UPI ID – PayU Blog https://payu.in/blog Mon, 30 May 2022 05:53:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://payu.in/blog/wp-content/uploads/2020/05/favicon_index-1.png UPI ID – PayU Blog https://payu.in/blog 32 32 Join The Payment Revolution- Create and Use Your UPI Payments ID https://payu.in/blog/join-the-payment-revolution-how-to-create-and-use-your-upi-id/ Tue, 18 Jan 2022 12:16:02 +0000 https://payu.in/blog/?p=10331 Today, UPIs are being used by individuals, merchants, retailers, and manufacturers all across the country. With 100+ payment options, PayU lets your customers choose from multiple payment options anywhere, anytime.

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It’s the 22nd year of the 21st century, and we have the entire world in the palm of our hands in the form of mobile internet. The internet revolution has evolved so much that it has even changed how we pay for things. One ID, one code, and just one click, for anything you want to purchase instantly! And no, it’s not net banking or any other digital payment service. Yes, we are talking about UPI payments.  

In 2016, the National Payments Corporation of India (NPCI) developed and introduced a real-time digital payments system under the Digital India campaign. Named the Unified Payments Interface (UPI), it’s an online payment system that instantly transfers the funds between two bank accounts in real-time. It serves as a faceless & cardless payments service. 

Within just the first 37 months of its launch in 2016, this mobile-only payment system helped transact a total of ₹17.29 lakh crore (US$ 230 billion) in India. In fact, in 2020, India became the world’s largest real-time payment market with 25.5 billion annual transactions, leaving China and the United States behind. 

This popularity can be attributed to the simple interface and seamless transactions of UPI applications, which makes this digital payments platform easy to use for everyone. With features such as instant cashback, referral bonuses, lucky draws, and other lucrative rewards on transactions, more & more people are shifting to UPI payments instead of using cash or cards. 

So, if you feel like you have been missing out on the benefits of UPI payments, scroll down and find out how you can avail these benefits and more by creating your UPI ID. 

But first, 

What Is A UPI ID or UPI Payments ID? 

It is an online payment system that enables you to virtually transfer money from one bank to another. An Aadhaar Enabled Payment System (AEPS). 

Traditionally, if you transfer money through a bank, you will need details such as the bank name, bank account number, branch address, and IFSC of the beneficiary. These details will have to be entered every time you want to transfer money. A UPI ID or a virtual payment address (VPA) eliminates this hassle.  

As the name suggests, your virtual payment address is a unique ID that enables you to send or receive money through UPI from/to your bank account without sharing each other’s account numbers or other details. 

Linked with a UPI-enabled Bank, your UPI ID can be created on any UPI payment application like BHIM and others. 

How To Create Your UPI Payments ID or VPA? 

There are many Unified Payments Interface payments apps available in the market. However, the steps to create your UPI ID are almost the same across all these apps. Irrespective of which app you use, you will first have to register your bank on the app to create your UPI ID. You can do this through the following steps: 

4 easy steps to create your UPI Id in a minute
  1. Download your desired UPI digital payments app, which will prompt you to set a four-digit app code upon opening. 
  1. After this, the app will ask you to verify your mobile number. If you have a dual sim, select the number which is registered with your bank. The app will then verify this number on its own through an OTP. 
  1. After this verification, the app will ask you to select your bank and will automatically receive the required details such as bank name, the IFSC code, and account number. If you have more than one account added to the same mobile number, you can select your desired account. 
  1. Finally, the app will display your UPI ID. 
  1. And voila! You have successfully created your UPI ID or VPA! 

Registering for UPI ID through the *99# service

Alternatively, you can also register for a UPI ID through the *99# service. Here’s how: 

  1. Dial ”*99#” on your phone and select your preferred language.  
  2. Enter your bank’s name or the first four digits of your IFSC code. 
  3. Choose your bank account and enter the last six digits and the expiry date of your debit card. 
  4. Enter and set your UPI pin or MPin. 
  5. Confirm your UPI pin or MPin, and there you go. You have your UPI ID! 

How To Locate Your UPI Payments ID In A Bank Application? 

You can find your UPI ID or VPA within your UPI app. 

We have discussed two of the most commonly used apps. The process for all the apps might be almost similar with little to no differences. 

For Google Pay Users:  

  1. Open the Google Pay app and click on your photo in the top right corner.  
  2. Click on Bank Account.  
  3. Select the bank account linked with the UPI ID. 
  4. You will find the associated UPI ID under the name “UPI IDs” with its QR Code. 

For BHIM App Users: 

  1. Log in with your app password. 
  2. Click on “Profile” from the drop-down menu. You’ll find your UPI ID with your QR Code

How Can You Change Your UPI Payments ID? 

If you are not satisfied with your UPI address, you have the option of changing it. Here’s how: 

For BHIM App Users: 

  1. Open the BHIM app and go to your profile.  
  2. Click on Settings. 
  3. You will see the option to edit your UPI ID. 
  4. After making the necessary changes to your ID, click Confirm. 

For Google Pay Users: 

  1. Go to Google Pay and click on your profile photo.  
  2. Click on “Bank accounts” in “Payment Methods” and select the bank account whose UPI ID you want to edit. 
  3. Tap the UPI ID associated with your favoured bank account and click on Manage UPI IDs. 
  4. Click ‘+’ icon next to the UPI ID you’d like to have. 

Why Should You Use UPI Payments & Its Benefits

Here are some features of UPI payments that make them one of the best payment options available today: 

  • Single click payment
  • Instant money transfer through any mobile device 24×7 for all 365 days. 
  • No minimum transaction limit. 
  • No transaction charges. 
  • One mobile application for managing various bank accounts. 
  • No need to enter multiple bank details for transactions. 
  • Resolve complaints and queries through the mobile app. 
  • Option to share the receipt of transactions and bills. 
  • Enhanced reliability & security since the RBI regulates it. 
  • Attractive rewards on transactions on selected apps*. 

Conclusion 

Today, the UPI payments system is leading the non-cash systems in India ahead of net banking and debit & credit cards. These are being used by individuals, merchants, retailers, and manufacturers across the country. In fact, as of May 2021, the platform has 100 million monthly active users in India. 

With this digital payments revolution, businesses are finding it much more convenient to send and accept payments in real-time, saving them the hassle of going to banks or making cash payments while also making the process easier for their customers. 

With 100+ payment options available on PayU, including UPIs, cards, wallets, net banking, Buy Now-Pay Later(BNPL) systems, let your customers choose from multiple payment options, anywhere, anytime! 

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What Is A UPI ID? How Does It Work? https://payu.in/blog/what-is-a-upi-id-how-does-it-work/ Mon, 17 Jan 2022 05:30:00 +0000 https://payu.in/blog/?p=10410 UPI based payments have seen significant growth in India in the last few years. Read on to know how this digital payment system works. 

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The Unified Payment Interface (UPI) was launched in 2016 and was seen as a way to streamline digital payments. Over the years, it has established itself as a critical medium for undertaking daily bulk payments. UPI recorded over 4 billion transactions in October 2021, a fresh all-time high for the platform, with the INR value crossing ₹7.71 trillion.

UPI was ahead of net banking and other card-based payments by a margin during 2020, and Indian consumers are steadily moving towards adopting it.

September 2021 saw a record ₹6.54 crore worth of transactions via the UPI medium. A steep 2x jump was observed compared to the numbers for the same period in 2020. Even the number of banks that support UPI rose by 50%, from 174 to 259.

What is UPI?

A report released by Macquarie stated that UPI payments formed 10% of all retail payments made in the first four months of 2021. The growth is phenomenal, considering its share was limited to only 2% a few years ago.

In 2016, the National Payments Corporation of India (NPCI) collaborated with the RBI (central bank of India) and the IBA (Indian Banks Association) to develop a modern payment solution that would enable banks to transfer funds for individual account holders seamlessly. The collaboration resulted in the development of the UPI platform.

The unified payment interface or UPI is a banking interface that allows users to transfer money between bank accounts via a single window. It is an advanced version of IMPS and NEFT and looks to eliminate the need for the users to enter their credentials every time before making a transaction.

Features of UPI Payments

UPI looks to eliminate the clutter around digital payments. Here are the key features of UPI payments: 

Reliable

A significant chunk of our digital payments would fail or take longer than expected to process a few years back. It left us fuming, and we were looking for an innovative solution. With the advent of UPI, reliability became one of the most prominent features of digital payments. It brought about greater control for the users and eliminated the need to maintain multiple third-party apps for different purposes. 

Real-time Transactions

NEFTs in the old days would take some hours to transfer funds across bank accounts, and that was the fastest during its time. With UPI, transfers take place in real-time. All the customer needs to do is click on the pay button, verify their credentials, and complete the payment within seconds. It has allowed customers to use digital payments for various daily tasks, such as buying medicines, vegetables, paying for their Uber drive, and more. 

No Floor Limit on Transactions

How would we like our digital bank payments to be? We would like to see something that could process any amount required (subject to an upper limit for security purposes). That is what UPI does. It allows users to transfer as low as INR 1 with ease. Find out more about the UPI transaction limit here.

No Transaction Charges

RTGS and NEFT were criticized because they had charges attached to them. With UPI, you can send any amount you wish without having to pay a single penny. It allows for a clutter-free and convenient experience for the users. 

Inclusive

Do you have only an app that supports UPI? Great, it works. Are you suffering from a lack of internet connectivity and still wish to make UPI payments? Thankfully, that is possible too. All you need to do is send a specific message enabling the bank to carry out the transaction on your behalf. It has allowed people living in areas with limited connectivity to adopt digital payments seamlessly. 

Check this blog to find out how to create UPI Id.

How Does UPI ID Work?

If you want to carry out a UPI transaction, you will need a VPA or virtual payment address (for example – Joedempo@oksbi). You can link multiple bank accounts to the same VPA for carrying out UPI transactions. But how does it work? Well, various entities come together to ensure a successful transfer of funds. 

Here are the entities involved in carrying out a successful UPI transaction: 

Payment Service Provider (PSP)

Apps like BHIM and others are available at the consumer’s end to initiate and complete a UPI transaction. NPCI issues certificates to specific apps allowing them to carry on UPI-based transactions and issuing UPI handles. At present, there are over 20 third-party apps that can undertake UPI transactions. 

NPCI

NPCI is funded by a plethora of banks across the country and is a non-profit organization. RBI formulated it to facilitate data flow between banks and ensure that the payment is routed via the allowed mediums. The user can register for all these apps and create a different UPI ID to help users in solving their issues with UPI payments. 

Sender’s Bank

The next party involved in a UPI transaction is the sender’s bank or the issuing bank. These bodies receive a request from NPCI to debit money from the sender’s account. Once the debit is complete, the sender’s bank intimates that the transaction has been processed. 

Receiver’s Bank

The receiver bank or the acquiring bank is responsible for crediting the money in the receiver’s account of a UPI request. Once they credit the requisite account, they send an intimation to NPCI confirming the successful credit. 

Payee Payment Service Provider (Payee PSP)

Merchants use the payee payment service provider or payee PSP for P2M (payment to merchant) transactions. 

Partner with PayU India for effortless UPI transactions

The UPI is a robust payment infrastructure that has been instrumental in streamlining digital payments and making them accessible to all. Its working is simple and clutter-free, allowing it to be inclusive and play a significant role in the Indian government’s digital drive. 

But it is also imperative for businesses to partner with a capable UPI partner to make receipt and payment seamless via this medium. At PayU India, we understand the need for you to create a robust online presence. We allow a one-click, no coding, no developer, secure solution to seamlessly integrate with your existing payment infrastructure and undertake UPI transactions with ease. Click here to explore our services. 

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How to Find UPI ID across Different Payment Platforms https://payu.in/blog/how-to-find-upi-id-across-different-payment-platforms/ https://payu.in/blog/how-to-find-upi-id-across-different-payment-platforms/#respond Fri, 02 Aug 2019 11:03:37 +0000 https://blog.payumoney.com/?p=6402 Launched in mid-2016 by the NPCI, the Unified Payments Interface (UPI) is slowly becoming the de facto mode for merchant and peer-to-peer transactions. And this is mainly because of its...

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Launched in mid-2016 by the NPCI, the Unified Payments Interface (UPI) is slowly becoming the de facto mode for merchant and peer-to-peer transactions. And this is mainly because of its feature of allowing users to debit/credit easily and instantaneously, 24*7*365!

The adoption rate of UPI and ease of use speaks for itself. Check out these latest stats regarding UPI trends:

  • Number of banks live on UPI have grown from 114 in April 2018 to 142 in July 2019
  • Number of transactions have grown from 235 million in July 2018 to 822 million in July 2019.

Therefore, today, we find all major apps embracing the UPI feature for payments, for the ease of their users and themselves. But to transact online through UPI, you need to have a unique UPI ID.

What is UPI ID?

UPI ID or the Virtual Payment Address (VPA) is a unique ID created to send or receive money through the UPI. Having a UPI ID (linked with a UPI-enabled bank) enables a user to receive money in his bank account without sharing his account number or other details. The user can simple share his UPI ID with the payer and receive payment directly in his bank account.

The UPI IDs may be different for different apps. For instance, Paytm created it in the format of yourphonenumber@paytm. In other apps, your UPI ID may differ according to the bank you have linked your account with, like yourname@bankname.

Here’s how you can check UPI ID in some of the most popular apps:

1. Google Pay

  • Open the Google Pay app.
  • In the top left corner, tap on your profile picture
  • Click on “Bank accounts”
  • Tap the bank account whose UPI ID you want to view.
  • You will find all UPI IDs associated with that bank account under “UPI IDs”
Google_Pay_UPI

2. BHIM

  • Open the BHIM app.
  • Click on “Profile” on the homepage
  • You will find the UPI. It will be your registeredmobilenumber@upi.
BHIM_UPI

3. Paytm

  • Open the Paytm app.
  • Click on the “BHIM UPI” section at the topmost bar on the homepage.
  • You will find your UPI ID in the first section of the page along with QR code. The UPI ID will be your phonenumber@paytm (as mentioned above)
Paytm_UPI

4. Phone Pe

  • Open the PhonePe app.
  • In the top left corner, tap on your profile picture
  • Click on “MY BHIM UPI ID” and you will find your unique ID. It will be your phonenumber@ybl.
Phonepe_UPI

5. Mobikwik

  • Open the Mobikwik app.
  • Tap the bank account whose UPI ID you want to view, at the top right corner. The ID will yourmobilenumber@ikwik

Note: You can create your own customized UPI IDs on all these apps.

Conclusion

With UPI becoming a popular mode of payment  amongst the masses, it is important for businesses to offer UPI as a payment option to their customers, thus moving a step closer to being a “cash-less economy”. Accepting UPI payments across categories such as bill payments, grocery stores, and shopping is the need of the hour. 

If you are a merchant or a service provider and want to give the best payment experience to your customers, then integrate with a UPI payment gateway like PayUmoney, which is robust, trusted and highly secure. PayUmoney’s payment gateway gives UPI as a payment option, other than a credit card, debit card, and money wallets. With PayU, your business will be able to accept all payment modes that your customer is comfortable in using.

More Info on UPI:
UPI Insights
Accept Payments Using UPI

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