The simplification of UPI has removed the complex process of allowing money transmissions. While the traditional approaches of IMPS/NEFT require the provision of the receiver’s name, contact number, bank account number, IFSC, etc., UPI payments need only a UPI ID/phone number/QR, which is unique to every user. UPI ID means Unified Payment Interface Identity, a virtual payment address for online business/money transfers.
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What is the meaning of UPI ID?
A “UPI ID” is all users’ virtual payment address (VPA). Every user must generate a UPI ID to enter the UPI facilities as a unique identifier for the user’s individuality. It acts as a method for the banks to track the user’s accounts.
A UPI ID is written in the given setup
abcd@bank (where ‘abcd’ can either be your first name, a portion of your email address, or your phone number. Also, ‘bank’ is the name/marks/reduced name of the Bank providing facilities to the UPI app. Therefore, some prefixes or suffixes are add in some cases).
You do not need to enter the receiver’s UPI ID. You can select the receiver’s communication from your mobile book or enter the receiver’s contact number to send money via UPI. A UPI ID is independent of your bank account number or personal details.
How do you create a PIN for your UPI ID?
- Download the Paytm UPI payment app from the Play Store.
- First, enter your phone number. If you have a dual SIM phone, you may be encourage to select the SIM slot in which your phone number exists.
- An SMS will be sent to your number to verify your mobile number
- Once this is done, you must choose the name of your Bank from the list that will be present to you. Please ensure the mobile number you record with your Bank is the same as the one you enter. Your bank account details will now be raise from the Bank using your phone number
- If you are connecting to your Bank for the first time, you will be request to set up a UPI PIN. You require your debit card details to set up it.
- Your bank account is now link through UPI, and you are ready to make your first transaction.
How to Send Money Using UPI ID?
Since its simplification, UPI has become one of the most excellent methods to transfer money from one bank account to another.
Log in to your Paytm UPI payment app and click on the option ‘UPI/Send Money To Anyone.’
Choose the person from your contact list or type their mobile number if it is not kept on your phone.
If the person does not use the app, then ask them for their UPI ID on another app to enter that.
Click the ‘Scan QR’ option and scan the recipient’s QR code.
Select the Bank, transfer the money in the account, and click the ‘Proceed’ option.
Enter the UPI PIN related to the nominate bank a/c
The amount will be immediately move from your bank account to the person’s bank account
How do I create my ID on UPI?
Usually, the person must enter the receiver’s UPI ID to transfer money through the Paytm UPI payment application. You can get the receiver’s contact information from the phone book or enter the person’s contact number to send money through UPI. A UPI ID is independent of your bank account number or personal details.
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