The United Payments Interface (UPI) was launched in 2016 in India. It is an excellent way to facilitate daily payments to consumers. Consumers are embracing UPI payments in India, making it an advanced payment system than other payment systems available worldwide.
UPI usersuse UPI IDsto send and receive money. Users can also transfer funds via mobile apps through UPI.
What is UPI ID?
UPI IDs facilitate payments between customers and merchants. TheUPI ID, also known as Virtual Payments Address (VPA), is unique to each customer. Users can share their UPI ID instead of sharing their bank account details with customers or family members when they need to receive payments.
Anyone can create a unique UPI IDon their preferred UPI application, such as Google Pay, Paytm, PhonePe, Amazon Pay, CRED, etc. To create a UPI ID or VPA, individuals shoulddownload the UPI app on their mobile phones and register on the app.
Individuals must have a bank account since they can only receive and make payments through UPI platforms when integrated with a bank account. UPI IDs eliminate the need to provide vital information such as bank name, bank account number, branch address and IFSC code to transfer funds.
UPI ID full form
The UPI ID full form is Unified Payments Interface ID. It is used to transfer funds between bank accounts across a single window. Thus, an individual can send and receive money quickly by scanning a Quick Response (QR) code for shopping, paying bills, or authorising payments.
UPI ID example
Usually,UPI IDs are in the following format: 9000000000@bank. Here, it starts with the user’s mobile number, name or email address and is followed by the bank name that provides UPI ID services.
Sometimes, the UPI ID can also be the user’s mobile number followed by the name of the payment gateway, such as 9000000000@Easebuzz.
How to create UPI ID?
You can create a UPI ID by registering your mobile number and bank account with UPI-enabled apps, such as PhonePe, Google Pay, Mobikwik, Paytm, etc.
How to create UPI ID in Google Pay?
Step 1: Download the ‘Google Pay’ app.
Step 2: Click the profile picture available in the top right corner.
Step 3: Click on the bank account.
Step 4: Select the bank account you have added to Google Pay.
Step 5: Click the ‘Edit’ option next to the ‘UPI ID’.
Step 6: Click ‘+’ to create UPI ID.
How to create UPI ID in PhonePe?
Step 1: Download the ‘PhonePe’ app.
Step 2: Register or sign in to the PhonePe app using your mobile number.
Step 3: Click the profile picture available in the top left corner.
Step 4: Under the ‘Payment Methods’, click the ‘Add bank account’ option.
Step 5: Select the bank account for which you wish to set a UPI ID.
Step 6: You will get the option to create a UPI ID.
Step 7: Tap the ‘Proceed to add’ option.
Step 8: The UPI ID will be created, and the selected bank account will be linked.
How to create UPI ID in Paytm?
Step 1: Download the ‘Paytm’ app.
Step 2: Register or sign in to the Paytm app using your mobile number.
Step 3: Select your bank from the displayed list. Ensure that your mobile number is registered with the selected bank account.
Step 4: The details of your bank account will be fetched.
Step 5: Set up a UPI PIN using the details of your debit card.
Step 6: The UPI ID will be generated once the certification is done.
How to create UPI ID through *99#?
Step 1: Call ‘*99#’ from your mobile phone.
Step 2: Select the preferred language.
Step 3: Enter the first 4 digits of your IFSC code or your bank’s name.
Step 4: Select your bank account.
Step 5: Enter your debit card’s last six digits and expiry date.
Step 6: Set up your UPI PIN.
Step 7: Confirm your UPI PIN, and your UPI ID will be created.
How to change UPI ID?
You can change your UPI ID and enter the new UPI ID to make payments.
How to change UPI ID in Google Pay?
Step 1: Open the Google Pay app.
Step 2: Click on your profile photo.
Step 3: Click on ‘Payment Methods’.
Step 4: Select the bank account whose UPI ID you wish to change.
Step 5: Click ‘Manage UPI IDs’.
Step 6: Click ‘Add’ next to the UPI ID you wish to change.
Step 7: A new UPI ID will be created, and you can use this ID.
How to change UPI ID in PhonePe?
Step 1: Open the PhonePe app.
Step 2: Click on your profile photo.
Step 3: Click on the bank account whose UPI ID you wish to change.
Step 4: Click the ‘+’ sign next to create a new UPI ID.
Step 5: Activate the UPI ID by clicking the ‘Activate’ button.
How to change UPI ID in Paytm?
Step 1: Open the Paytm app.
Step 2: Click the ‘Profile’ icon in the top left corner.
Step 3: Scroll down and click on the ‘UPI & Payment Settings’.
Step 4: Click the ‘Manage UPI IDs’ option under the ‘Other Settings’ section.
Step 5: Click the ‘Add New UPI ID’ button.
Step 6: Select the desired UPI ID and click the ‘Proceed’ button.
Step 7: Your new UPI ID will be created and added as the primary one.
How to find UPI ID?
You will find the UPI ID on your UPI app.
How to find UPI ID in Google Pay?
Step 1: Open the Google Pay app.
Step 2: Click on your profile picture in the top right corner.
Step 3: Click on your bank account associated with the UPI ID.
Step 4: The UPI ID will be displayed under ‘UPI IDs’.
How to find UPI ID in PhonePe?
Step 1: Open PhonePe app.
Step 2: Click on your profile picture in the top left corner.
Step 3: Click on the bank account associated with the UPI ID.
Step 4: Your UPI ID will be displayed under ‘UPI IDs’.
How to find UPI ID in Paytm?
Step 1: Open the Paytm app.
Step 2: Click on your profile picture.
Step 3: Your UPI ID will be visible on the screen.
How to remove an extra UPI ID?
You can remove an extra UPI ID by opening the UPI app.
How to remove extra UPI ID from Google Pay?
Step 1: Open the Google Pay app.
Step 2: Click on your profile picture.
Step 3: Click on the bank account associated with the UPI ID.
Step 4: Click on ‘Manage UPI IDs’.
Step 5: You will be able to see all your UPI IDs. Click on the delete icon shown against the UPI ID you want to delete.
How to remove an extra UPI ID from PhonePe?
Step 1: Open the PhonePe app.
Step 2: Click on your profile picture.
Step 3: Select the bank account from which you want to delete the UPI ID.
Step 4: You will be able to see all your UPI IDs under the ‘UPI IDs’ section.
Step 5: Click on the delete icon shown against the UPI ID you want to delete.
How to remove an extra UPI ID from Paytm?
Step 1: Open Paytm app.
Step 2: Click the ‘Profile’ in the top left corner.
Step 3: Scroll down and click the ‘UPI & Payment Settings’ option.
Step 4: Click the ‘UPI & Linked Bank Accounts’.
Step 5: Select the bank account from which you want to delete the UPI ID and click ‘Remove’.
Step 6: Click on the ‘Confirm’ button.
Features and benefits of UPI ID
Reliability
The National Payments Corporation of India (NPCI) launched the UPI. Thus, one of its biggest features is reliability. A user can lose money while using third-party payment apps when there is a slight fluctuation in the internet. Users have greater control over transferring their funds with UPI and do not have to worry about losing money.
Real-time transfers
A vital feature of UPI is that all transfers occur in real-time. Customers can send money within seconds to their beneficiaries.
Inclusivity
UPI provides the option to do transactions without the internet or smartphone. To transfer funds offline, users must send a specific text message to initiate the transaction. Thus, individuals from all sections of society can use UPI for payments.
No minimum transaction limit
There is no minimum transaction limit to transfer money through UPI. Payments as low as Rs.1 can be made using this payment mode. Thus, it is ideal for people who conduct daily transactions with merchants or vendors.
Stronger security system
Users do not have to disclose their bank account details, credit card or debit card numbers to make or receive payments since UPI facilitates payment through a UPI ID or VPD. Thus, UPI will protect users from fraud occurring in digital transactions.
Money transfer at any time
Bank holidays do not affect the payments made through UPI. UPI funds can be transferred anytime, irrespective of non-banking hours or days. Bank holidays do not affect UPI fund payments. UPI enables a user to transfer funds between bank accounts over the phone, pay for EMIs, send money to a friend, pay educational fees, or make payments to businesses.
UPI apps have made the payment system very easy in India. UPI can be used to pay in grocery stores, malls, metros, etc. Sending and receiving money on UPI is also secure and safe against data theft.
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