What is UPI? How does it enable bank-to-bank transfer?
- Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) to facilitate inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile device.
- UPI uses IMPS (Immediate Payment Service) for transferring funds from one account to another.
What is UPI ID or VPA? Is it safe to share
my UPI ID to anyone?
- Virtual Payment Address (VPA) is a unique ID that enables registered UPI users to send and receive money without entering additional bank account details. This address is unique to each user and is linked to the user’s mobile number and bank account.
- Advantages of UPI ID (VPA):
- The user doesn’t need to share his/ her account number with anyone
- Easier to remember a VPA than bank account details
- To ensure security, the user can change the VPA whenever needed
- The user can select his/ her own UPI ID
What are the money transfer limits on
UPI bank transfer?
|Daily Money Transfer Limit
|Hourly Money Transfer Limit
|No. of transactions per hour
|No. of transactions per day
Are there any charges associated with setting
up an account with Paytm UPI/ using
Paytm UPI transfer?
- Right now there are no charges associated with either setting up an account with Paytm UPI or using Paytm UPI for money transfer to any other bank account or payments to merchants.
- NPCI has indicated that it will charge Rs. 0.50 per transaction. Paytm is not charging the users right now.
Can I use UPI bank transfer to send money
to an NRI Account?
- No, you cannot send money to any NRI account. You can only transfer money to bank accounts registered with Indian Banks that are a part of UPI.
How is UPI different from a normal wallet
or a bank account?
- Unlike traditional mobile wallets that take a specified amount of money from the user and store that money in their accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested.
Can someone access my bank details if
they get to know my UPI ID?
- No, nobody has access to the user’s details. The UPI ID is an identifier to uniquely match each customer to the UPI ID. The UPI ID eliminates the need to share bank account details with any other person.
- The security of UPI is fool-proof as the transaction happens in a highly encrypted format.
Can Paytm access my bank account details
if I link a bank account?
- Paytm will not be able to access your bank account if you link your account to BHIM UPI. Paytm UPI will act as a platform where you enter your secure MPIN to access your bank account details stored with NPCI.
Basic Account Info
How can I link my bank account to Paytm?
- To link a bank account to Paytm, a customer needs to be logged in on the Paytm App.
- Once logged in, the user will have to click on the “UPI” button in the top blue ribbon on Home
- Upon clicking on the UPI button for the first time, the user will get an option to select a bank account
- Once the user has selected a bank from the list, the application will try to fetch the details of the bank account linked to the registered Paytm number. If the application finds a bank account linked to the contact number, it will automatically link the user to the UPI ID.
- If you already have a MPIN set-up, then your app page will show “4 digit UPI PIN exists”, else you can click on the “Set UPI PIN”.
While setting up my UPI account with paytm,
my verification failed. What should I do?
- Your verification will fail when your sim card is not of the same number as the one registered with the bank account.
- In case of dual sim phones, the user also needs to ensure that the number that he/she is choosing for verification at Paytm is the same as the one linked to the respective bank account.
I am unable to link my bank account.
What should I do?
- The Paytm app will auto-fetch a user’s bank account details if the number registered with Paytm and the bank are the same. Also, the user needs to activate mobile banking and internet banking before setting up a UPI account.
- In case you are still unable to link your bank account, please contact your bank.
Adding, updating or removing bank accounts
Can I link a joint account to my Paytm UPI ID?
- Some banks, such as HDFC impose limitations on the types of accounts that you can add to your UPI account and therefore may not allow the addition of Joint Accounts, or multi-signatory current accounts.
How can I set my default bank account?
How can I check my account balance?
- To check balance, click on your VPA address within your home page (highlighted using yellow box in the image below)
- Upon clicking on your VPA, you will be re-directed to the page which has all your bank details
- On this page, select the bank for which you would like to know your account balance (example highlighted in the picture above).
- Upon clicking on this page, you will be redirected to the page that has your bank account details and has an option to check account balance (highlighted using yellow).
- Upon clicking on “Check Account Balance”, you will be redirected to the NPCI page that requests for your UPI-PIN. Upon entering the UPI-PIN, you will be shown your account balance.
Issues with linking bank accounts
Paytm couldn’t find my bank account details
- Check that the number that use for Paytm is the same as the one registered with your bank. In case, it is not the same, you will have to login using the number registered with Paytm
I can’t find my bank in the list of banks.
- If you cannot find your bank in the list of banks, please check if your bank works with UPI. If it does, contact Paytm support.
My bank account was fetched successfully.
But I didn’t get an option to set UPI-PIN.
- In case you don’t get an option to set your UPI-PIN that means your UPI-PIN is already set. In that case, you will get an option to reset your UPI-PIN.
Managing UPI address and M-PIN
What is my UPI address?
How is it different from VPA?
- UPI address (also called Virtual Payment Address) is a unique ID you create in order to send and receive money using UPI. UPI address and VPA are one and the same thing.
- In order to find out your UPI address/ VPA, open your UPI home page. your unique ID @paytm (highlighted using yellow) is your UPI address.