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.