How Can You Use UPI For Transferring Your Money?

The UPI facility, known as Unified Payment Interface, has simplified the financial lives of a lot of individuals than you could ever imagine. The hassle of noting down the account numbers, mobile numbers, IFSC codes, and bank branches is long gone. With the rise of UPI transactions, many are turning towards UPI applications for quick transfers.

You may not just make the UPI payment through numerous applications but also use the net banking accounts of public banks like Union Bank of India net banking, SBI net banking, etc., and private banks like CUB net banking, RBL net banking, HDFC net banking, etc. Note that the amount transferred through the UPI application is received instantly.

Well, it is simple as it appears. To assist you understand this, mentioned here are the important ways in which UPI permits you to transfer money from one financial institution’s account to another.

How to make use of the UPI to transfer the money?

Most of the UPI mobile apps, like Paytm, permit you to transfer funds in various ways. No matter whether it is a QR code, account number or UPI ID – each of the methods is equally very simple to use. Explained here is the process you must follow to transfer your funds through either of the methods.

Sending money via UPI is safe and easy. You might send the fund using any of the listed ways – 

Choosing a contact or mobile –

Transferring funds is simple as transferring a message. Just choose a phonebook contact or input a phone number, specify the amount you are looking to transfer and input your PIN. That is it. Your payment will get completed in just a few seconds.

Scanning UPI QR code –

You can even send funds via UPI mode by scanning the QR code of the receiver. All you must do is open an online application or net banking app, hit on Pay, and choose the QR code. Once the receiver’s QR code is scanned, input the money you are looking to pay. After this, input the PIN and the required amount will be transferred in just a few seconds.

Input UPI ID –

To send the funds via the UPI ID, all you require doing is open a mobile payment app and input the UPI ID of the receiver. Post this, you must input the amount that requires being transferred and authenticate the transaction by inputting your MPIN. Your transaction will get completed in a few seconds.

Inputting account and IFSC (Indian Financial System Code) –

This is a convenient payment mode and is even supported on UPI. For this, you just need to input the bank’s account number, and IFSC code of the individual whom you are looking to send the funds, mention the amount and next input your PIN. Once done, your payment will be complete in just a few seconds.

How can you set up your UPI?

You can simply set up your UPI account on your mobile app by following the steps mentioned below – 

• Download the payment app
• Input your phone number. If you hold a dual SIM, you might be prompted for choosing the SIM slot where your phone number is present.
• Post this, an SMS will be received on your number to authenticate your phone number.
• Once done, you will have to choose the name of the bank from the list that is presented to you. Ensure that the phone number is registered with the bank is the same as the one you inputted previously. Your bank account information will be fetched now from the financial institution using your phone number.
• In the case you are linking your financial institution for the first time, you may be asked for setting up the UPI PIN. For this, you require your debit card information. With your debit card information, you can set it up.
• Once done, your bank account will now be linked through UPI. Post this, you will be ready for making your initial payment.

It is essential for you to note that the phone number you input while setting up the UPI ID must be linked with your current or savings bank account. Your UPI ID is an important ID that is shared by your financial institution with you and is unique for every account holder.

UPI IDs are easy to set and remember. In most UPI payment apps like Paytm, you do not require inputting the UPI ID of the receiver. You can simply choose the contact details of the receiver from your contact list and input the contact number of the receiver to send the funds across through the UPI mode. In the contrast, the UPI PIN is nothing but a four- or six-digit personal ID number required to make the fund transfer via the UPI mode. The UPI PIN is stringently confidential as it serves as a passcode to confirm the fund transaction via your phone payment app.

How can you transfer money via UPI?

You can transfer the funds via UPI in the listed steps – 

• Open a mobile payment app like Paytm that allows you to make the UPI transaction through your phone.
• Sign into your app using your bank credentials.
• Hit on the option “to mobile” available on your home screen.
• Input your phone number or choose the contact details of the receiver from your mobile’s contact list.
• Hit on the ‘pay’ option and next input the overall amount for the transfer.
• Choose the account from which you are looking to send your money.
• Input your security PIN for confirming the transaction.
• Once done, the inputted amount will get deducted from your account and will get credited instantly to the account of the receiver.
• You will get a transaction receipt on your mobile app.

How can you make use of the UPI to make the bill payment?

After signing into your UPI payment app like Paytm on your mobile phone, follow the steps mentioned below – 

• Open Paytm mobile application and locate the section mentioning “Recharge and Bill Payments”.
• Hit on the bill type you are looking to pay like DTH, electricity, etc.
• Choose your electricity board or operator.
• Input your bill amount or/and other required details, if any.
• Provided the PIN of your UPI to confirm your transaction.
• Hit on the “Confirm” option.
• Your bill will get paid instantly.

You will also view the same feature of UPI payment through a QR scanner on your net banking apps like CUB net banking, and SBI net banking.