Take Your Payment Experience to the Next Level with UPI
Unified Payments Interface or UPI was launched in the year 2016 to anchor digital payments in the country. Launched by NPCI (National Payments Corporation of India) post demonetization, UPI is a real-time payment settlement system facilitating interbank transactions. The UPI setup process comes with simple steps of linking one’s bank account to the generation of the M-PIN number.
The popularity of UPI continues to grow, which can be gauged from the fact that UPI crossed the 900 million mark in August, led by an increase in merchant adoption of the payment channel and improved smartphone penetration in certain states.
In the course of this blog, let us learn the simple, step-by-step process of UPI setup.
3 Simple Steps to UPI Setup
1. Step One: Download the UPI App
Each bank provides its own UPI App to facilitate UPI payment via its banking platform. Over 30 banks catering to different UPI Apps are available on Google Play Store. One can search for the preferred bank UPI App using the format “Bank Name UPI”.
In case, you are not able to find a specific bank app, you can still use non-bank UPI Apps like:
- Google Tez
- Bhim App
- Axis Pay
- SBI Pay
- Airtel Payments Bank
2. Step Two: Register on the UPI App
Once you have downloaded an appropriate UPI app on your mobile, it is time to register to get started with your registration.
- Select your preferred language from the list of languages that pop up on the language list. Currently, 13 languages are supported by the UPI App.
- Verify your mobile number by selecting the SIM number which you want to verify. For example, SIM 1 and SIM 2 pop up if you have 2 mobile numbers. Select the appropriate number to link to your UPI account. Make sure that the number is linked to your preferred bank account. Once, the number is entered,
- Enter your personal details like Mobile Number, Name
- Enter your bank account details like Bank Name, IFSC Code, Account number, type of account, etc to link your bank account to UPI.
- Set UPI PIN by entering your debit card details and entering the expiry date of the debit card. After this, you will receive an OTP from the bank. Upon entering the OTP, you will be prompted to set a 4-digit or 6-digit M-PIN number.
3. Step Three: Start Transactions
- Send Money: Click on the send or the start payment option to initiate the payment. The names of your contact list who are on UPI show up in the contacts tab. Else, you can initiate the payment by entering the mobile number or the virtual payment address of the payee. Once, you enter the amount, click the send tab. The app will prompt you to enter the MPIN. Upon entering the MPIN, the amount transfer occurs. Confirm the transfer by means of the confirmation message received from your bank.
- Receive Money: To receive the amount, click on the receive option on the UPI app. Then, enter the mobile number or the virtual payment address of the payer. Upon doing so, the payer gets a notification with the amount to be paid and the associated remarks. It is the discretion of the payer to accept or reject the amount.
- Transact using the QR Code: All UPI Apps come with an inbuilt QR code scanner. You can either scan the merchant QR code or transfer it to their mobile numbers. The merchant QR code is usually pasted on their bill counters. Not just merchants, even personal account transfers can be conveniently done with the QR code. To do so, you must select the option collect/pay and click on the QR code.
- Miscellaneous: In addition to the above transfers, there are some additional benefits of UPI transfer. For example, while transferring or collecting payments, you can mark them as your favorite. This eases the scope of future transactions. Further, one can see all the transaction history done on UPI App just like on one’s passbook.
On the whole, UPI has brought in a digital payment revolution in India. It has been one of the positive offset of demonetization in India. With faster and more secure payment transfers, it is a matter of time before it takes an esteemed place in every person’s pocket. We hope this guide has helped you in your UPI setup.
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