Friday, November 15, 2024
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What is IMPS/UPI payments in India?

Tanvi Agarwal
UPI payments and casinos

These days IMPS and UPI payments in India are common to hear and use. Actually, these payments can be done only with a smartphone or mobile.

  • UPI stands for Unified Payment Interface (UPI). It allows transfer of money from one bank account to another instantly via one’s mobile phone. Payments can be made via app on mobile device only.
  • Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones.

Both methods are managed by the NPCI (National Payments Corporation of India), and they are the financial bridge that allows you to easily enjoy games in real time at online casinos.

IMPS/UPI online casinos make it possible to make fast, secure, and free deposits and withdrawals, using some of India’s most popular payment methods like Paytm, Phonepe, Google Pay.

Click here to find as how to make a deposit with Phonepe at online casinos

This means to use both UPI and IMPS are gateways for making payments, but to do so, you also need to use a payment solution that moves your funds from your bank account through the gateway, and to the casino. So Google Pay, Paytm, and PhonePe are all exceptional methods for secure online casino payments.

Difference between IMPS and UPI

You can make deposits to fund your casino account with both IMPS and UPI but the difference is that  IMPS uses NEFT technology for transactions, which requires both sender and receiver to have an Indian bank account.

Since casino sites are based outside of India for legal reasons, IMPS won’t work that well. UPI, on the other hand, allows you to make transfers between your Indian bank account and a foreign receiver, all you need is a UPI ID (also known as a VPA, Virtual Payment Address.)

To ensure the safety of your funds when playing, the casino might require that you use the same payment method for both deposits and withdrawals.

In the casino cashier or casinos that take IMPS/UPI, the method is usually called “Net Banking,” meaning that this is the “method” you’ll use for your transactions.

As long as you are not exceeding any transaction limits on the additional payment solution that you are using, such as Paytm or PhonePe, your deposits will be 100% free from additional fees.

Remember that online casinos that use IMPS/UPI want you to be able to play and have fun as quickly and effortlessly as possible, so you’ll not require any verification process when depositing.

All your deposits in real INR are instant. In other words, the deposit takes around two minutes to get your money into your casino account.

Also note that the minimum deposit amount varies from casino to casino. Though generally, the minimum deposits with UPI is ₹500, ₹1000, and ₹2000.

Currently, the largest transaction you can make from UPI is 1 lakh, while the casino might have a higher or lower limit than this.

Online casinos have specific terms for withdrawals. Some will allow for a set number of cashouts before adding a fee, some will always charge for withdrawal, while others won’t ever charge you. Check out the Terms and Conditions of the operator to see what applies to you. To ensure that the correct person is receiving the funds, you are likely to be asked to verify your account when withdrawing. Usually, this happens with your first withdrawal, and you’ll be asked to provide a copy of your ID (Aadhaar card), and proof of address.

Besides when you are required to verify your account or the casino has to double-check a large win; your cashout will be processed as fast as possible.

Just like with minimum deposit amounts, there are no set rules on a minimum withdrawal amount. However, ₹2000 is a pretty common minimum amount when withdrawing from IMPS/UPI casino sites.

How to set up a UPI?
  • Download the UPI app from the App Store, Google Play store, or your Banks website.
  • Create your profile by entering your details. Name, VPA, password are some of the details required.
  • Head on over to “Add/Link/Manage Bank Account” and connect your bank account, GPay, Paytm, or PhonePe account with your virtual id.
  • Log in to your casino account, enter the Cashier, choose the UPI/Net Banking option, and follow instructions to register UPI as your means of funding.

UPI will require you to register your Payment Service Provider (known as PSP). Depending on the PSP used, you might have to complete a verification process with them. Entering your Aadhaar card number in the PhonePe verification process is one way, while this will be different for Paytm or GPay, for example.

How to set up IMPS?
  • You need to visit your bank to ask for the IMPS service to be added to your account.
  • Once it’s active, you’ll have to enter your bank account number, Aadhaar number, and MMID number.
  • Log in to your casino account and follow the instructions on how to connect IMPS with them for fast deposits and withdrawals. As you already have to request the service from your bank to use IMPS, there’s no need for further verification once it’s activated.

Since the NPCI manages IMPS and UPI, they operate under some of the most secure systems possible. Also the online casinos are secure to play as they are legit ones we have mentioned at our site for you to make a friendly deposit and play the games.