Unified Payments Interface Id UPI

To initiate a transfer of funds from one account to another using traditional ways, you will require several details including the bank account number, branch address, name of the bank and also the IFSC of the beneficiary. Providing these details each time a transfer is required to be initiated can be quite a cumbersome process. Through UPI, such transactions can be easily streamlined without the need of providing such details. A transaction can be initiated easily using the Virtual Payment Address.

Further, many banks also facilitate quick money transfers which are UPI enabled embedded in their apps.

Creating or finding a UPI ID

Besides knowing about UPI payments, you should also know how to create or find a UPI ID.

You have to follow the same steps to create or find your UPI ID which is as under:

• Download your preferred UPI- enabled app. On startup, a four-digit app is required to be set
• Select the number registered with your bank in case of a dual sim phone. The app will auto verify your number
• Lastly, select your bank. On identification of your mobile number and bank, UPI ID will be displayed on the screen along with your registered mobile number.

How to find UPI ID in mobile banking applications

Finding your UPI ID in banking apps can be a somewhat different process

• Enter your registered mobile number
• Upon verification, you will be prompted to enter a 4- digit PIN, created on installing the app.
• The UPI ID can be typically found in the Profile section of such apps.
• The nomenclature for UPI IDs shall typically be yournaame@bankname.

Uses of UPI ID

For a transaction to be successful you would require the UPI ID of the beneficiary or phone number or bank details for direct transfer to the bank account of the beneficiary. Also upon entering the UPI ID of the beneficiary and the amount to be transferred you would be required to enter the UPI PIN, which is a 6 digit code, which is set on the creation of the UPI ID. On successful verification, the transaction would be complete.

How to create a UPI ID?

• Download the UPI- enable the app on your phone
• Log in to the application
• Select the option ‘create UPI ID’ on the main screen.
• A new screen will appear which would require you to enter the prefix for the ID.
• Lastly, link your bank account to the payment address.

What is ‘UPI Registration Failed Issue’ and how to solve it?

There are numerous ways to solve issues regarding registration. Some of the most effective ways to solve the issue are:

1. Switching the slot of your SIM card:

2. Using mobile data instead of WiFi:

3. Disabling the VoLTE option on the phone:

4. Necessary app permissions:

5. Checking your mobile number:

How to create an additional UPI ID on Google Pay?

• Open your Google Pay app
• Navigate to your profile
• Select Payment methods on the following screen.
• Next, tap on the account whose UPI ID you want to create.
• Select the option Manage UPI IDs
• Lastly, tap on the Plus Icon to create additional UPI Ids.

Benefits of using a UPI for making payments

• Reduced chances of banking information being compromised by any third party.
• A client can share only an ID with the other party while transacting the same
• Almost every banking software has a built-in option for customers to use the UPI service, which has really enhanced convenience for customers.
• Reduction in fraud cases as there is no requirement to divulge Bank account and IFSC details.
• No requirement to remember your card number or CVV code for online payments as only the UPI PIN is required for payments.
• Widespread acceptability of UPI

Features of UPI transactions:

1. Verification

2. Safe Transactions

3. Authentication

Types of Virtual Payment Address

The different types of VPA are based on the parties involved and the mode of a transaction

• Transaction between individuals (Peer to Peer): These include payments through UPI apps using the VPA of the payee or the mobile number (if in contact)
• Transaction between an individual and a merchant (Peer to Merchant): The transaction process may be similar to the peer–to–peer through VPA. The merchant could have a VPA through UPI for business or even a QR code or a merchant account of a payment gateway.

Rules for Virtual Payment Address:

• A Virtual Payment Address alphabets, numbers, periods or hyphens. The username for a VPA begins or ends only with either a number or an alphabet.
• VPAs may be changed multiple times, which are subject to availability in the app.
• No two VPAs can be the same
• A single VPA may be linked to several accounts but will actively work with only a default account, which is to be set by the user.

FAQs