Indian players can typically use a wide variety of different payment methods to top-up their balances at online casinos. One of the most popular ones now is UPI. Unified Payments Interface sounds like a complicated affair, but it is quite simple to use and has rapidly gained traction as a leading banking option for Indian players, particularly amongst those wishing to transfer funds via mobile phones and tablets. It is time we took a closer look at UPI and the importance it plays in the Indian online casino world as a leading payment method.
What is UPI?
Known fully as Unified Payments Interface, UPI was founded in 2016 and is a real-time payment method created by the National Payments Corp of India. Regulated by the Reserve Bank of India, it permits transactions between two banks using mobile phones and tablets. At least 140 Indian banks are currently involved in the system, with roughly $19 billion changing hands each month. In just a few years, as much as $240 billion is thought to have gone through the system.
The banking method is predominantly used via mobile apps, which can be linked to several bank accounts. The UPI client app processes money sent or requested with other users via their apps. Only banks that are signed up to the system can be used to process transactions using UPI.
UPI Accepting Casinos
Unsurprisingly, such a popular banking app as this has naturally found favour with Indian players who wish to bet online. UPI can process transactions quicker than conventional electronic funds transfers, and that makes it appealing for casinos and players alike.
Of course, you will not find too many online casinos in India that are in operation, on account of Indian operators seldom being allowed to offer gambling services to the population. However, offshore operators can provide such services. A good number of these are now processing payments using UPI, which makes them stand out to Indian players who want to use the option when depositing and withdrawing for casino gambling purposes.
How to Deposit Using UPI
To make a deposit using UPI, you need to download the mobile app and connect your bank account to the client app. Once this is done players must head to an online casino that is known to offer UPI as a deposit method.
The cashier page of any casino will list the payment methods permitted. After selecting UPI from the payment methods available on the cashier page, you can choose the amount you wish to deposit. A charge of Rs 0.50 is in place for every transaction made. Once you have confirmed the transaction via your app, the deposit should instantly land in your account.
Cashing Out with UPI
Cashing out is easy to do with UPI, too, which has helped make it a winner with Indian online casino gamblers. After logging into your casino account, you can select UPI as your cashout method. You must then clear the KYC (know your customer) verification process, and once this is done, you can withdraw your winnings, once more verifying the transaction via the app.
UPI withdrawals can take anything from 1 to 5 business days to clear. However, this is incredibly faster than traditional bank and card options that have thus far been popular with Indian players.
Reasons to Use UPI at Indian Online Casinos
As you may have noticed, UPI is a considerably valuable tool in an Indian online casino gambler’s arsenal. Here are just a few of the reasons why it is so important to have such an option at Indian online casino sites…
- UPI can process transactions faster than many bank/card options
- The fees are as low as Rs 0.50 per transaction
- The payment method is regulated by the Reserve Bank of India, and is, therefore, safe
- Many of the best online casinos in India are now offering this payment method
- It is specifically designed to cater to Indian players using rupees
Playing at UPI Indian Online Casinos Today
Of course, not all online casinos that cater to Indian players are going to be able to offer you UPI as a payment method. However, a good number of them do so. Those casinos that do will typically be licensed in Malta, Gibraltar, and Curacao. They will often be verified and certified casinos. If a domain is world-renowned for accepting players from India and goes out of its way to cater to them, then there is a fair chance that they will offer UPI as a payment option.