banking.
- Choose UPI as the payment method of choice.
- Key in your PhonePe’s virtual payment address.
- Specify the amount you want to deposit.
- Make sure you double-check everything before completing the transaction.
- Once you hit the button that says “deposit now,” the fund will be transferred to your online betting account.
Funding your online betting account using UPI
To transfer funds to your online betting account, you will need to follow these steps:
- Go to your online gambling account’s official site and log in with your details.
- Once you are safely logged in, head over to the cashier or deposit section; sometimes, you will see the “bank” option. They all mean the same thing – to fund your gambling account.
- You will see available deposit options, and it includes UPI. Hence, you have to click on UPI.
- You will be asked to specify the amount you want to deposit and hit confirm.
- Once you are done with confirming the amount you want to deposit, you will be transferred to the actual UPI app.
- You need to install the UPI app on your phone. A unique UPI code will be sent to you, which you need to enter to the app itself along with the unique PIN.
- Hit confirm, and the funds will register to your UPI betting site account.
⚠️ Please note that all UPI transactions are free of charge. The fund transfer is instant, although it might take a few minutes before the money will reflect in your account. Some noticed that it took an hour before the money reflects in their account. If, in any case, the money took longer than an hour to register in your account, you have to get in touch with the customer support team to address the issue right away. They will ask you to upload proof of transaction, such as a screenshot of the transaction or the RRN number.
⚠️ When creating your UPI account and online betting account, you have to be certain the account details of the two accounts match. Another thing to note is that the amount deposited through UPI will be automatically deducted from your bank account. Therefore, you have to ensure you have enough money in your account.
Withdrawal through Unified Payment Interface (UPI)
It is unfortunate to know that withdrawals through UPI are not allowed by almost all sports betting sites. If you happen to deposit funds to your online sports betting account via UPI, your best option for withdrawing funds is a bank transfer.
What are the benefits of using UPI in funding your online sports betting account?
Unified Payment Interface (UPI) is a payment app that brings various payment methods together. What makes it all the more pleasing is that you don’t need to remember the bank name, account number, or IFS code of the person you want to transfer funds to. All you need is either of the following: QR code, UPI ID, mobile number, or Aadhar number.
Another thing to love about UPI is that a single UPI ID will let you link a number of bank. You have the option to use any of the linked bank accounts to make payments. The fund transfer is free of charge, at least for UPI’s part. Some banks impose a transaction fee, but it is minimal. The transfer of funds is instant, and it enables the integration of various bank apps and online wallets. Hence, you can allow fund transfer from one payment app to another on a single platform. That’s the ease, simplicity, and convenience offered by UPI.
UPI (Unified Payment Interface) – A means of transferring funds to your betting account
- It is a safe platform – Safety and security are the top concerns when making an online payment. Fortunately, UPI is one of the safest and most secure payment portals as RBI, and the Indian Government regulates it.
- The fund transfer is instant – You surely want to add funds to your betting account right away so you will not miss any sports betting event. UPI ensures that fund transfer is quick and instant.
- It has a high deposit limit – UPI’s minimum and maximum deposit limits suit the needs of pro bettors.
- The fund transfer is free of charge – all the deposits made via the UPI platform are free. If you notice a nominal charge, it is imposed by the bank or the betting site itself and not from the UPI’s end. The fees are nominal, making UPI one of the most affordable options for transferring funds to an online betting account.
- It is available round the clock – The fund transfer service offered by UPI is available round the clock. Hence, you can transfer funds anytime you need to.
What are the disadvantages of using UPI for betting sites?
Although UPI comes with many advantages, it has a few disadvantages. These are the following:
- Transactions are not anonymous – You have to be aware that you can’t find it at UPI if you are looking for anonymity. It is easy to trace your transaction. Although, there have been no issues associated with using UPI.
- Some online gambling websites do not allow withdrawals through UPI – Another issue with using UPI is that some online gambling sites do not allow withdrawals made using UPI, which is I think is a major letdown considering that many online betting sites constantly remind you to use the same method for deposit and withdrawal. If you have used UPI for funding your sports betting account and times come to withdraw it, your only best option is bank transfer, and it would take a couple of days for the money to reflect in your account.
The Unified Payment Interface (UPI) is one of the most convenient payment methods for Indian punters. It is widely accepted by sports betting sites that accept Indian players. Many prefer to use it over other payment solutions because of its simplicity and ease of use. It is also safe and secure as it is regulated by the Reserve Bank of India.