The Unified Payments Interface has changed the Indian digital payment landscape. It offers a simple, safe, quick way to complete financial transactions. UPI app has played an important role in boosting financial inclusion in the country by decreasing reliance on cash and transitioning the country into a cashless economy. Let’s learn more about UPI fund transfer methods and the critical needs for UPI transactions.

Types of UPI:

UPI offers two types of transactions. So here they are:

• P2P (Person to Person):

If you pay a bill on someone’s behalf and that person needs to pay you back, they can do it via UPI. You can make UPI payments to another person using their UPI ID.

• P2M (Person to Merchant):

You can pay at any store or shop by scanning a QR code or entering your UPI ID in the UPI payment app. In this manner, you promote cashless transactions and speed up payments.

How To Make A UPI Payment?

To make a payment over UPI, follow the steps below:

UPI Payments Without a UPI ID

If you do not already have a UPI ID, follow these steps to create your UPI PIN, which is required to make a UPI payment from any of the applications.

Step 1: Link your bank account to create an account on any preferred app, such as PhonePe, Paytm, Google Pay, or the BHIM app.

Step 2: Choose the bank account you wish to link to the UPI app.

Step 3: After selecting a bank account, input your debit or ATM card’s last six digits and expiration date.

Step 4: Enter the OTP you receive on your registered cellphone number and generate a UPI-PIN.

What are the Methods for Transferring and Receiving Money Via UPI Payment?

• Enter Your Recipient’s Contact Number:

Enter your recipient’s mobile number and UPI ID when transferring money to them in your contacts. Enter the amount you want to send your recipient and your UPI PIN. If someone wishes to send you money, have them enter your registered mobile number and follow the same procedure.

• Bank Transfer:

If you wish to transfer or receive money to your recipient’s bank account, they must know the bank’s name, account number, IFSC code, and the account holder’s name. Confirm and enter the amount to be transmitted and received on the other end.

• By Entering the UPI ID:

When transferring money, you can also enter the recipient’s UPI ID. Similarly, you can provide your UPI ID if you wish to receive money. Open your UPI app and enter the UPI ID. Confirm the MPIN before transferring money.

• Scanning the QR Code:

This is the easiest way to transfer or receive money through the UPI app. Scan the recipient’s QR code and enter the amount you wish to transfer. Confirm the transaction and finalize it in a single second.

Winding It Up:

If you are new to UPI payments, the above procedures will help you learn tips and tricks. Different UPI applications allow you to have multiple UPI IDs for the same bank account. You can easily check bank balance online using this app. Change your phone’s lock screen frequently to keep UPI as secure as possible.