The Unified Payments Interface (UPI) is a system that integrates various bank accounts, smooth fund routing, and merchant payments into a single mobile application. This technology is gaining popularity these days.
The UPI system is straightforward, cost-free, and immediate. You may conduct transactions with UPI 365 days a year, around the clock. If you are wondering how to use UPI to transfer money, this blog is just for you.
The facilitation of UPI, explained as Unified Payment Interface has eased the financial lives of more people than one could ever imagine. The hassle of remembering the account numbers, IFS codes, mobile numbers, and bank branches is long gone. With UPI transfers, all you need to do is have a payment application, save the receiver’s contact number in your phone and you are good to transfer funds from your bank account to the receiver’s.
To help you realize this, we have listed all the ways in which UPI allows you to transfer money from one bank account to another.
In this blog, we will examine how we may utilize the UPI system to carry out transactions, mainly how to transfer money by UPI. So, read on to know more about the same!
How to use UPI to transfer money
UPI makes sending money simple and secure. You can transfer money through any of the methods listed below
Choose A Contact or Insert A Mobile Number
Choose a contact from your phonebook or enter a mobile number, enter the transfer amount, and then your PIN. In a few seconds, your payment will be processed.
Inserting In a UPI ID
Launch the digital payment application and enter the recipient’s UPI ID to send money using UPI ID.
The required transfer amount must then be entered, and your MPIN must be entered to confirm the transaction.
Your payment will be finished in a brief amount of time.
Through Account Number & IFSC Code
This is the conventional method of payment, which UPI also supports. You can choose the sum and insert your PIN after entering the recipient’s account number and IFSC, and in just a few seconds, your transaction will be processed.
Through a UPI QR Code
By scanning the QR code for the recipient, you may send money over UPI as well.
Launch the digital payment mobile app on your phone, choose the option of ‘Pay,’ and then choose a QR code.
Enter the payment amount after scanning the recipient’s QR code. Your payment will be processed in seconds when you enter your PIN.
How to transfer money through UPI
You may send money via UPI by taking the steps above
Step 1: Launch the mobile payment app that accepts UPI transactions on your smartphone.
Step 2: Utilize your login information to access the application.
Step 3: Enter the recipient’s mobile number in your payment app or choose them from your phone’s contact list.
Step 4: Enter the whole amount to be transferred, then click ‘Pay.’
Step 5: Decide the bank account from which you wish to send the money.
Step 6: Enter your security PIN and press the ‘Confirm’ button to confirm the transaction.
Step 7: The inputted sum will now be taken out of your bank account and credited to the recipient’s history.
Step 8: You will receive a receipt for the transaction on your mobile device and a second message on your ‘Messages’ app informing you that money has been deducted from your account.
Conclusion
In conclusion, the NPCI has built a robust payment infrastructure through the UPI that enables hassle-free and cashless transactions.
With the variety of payment applications, easy registration, and transactional stages, it is pretty straightforward to comprehend and utilize. We hope this blog helps you understand how to send money through UPI ID and the basics of UPI money transfer.
FAQs
What is MPIN?
MPIN stands for Mobile Banking Personal Identification Number. It is a password required to log in to your payments mobile application.
What is UPI PIN?
UPI PIN is a 4 or 6-digit password that must be set while creating a UPI account. It is used while confirming any transaction through UPI on your UPI payment application such as Paytm.
What is UPI ID?
UPI ID is a unique virtual payment address, allotted to every user by the UPI app. You can share this UPI ID with the person from whom you want to receive money instead of sharing your Account Number and IFSC code. In UPI payment applications such as Paytm, you don’t need to enter the receiver’s UPI ID. You can simply select the receiver’s contact from your phone book or enter the receiver’s contact number to send money via UPI.
Is UPI safe?
UPI payments are absolutely safe. UPI payments are regulated by the Reserve Bank of India & NPCI and Paytm follows all the guidelines as laid down by these regulators. Payments can only be initiated from a mobile phone in which your SIM card or mobile number registered in your Bank is present. Also, you need to confirm your secret UPI PIN before every UPI payment.