What is UPI ID ?|| How to create UPI ID ?|| Full form of UPI || How to send money on UPI ID?

What is UPI ID?

             A UPI ID is a virtual payment address (VPA) for every UPI user. Every user is required to generate an ID in order to access the UPI services as a unique identifier for the user’s identity. This ID acts as a way for the banks to track the user’s account.

A UPI ID is written in the following format-

abcd@bank (where, ‘abcd’ can either be your first name, a part of your email address, or your mobile phone number, and ‘bank’ is the name/initials of your bank).

It must be noted that every bank has its own format for creating a UPI ID for its user. When a user creates a profile on the mobile payments application supporting UPI service, an ID will automatically be generated in the format of his/her bank.

It is mandatory for every UPI user to have an ID on UPI; without which one can neither pay nor receive any amount from another UPI user in his/her bank account. A UPI is completely independent of your bank account number or any other personal detail. 

 

Full Form of UPI ID

      Unified Payment Interface 

How to Create UPI ID?

To create an ID on UPI, you must follow the following steps-

1. Log in to your mobile UPI application, such as Paytm, Googlepay, Phonepay, Whatsapp pay etc.
2. Click on the ‘UPI’ option in the main menu
3. Select ‘Create UPI ID‘
4. Now, you need to enter the initials of your ID as allotted to you by your bank
5. Click on ‘Continue‘
6. Now, you need to link this ID to your bank account in order to use your UPI account

How to Send Money Using UPI ID?

    UPI has become one of the easiest methods to transfer money from one bank account to the other. This is because transactions made through UPI require only an ID and a PIN to complete. A 

We have explained the simple steps required to transfer funds through UPI-

The first step required to transfer money from one bank account to the other through UPI is to get the ID of the receiver

After getting the ID, you need to log in to your mobile payments application, and click on the ‘Send Money through UPI’ option

Now, you need to enter the receiver’s UPI ID, along with the amount of money to be transferred

Next, select the bank account from which you want to make the transfer and click on ‘Send‘

The amount will be immediately transferred from your bank account to the receivers bank account.