Unified Payment Interface (UPI) is a famous mobile payment method that lets you move money instantly and for free from one bank account to another. Since it started, UPI has made it much easier for account holders to move money.
You don’t need to enter the recipient’s UPI ID in UPI payment apps like Paytm. To send money through UPI, all you have to do is pick the person from your phone book or type in their number. On the other hand, the UPI PIN is a personal identification number with 4 or 6 digits that is needed to transfer money through UPI. Every account holder can choose how they want to set their UPI PIN.
The Advantages of UPI
Every bank account holder talks about transferring money through UPI these days. If you haven’t used UPI much, here are some reasons why it’s so popular:
- UPI payments are very quick, and most of the time, they can be finished in seconds.
- Almost every bank lets you use your phone to do UPI transactions.
- Payments are safe in every way. To make a payment, the user must have the SIM card for his mobile number in his phone and enter the secret MPIN each time.
- With the UPI Payment facility, people can ask someone else for money, which isn’t possible with IMPS, NEFT, or other payment methods.
- These mobile payment apps also let you pay your bills. This means that you can set up reminders for all of your bill payments and pay them all with just one click through the app.
Why Should You Make Use of UPI?
UPI, which stands for Unified Payment Interface, has more benefits than you could ever think of. Here are just a few examples:
- Online payments that are easy and quick
- A safe and secure way to send money
- It lets you pay your bills, shop on e-commerce sites, and do other things
- When you pay regularly through UPI, you can also get discount coupons, cash back, and other rewards
What does UPI Transaction (Unified Payments Interface) make?
The main purpose of a UPI transaction is to move money from one account to another. With the Paytm UPI mobile app, you can send money in a number of ways. Using a mobile number, QR code, UPI ID, or account number is just as easy as using any of the other options.
Each person who wants to use UPI to send or receive money must have a UPI ID. The UPI ID is a unique number that lets you send and receive money from one bank account to another. You don’t need to enter the recipient’s UPI ID in UPI payment apps like Paytm. To send money through UPI, all you have to do is pick the person from your phone book or type in their number. On the other hand, the UPI PIN is a personal identification number with 4 or 6 digits that is needed to transfer money through UPI. Every account holder can choose how they want to set their UPI PIN.
How to do a UPI transaction?
You can use either of the following to make a UPI transaction:
1.Choosing a Contact and Putting in a Mobile number
It’s as easy to send money as it is to send a message. Just pick a contact from your phonebook or type in a mobile number, set the amount you want to send, and enter your PIN. All done! In a few seconds, your payment will be done.
2.Using a UPI QR code scanner
You can also use UPI to send money to someone by scanning their QR code. You just have to open a mobile payment app like Paytm on your phone. Now enter your PIN, and your payment will be finished in a few seconds.
3.Adding a UPI ID
You only need to access the mobile payment app and enter the UPI ID of the person you want to send money to. After that, you need to enter the amount to be transferred and your MPIN to confirm the transaction. In just a few seconds, your payment will be done.
4.Account Number and IFSC Code
This is the traditional way to pay, and UPI also lets you do it. You can enter the account number and IFSC of the person you would like to send money to, set the amount, and enter your PIN. In a few seconds, your payment will be processed.
