Steps to Create New UPI Account to Transfer Money Using UPI

The UPI, or Unified Payment Interface, has revolutionized the financial landscape by simplifying the process of money transfers. Gone are the days of having to remember complex bank details like account numbers, IFSC codes, mobile numbers, and branch locations. Now, all you need is the Paytm UPI payment app, the recipient’s phone number in your contacts, and you can easily transfer funds from your bank account to theirs with just a few taps.

Transferring money through UPI requires each user to have an ID, termed as the UPI ID. The UPI ID is a unique identification for a bank account that is used to send and receive funds from one bank to another. 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. Every account holder has the option to set his/her UPI PIN as per convenience.

However, you must have a UPI account before you create a UPI ID or UPI PIN for yourself. Let’s learn how you can create a UPI account further in this blog!

Steps to Create New UPI Account

Follow these simple steps to create a UPI account:

Download the Paytm UPI mobile application on your mobile device
Select your preferred language and verify 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
Now, select the bank account that you want to link to your UPI account. Ensure 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
Enter your details such as name, mobile number, date of birth, etc., if requested
Your virtual ID/ UPI ID will be created
The next step requires you to enter a password of either 4 or 6 digits, as per your preference. Note that this step is mandatory if you have not set a UPI PIN for the bank account linked to your profile.

(Note that the virtual address that gets created using your mobile number and password that you enter will be your UPI ID and UPI password respectively)

Your UPI account will now be successfully created!

Points to Note while Creating a UPI Account

Note the following points as you create a UPI account for yourself on the Paytm mobile application:

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 that is generated by the UPI app and is specific to each person who has a UPI account.
Your UPI ID on Paytm is linked to your mobile number that is registered with your bank account. For instance, if your mobile number is 98XXXXXX90, then your UPI ID on Paytm would be 98XXXXXX90@paytm. Keep in mind, you have the option to change your UPI ID as well.
UPI IDs are simple to set and easy to remember
To send money using UPI on the Paytm payment app, you can either choose the recipient from your phone contacts, type in their UPI ID, or enter their contact number.
The UPI PIN is a 4 or 6-digit personal identification number required to transfer money through UPI
The UPI PIN is strictly confidential as it acts as a password to confirm the transaction through your mobile payment application

Transfer Money Using UPI – Steps

You can transfer money through UPI by following these steps:

Open the Paytm mobile payment application on your mobile phone
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 or from your recent payments
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
Upon completing a payment, you will immediately receive a confirmation and can access the payment history in the “Balance and History” section within the application.

Benefits of Using UPI

Unified Payment Interface or UPI has more benefits than you can imagine. Here’s a list of a few of them-

Simplified, hassle-free online payments
Safe and secure mode of money transfer
Allows you to make payments towards your bills, shop on e-commerce websites, etc.
Lets you make payments by scanning QR codes at your nearby departmental stores, chemist shops, etc.
Regularly paying through UPI also helps you earn discount vouchers, cash back, and other rewards

Wrapping it Up

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.

FAQs

What is UPI ID?

UPI ID is a unique virtual payment address, allotted to every user by the UPI app. You can share this UPI ID with the person from whom you want to receive money instead of sharing your Account Number and IFSC code. When using Paytm, a UPI payment app, you can easily send money via UPI by choosing the recipient’s contact from your phone’s address book, entering the recipient’s UPI ID, or contact number.

How to use Paytm UPI to pay the electricity bills?

You can use Paytm UPI to pay your electricity bill simply by logging in to your mobile payment application. After this, you need to click on ‘Pay Bill’ and select your biller, enter the bill amount and click on ‘Confirm’.

What is UPI PIN?

UPI PIN is a password that must be set while adding a bank account to your UPI account. It is used while confirming any transaction through your UPI account on your UPI payment application such as Paytm.

How to transfer money using UPI?

Ans: To transfer money using UPI, you first need to set up your UPI account completely. Then, open the Paytm app, navigate to the UPI money transfer section, select “Scan & Pay,” enter the recipient’s mobile number, UPI ID, or scan their QR code, enter the amount you want to send, and press “Confirm.” The money will be transferred in a matter of seconds.