Knowing how to make a UPI ID is an easy solution to enjoy seamless transactions. Thanks to digital advancements and the launch of the UPI facility, you no longer have to visit a bank to transfer money. With the Unified Payment Interface (UPI), you can effortlessly transfer funds from one account to another in seconds.
Read on to learn how to set up UPI and more.
Governed by the Reserve Bank of India, UPI is a payment platform that has changed the way people transact. One of the key benefits it offers is instant secured payments from one account to another. You get to transfer funds with minimal information as compared to traditional methods like IMPS and NEFT, which require a lot of information about you and the recipient.
Moreover, you have to add beneficiaries and wait for about 30 minutes to 1 hour before you can transfer funds. But with UPI, you can instantly transfer money with just a UPI ID or mobile number.
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Simply create a UPI ID for your bank account. With it, you can enjoy several benefits that come with online transactions. But for that, you need to complete the UPI registration process.
To begin with the UPI registration process, link your bank account to the UPI app. For that, create your UPI ID, also known as VPA (Virtual Payment Address), by providing details like:
Once done, you will get a UPI ID number and a UPI ID. If you are wondering what a UPI ID number is, it is an ID with your mobile number as the primary UPI ID. The number has to be linked to the app and your bank account.
After you complete the process, you can seamlessly and securely transfer money with your UPI ID or number. You can pay for:
First, you need to download your preferred app. Some of the top and most common popular applications are:
Once you have installed the app you want, follow the steps outlined below:
After you complete the above process, you will see multiple UPI IDs and numbers available under the profile section of the app. You can choose and edit any of the options as per your wish and click on ‘Activate’. You will receive an OTP for verification. Enter the code to complete the process.
Then, you need to select a 4 or 6-digit number UPI PIN that will authorise your UPI payments. Make sure you add a strong PIN and remember it. You need to provide your debit card details to set up your PIN.
To transfer funds using UPI ID, you need to install and launch a digital payment application, such as:
Then, you can follow these steps:
After the payment is complete, you’ll be notified about the same through the app and by your bank.
The Unified Payments Interface, UPI, has made payments simplified and more transparent. It’s a real-time payment system that allows inter-bank transfers through two-factor authentication. The interface is regulated by the RBI and works with existing systems, such as:
Not only does it help you carry out push (pay) and pull (receive) payments, it also helps make:
The transaction flow in UPI payments is similar to that of other payment options. Once you initiate a payment request, the banks verify the account details and balance. After verification, the confirmation is passed on to the NPCI and then the transfer takes place.
Now that you know how to make UPI ID and the various benefits of UPI payments, make sure you practice online hygiene practices for added security. Once you have it set up, you can use it for easy and quick transfers. You can even check your utility bills and other credit dues like loans on some UPI apps and pay your EMI easily with just your UPI ID number.
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Here’s how to activate a UPI account:
A UPI code is the PIN and ID you set when you create your UPI ID number. You require these details to complete any UPI transaction.
No, you cannot because the ID facilitates fund transfers from the account.
Yes, because it doesn’t contain any sensitive information. Generally, your UPI ID is in the following format:
No, since you make digital payments through UPI, you need to activate the facility.
Here’s how you can create a UPI without a debit card:
Log in to the app and follow this process:
Sources:
https://pib.gov.in
https://www.npci.org.in
