Reviewed by: Fibe Research Team
Learning how to make a UPI ID or set a UPI PIN is an easy solution to enjoying seamless transactions. Thanks to digital advancements and the launch of the UPI facility, now 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, its features, benefits and how to generate a UPI ID.
Governed by the Reserve Bank of India, UPI is a payment platform that has changed how 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 compared to traditional methods like IMPS and NEFT, which require the sharing of more information about you and the recipient.
Moreover, before transferring funds, you have to add beneficiaries and wait 30 minutes to 1 hour. But with UPI, you can instantly transfer money with just a UPI ID or mobile number.
The Unified Payments Interface, UPI, has made payments simple, transparent and quick. It’s a real-time payment system that allows inter-bank transfers through two-factor authentication. The RBI regulates the interface 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:
UPI has been proving its worth since its inception. To have a profound knowledge of why UPI is important then, take note of the following reasons:
With your UI ID, also known as VPA (Virtual Payment Address), you can enjoy several benefits of digital transactions. But first, you need to complete the UPI registration process. To begin with the UPI registration process, link your bank account to the UPI app by providing details like:
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 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 you wish and click ‘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 successfully set a UPI PIN in your UPI app, you will have to follow these steps:
To transfer funds using UPI ID, you need to install and launch a digital payment application. 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 transaction flow in UPI payments is similar to 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 the transfer occurs.
Now that you know how to make UPI ID and the various benefits of UPI payments. You will also have to start practising online hygiene to ensure your financial security. Once you have it set up, you can use it for easy and quick transfers. You can check your utility bills and other credit dues like loans on some UPI apps and pay your EMI quickly with your UPI ID number.
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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 you need a bank account to generate a UPI ID and facilitate fund transfers.
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 must activate the facility.
Here’s how you can create a UPI without a debit card:
Log in to the app and follow this process: