What Is UPI ID - How UPI Works - UPI Details For You

What Is UPI And How It Works Full Details Here

It is no exaggeration to say that those who do not know about UPI (Unified Payment Interface-UPI) these days. This transaction process related to payments is widely used these days. It allows payments from one bank to another via mobile phone. These payments can be made through the app on the mobile phone. There is a facility to transfer money 24X7 through UPI. In this age of digital payments it is essential to know even the basic information about UPI. Here are the details.

You must have a bank account to use UPI. Also your bank will need to allow you to use this facility. Banks like State Bank of India, HDFC, ICICI should have membership. Take a look at the list of banks that allow UPI transactions and install the UPI support app on your smartphone. Usually the UPI method is used in the BHIM app. It was developed by NPCI. Apart from this app, you can download private applications like Paytm, PhonePay, GooglePay and Amazon Pay. You will need to link your phone number to the bank account for verification. How to set up UPI?

After downloading the UPI app of your choice you have to select the bank through your options. The bank will send you a One Time Password (OTP) to verify that this is your bank account. Your Virtual Payment Address (VPA) will be created after your OTP is verified.

How to set up a UPI account using the BHIM app.

1. First you need to download the BHIM app from the Google Play Store.
2. Then select the language.
3. Select the mobile number and SIM card registered with your bank.
4.  Set up a four-digit login password. You must enter this four digit password.
5. Then select your bank account. You link it. Set the UPI PIN by providing the last six digit number and expiration date of your debit card.

Your account is now registered. Also note that you can send or request money transfer to your account. You cannot link your mobile wallet to UPI. Only bank account can be linked to UPI. You can link more than one bank account to UPI.

How to transfer money through UPI ..

There are three ways to transfer money through UPI. The receiver can transfer by entering the VPA, account number, IFSC code or QR Code.

Maximum limit for money transfer ..

According to the NPCI website, up to Rs 1 lakh can be transferred to an account on the day of the current maximum limit for UPI transactions. Different banks may have their own sub-limits within this maximum limit. Therefore one should check with the bank.