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. UPI payments are regulated by the Reserve Bank of India & NPCI and Paytm mobile payment application follows all the guidelines as laid down by these regulators. Payments can only be initiated from a mobile phone in which your SIM card or mobile number registered in your Bank is present. Also, you need to confirm your secret UPI PIN before every UPI payment.
Right when you create a UPI account on your Paytm mobile application, your UPI ID automatically gets created. Sounds great, no?!
A UPI ID acts as a virtual payment address for online transactions/money transfers. It is basically your payment address that can be used to send/receive money. A UPI ID is completely independent of your bank account number or any other personal detail. Let’s understand how you can create a UPI ID on Paytm to enjoy a quick, hassle-free payment experience.
How to Create a UPI ID on Paytm and Use it for Payments?
To create a UPI ID, you must follow the following steps-
- Download the Paytm UPI payment application
- 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!
After the successful creation of your UPI account and linking of bank accounts, you can enjoy the hassle-free UPI payment experience on Paytm. You can even send payment requests on mobile numbers and check the received requests to make payments.
On the Paytm UPI payment application, you don’t need to enter the receiver’s UPI ID to transfer money from one bank account to the other. You can simply select the receiver’s contact from your phone book or enter the receiver’s contact number to send money. Paytm allows a direct bank to bank transfers in a few, simple steps through UPI payment.