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 UPI payment application like Paytm, save the receiver’s contact number in your phone and you are good to transfer funds from your bank account to the receiver’s.
Well, it is actually as easy as it seems. 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.
How to Use UPI to Transfer Money?
The UPI mobile application, Paytm allow you to transfer money in multiple ways. Whether it is a mobile number, QR code, UPI ID, or account number- each of these methods is equally easy to use. Explained below is the process that you need to follow to transfer money through either of these methods.
Sending money through UPI is easy and safe. You may send money using any of the following ways-
- Selecting a Contact/Entering Mobile number – Sending money is as simple as sending a message. Just select a phonebook contact or enter a mobile number, specify the amount to be transferred and enter your PIN. That’s it! Your payment will be completed in a few seconds.
- Scanning a UPI QR code – You can also send money through UPI by scanning the receiver’s QR code. All you need to do is open the mobile payment application like Paytm on your phone, click on ‘Pay’, and select ‘QR code’. Scan the QR code of the receiver and enter the amount to be paid. Now enter your PIN and your payment will be completed in a few seconds.
- Entering UPI ID – To send money through UPI ID, all you need to do so is open the mobile payment application, and enter the receiver’s UPI ID. After this, you need to enter the amount that needs to be transferred and verify the transaction by entering your MPIN. Your transaction will be completed in a few seconds.
- Entering Account Number & IFSC – This the traditional way of payments and it is also supported on UPI. You may enter the account number & IFSC of the person you want to send money to, specify the amount and enter your PIN. Your payment will be completed in a few seconds.
How to Set up UPI?
You can easily set up your UPI account on the payment mobile application by following these simple steps-
- Download a UPI payment application, like Paytm
- Just enter your mobile number. If you have a dual SIM phone, you may be prompted to select the SIM slot in which your mobile number is present
- An SMS will be sent from your number to verify your mobile number
- Once this is done, you will have to select your bank name from the list that will be presented to you. Please make sure that the mobile number registered with your bank is the same as the one you entered earlier. Your bank account details will now be fetched from the bank using your mobile number
- If you are linking your bank for the first time, you will be asked to set up a UPI PIN. You will need your debit card details for setting this up
- Your bank account is now linked via UPI and you are ready to make your first payment!
It is important to note that the mobile number that you enter while setting up your UPI ID should be linked to your bank account. Your UPI ID is one that will be shared with you by your bank and is unique to every account holder. For example- Your UPI ID on Paytm is the same as your mobile number registered with your bank account. Suppose, your mobile number is 98XXXXXX90, then your UPI ID on Paytm would be 98XXXXXX90@paytm.
UPI IDs are simple to set and easy to remember. 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. The UPI PIN, on the other hand, is a 4 or 6-digit personal identification number required to transfer money through UPI. The UPI PIN, on the other hand, is strictly confidential as it acts as a password to confirm the transaction through your mobile payment application.
How to Transfer Money Through UPI?
You can transfer money through UPI by following these steps-
- Open the mobile payment application such as Paytm that supports UPI transactions in your mobile phone
- Log in to the application using your credentials
- Click on ‘To Mobile‘ option on the home screen of the Paytm app
- Enter the mobile number or select the receiver’s contact from your phone’s contact list
- Click on ‘Pay’ and enter the total amount to be transferred
- Select the bank account from which you want to send the money
- Enter your security PIN to confirm the transaction and click on ‘Confirm’
- The entered amount will now be deducted from your bank account and will be credited to the receiver’s account
- You will receive a receipt of the transaction on your mobile application
How to Use UPI to Pay Bills?
After logging in to your UPI payment application such as Paytm on your mobile phone, follow these steps-
- Open the Paytm mobile app and locate the section, ‘Recharge & Bill Payments’
- Click on the type of bill you want to pay, such as electricity, DTH, etc.
- Select your operator/electricity board
- Enter your bill amount and/or any other details, if required
- Provide your UPI PIN to confirm the transaction
- Click on ‘Confirm’
- Your bill will be paid instantly!
Note that you can easily learn how to use the Paytm UPI mobile application by following the above steps and you can easily make payments and/or set up reminders for all your bills, starting from electricity, water, rent, mobile, DTH, broadband, Gas, etc.