Unified Payment Interface (UPI) is a popular mobile payment method that allows you to transfer funds from one bank account to the other, instantly and free of charge. Ever since its inception, UPI has made financial transactions much easier for account holders.
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. 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 choose his/her UPI PIN.
Another term related to UPI transactions is the UPI reference number. UPI reference number is basically a 12-digit reference number. You can use your UPI reference number to track your transactions and to get in touch with the customer care staff for any queries regarding your UPI transaction.
How to Track your UPI Reference Number?
You can track your UPI reference number on the Paytm application by following these steps-
- Open the Paytm application on your mobile phone
- Click on the ‘Passbook’ icon on the home screen
- Select the bank account that used to make the UPI payment
- Click on the transaction for which you want to check the reference number
- Note down the 12-digit reference number, starting with the digit, 9
In a few simple steps, you can easily track your UPI reference number on the Paytm application.
How to get started with using UPI?
- Download a mobile 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
Why is everyone using UPI?
Nowadays, you would hear every bank account holder talk about transferring funds through UPI. If you haven’t used UPI quite often, then here are the reasons behind the hype-
- UPI payments are very fast and typically payment can be completed within seconds
- Almost every bank allows UPI transactions through mobile applications
- Payments are completely safe. To complete a payment, the user needs to have the SIM card of his mobile number present in his phone and also needs to enter the secret MPIN each time
- UPI Payment facility allows individuals to request money from some other individual, which is not an option with other payment methods like IMPS, NEFT
- These mobile payment applications also offer the facility of bill payments, meaning that you can set up timely reminders for all your bill payments and make the payments using the application at just one click
- In case of any trouble or suspicious activity on your account, you can easily file a complaint using the mobile payment application
- Payments can be made 24×7
- It’s completely free!
Here’s how you can Send Money Through UPI
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.
Use Paytm for all your UPI transactions!
Paytm is a mobile payments application that supports UPI services. It does not charge any charges for carrying out any UPI transaction.
Here are some of the reasons why you should carry out UPI transaction on Paytm-
- Paytm is an easy, simple-to-use application
- You can carry out a UPI transaction on Paytm using either QR code, UPI ID, or IFSC
- Paytm follows all the rules and regulations as laid down by the Reserve Bank of India; hence, it is a completely safe and secure platform
- The Paytm application offers 24*7 customer support service in case of any queries or questions
- There is a UPI transaction limit per day of Rs. 1 lakh on the Paytm application
- There are no UPI transaction charges on the Paytm application
- Open the Paytm application on your mobile phone
- Click on the ‘Passbook’ icon on the home screen
- Select the bank account that used to make the UPI payment
- Click on the transaction for which you want to check the reference number
- Note down the 12-digit reference number, starting with the digit, 9
