Want UPI without bank account link! Here’s a trick

We all know about Google Pay and PhonePe. However, have you ever heard about Pocket UPI? It allows users to make UPI transactions without linking a bank account. The service uses a prepaid wallet as the source of funds, enabling users to pay via UPI using their wallet balance.

A fintech company, MobiKwik, offers this. 

According to the company, Pocket UPI lets customers load money into their wallet through debit cards, credit cards, or bank transfers. Once funded, the wallet can be used to scan any UPI QR code or pay to any UPI ID, similar to standard UPI transactions.

The company says the system offers enhanced security by keeping the user’s bank account details separate from the payment process, thereby reducing the risk of fraud. It also helps in budget management, allowing users to track small and recurring expenses without cluttering their bank statements.

Unlike UPI Lite, which restricts transactions to Rs 500 each and Rs 4,000 per day, Pocket UPI offers higher flexibility in transaction size and frequency.

To use the service, users must download the app, add money to their wallet, and select Pocket UPI as the payment option before scanning a QR code or entering the recipient’s UPI ID. Payments are processed instantly from the wallet balance.

Industry experts suggest that Pocket UPI could be beneficial for individuals seeking additional privacy, greater control over spending, or a backup payment option without direct access to their bank account.