Unified Payment Interface ID, often known as UPI ID, is a distinctive identification used in the UPI system to facilitate digital transactions. It serves as an identifying address for users so that money may be sent and received easily.
A virtual payment address (VPA) known as UPI ID is associated with a user’s bank account. Usually, it consists of the user’s name plus the name of the bank, like yourname@bankname. However, depending to availability, users may also choose a unique UPI ID.
UPI IDs are used to make and receive payments on UPI-enabled apps, such as Google Pay, Paytm, PhonePe, and BHIM.
The advantages of utilising UPI IDs
- Convenience: UPI IDs are easy to use and remember. Users can send and receive money using just their UPI ID and PIN.
- Speed: UPI transactions are processed instantly, 24/7.
- Security: UPI transactions are highly secure, thanks to the use of two-factor authentication.
- Cost-effectiveness: UPI transactions are typically free of charge, or have very low fees.
How to create a UPI ID
You must have a bank account connected to an app that supports UPI in order to establish a UPI ID. Once your bank account has been connected, you may generate a UPI ID by according to the app’s instructions.
Here are the steps to create a UPI ID on Google Pay:
- Open the Google Pay app.
- Tap your profile picture in the top right corner.
- Tap “Bank account.”
- Tap the bank account you want to create a UPI ID for.
- Tap “UPI IDs.”
- Tap “Plus” to create a new UPI ID.
- Enter your desired UPI ID and follow the on-screen instructions.
How to use UPI IDs
You need the following details to transmit money using a UPI ID:
The recipient’s UPI ID is required to transfer money to them.
How much cash do you want to send?
Your PIN for UPI
Once you have it, you may transfer money by following these instructions:
Open your preferred UPI-compatible app.
Decide whether to transfer money.
You must enter the recipient’s UPI ID in order to transfer money to them.
The amount you want to send should be entered.
Type in your UPI PIN.
Validate the transaction.
You just need to disclose your UPI ID to the individual giving you money in order to receive money using a UPI ID. They may transfer your money by following the aforementioned instructions after they have your UPI ID.
UPI ID security advice
Consider the following safety advice while using UPI IDs:
Never give anyone else your UPI PIN.
When clicking on links from unidentified sources, use caution.
Make sure the UPI-capable app you’re using is reputable.
Inform your bank or the vendor of your UPI app right away of any unusual behaviour.