The innovations in technology and the economy all around the world led to the creation of some efficient and convenient banking options. The same applies to the Indian economy, its casino industry, and banking methods. During the last decade, fast and low-cost online money transfer options have managed to replace some more conventional ones.
Now, Net banking - IMPS betting sites and UPI betting sites payment methods as well as UPI casino sites, and IMPS casino sites payment methods are the top used options for transferring funds. Dive deeper into the subject and read more information about UPI and Net Banking betting sites in Rupees.
Once you dive into the world of sports betting and casino you will notice that there are some payment methods that are more used than others. In India, the most popular payment options are definitely UPI and IMPS bank transfers, which are available in the majority of the legit betting sites. Let us take a look at the benefits these two ways of digital payment bring to gamblers in India:
It makes both IMPS and UPI betting online in Rupees possible
Instant transfer velocity
Available 24/7 – except for Bank Holidays
UPI money transactions are safe as they occur in a highly encrypted format and it has a 2 Factor authentication
IMPS transfers can be done on multiple channels like Mobile, SMS, Browser, ATM, and USSD
INR betting with IMPS India Bank Transfer is easy and simple
Surely, IMPS and UPI are the two growing banking options in India when it comes to online payments. Even if these are not the two most used methods for all money transfers in India, they definitely are quite popular in the online gambling world. More and more licensed casinos and sportsbooks favour users who prefer depositing with one of these.
How to Use UPI and IMPS (Net Banking) in Betting Sites?
If you are new to the whole iGaming world, then you could use a short guide on how to use these local Indian bank transfer systems - to be precise, UPI, and IMPS which you can find at almost any legit online casino. Besides, a great number of existing online casinos and betting sites are using the same approach. So, take a look at how to use UPI and IMPS at almost any online gambling website out there. Learn how to make deposits and withdrawals in an easy, safe, and fast way through just a few easy steps.
Go to the funding section or payment method section and choose the Net Banking option
Copy the banking details offered at the betting site: Account Holder Name, IFSC Code, Account Number (*for UPI you will be automatically redirected to the corresponding URL where to deposit)
Log in to your personal Net Banking system
Select IMPS/UPI and add the amount you want to deposit
Send funds to the Account holder details that you have copied from the betting site
Go back to the betting site payment section and fill in the form with the transaction’s details (RRN is mostly required in such cases)
For some transactions at certain casinos or betting sites, the users will have to add additional transfer details. This means you might need to provide a Screenshot of the transaction after inserting the deposit amount.
f you wish to withdraw funds using any of the mentioned banking options you will have to go through a similar process as explained in the text above. Here are the fields you usually need to fill in when requesting a WD via India bank transfer:
Account Holder Name – must be the same as the name you used to register at the betting site itself
Your Account Number
Bank name – the name of the bank e.g. HDFC Bank, ICICI Bank, etc.
After submitting the form, most betting sites and casinos will process your withdrawal within 48 hours. NB! Note some of the sites will require your Betting Account Verification before processing your withdrawal.
IMPS or Intermediate Payment Systems is a money transferring system available to users all the time. It is a payment system serviced and maintained by NPCI which has a goal of making it possible for users to access the funds and pay via mobile devices. Finally, the only thing one needs to make the payment is the phone number of the other party, making payments via IMPS easy and simple.
There are multiple benefits of using IMPS when making money transfer on a betting site or online casino. If you are considering using precisely this payment option when betting or playing online you should know what kind of perks you can expect. Take a look at some of the IMPS benefits:
Payment in INR available
Transfer limit of 2 Lakh Rupees per day
Instant fund transfer time
Available almost everywhere in India
The Participants for IMPS
Remitter - the one who sends the funds
Beneficiary - the one who receives the funds
National Financial Switch - NPCI services and manages IMPS
Unified Payment Interface or UPI is similar to IMPS but more advanced. It is a sort of an identifier or money transferring ID used to make bank transfers via IMPS in India. Those looking for an instant transaction when playing online should consider using UPI. It allows complicated pieces of data to be converted into a virtual address, making the whole payment process much easier.
How UPI Works?
UPI as a layer of IMPS is a far less complicated way to transfer funds. All you need to make a transaction is a VPA or Virtual Payment Address. This network has a VPA ID unique to one bank account, which means that you don’t have to know the details such as the bank account to send someone funds. All you need is a VPA.
To avoid waiting for hours to get a recipient or payee added you can use UPI and send or receive money instantly. You will need a phone number, a virtual payment address, or an Aadhaar unique identity number of the recipient. If you want to be able to use this system you will have to check whether your bank offers it. Then, you should choose whether you will need a local or a global address, which allows you to send and receive money via UPI.
The way it works is that you have to give your virtual address when you desire to pay for something. Later on, you will be asked to verify the transaction via your mobile phone and once you provide the correct password the transaction will be complete.
The main benefit of UPI is definitely the simplicity and speed of transactions. The users will be able to pay using only their virtual address in a matter of seconds. Moreover, UPI is available 24/7 and it is getting more and more popular in India, meaning more and more banks are offering it. Lastly, this payment method is trustworthy and it also allows money transactions in Rupees.