The UPI, or Unified Payment Interface, has made transferring money easier by simplifying the process. With UPI, you no longer need to remember complex bank details like account numbers and IFSC codes. All you need is the Paytm UPI app and the recipient’s phone number in your contacts. With just a few taps, you can transfer funds from your bank account to theirs.
Each user has a unique UPI ID, which is used to send and receive funds. You will also need a UPI PIN and a personal identification number, to transfer money. Every account holder can set their own UPI PIN. However, you need to have a UPI account before creating a UPI ID or PIN.
Steps to Create UPI Account on Paytm
Step 1: Download the Paytm UPI mobile payment application.
Step 2: Enter your mobile number. If you have a dual SIM phone, choose the SIM slot with your mobile number.
Step 3: Verify your mobile number by sending an SMS from your number.
Step 4: Select your bank from the list and ensure it matches the mobile number registered with your bank. Your bank account details will be fetched.
Step 5: Set up a UPI PIN if it’s your first time linking the bank. You’ll need your debit card details for this.
Step 6: Your bank account is now linked via UPI, and you’re ready to make your first payment.
Read in detail: How to Set Up Your UPI Account?
Steps to Transfer Money Using UPI
You can transfer money through UPI by following these steps-
Step 1: Open the Paytm app on your smartphone.
Step 2: Choose the option “Scan and Pay” or use the QR code scanner feature on the main screen. (refer to the given image)
Step 3: Enter the mobile number or name of the receiver. You can select the contact from your phone book or manually enter the number.
Step 4: On the next screen, click on “Pay” and enter the amount you wish to send.
Step 5: Select the preferred mode of payment and proceed. Add a remark or description (optional) to specify the purpose of the transaction.
Step 6: Finally, click on “Pay” to complete the transaction and send money to the receiver.
Note: These steps illustrate the Paytm UPI payment process. While other UPI payment methods are similar, the steps may vary slightly depending on the platform you are using.
Points to Note While Creating a UPI Account
- 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 a unique code generated by the UPI app and is specific to your UPI account.
- On Paytm, your UPI ID is linked to the mobile number registered with your bank account. For example, if your mobile number is 98XXXXXX90, your UPI ID on Paytm would be 98XXXXXX90@paytm. You can change your UPI ID if needed.
- UPI IDs are simple to set and easy to remember
- To send money using UPI on the Paytm app, you can choose the recipient from your phone contacts, enter their UPI ID, or provide their contact number.
- The UPI PIN is a confidential 4 or 6-digit personal identification number required to authorize UPI transactions through your mobile payment app.
- Treat your UPI PIN as a password and keep it strictly confidential to ensure the security of your transactions.
Creating a UPI account on the Paytm mobile application is quite a simple process. All you need to do is log in to the mobile application, enter some basic information and your UPI account will automatically be created. Once your UPI account is created on the Paytm app, you can simply use it to make payments and/or set up reminders for all your bills, starting from electricity, water, rent, mobile, DTH, broadband, Gas, etc.
