The Unified Payment Interface (UPI) or UPI has made the banking transaction easier. The UPI is the banking application launched on 11 April 2016 for instant real-time inter-bank transactions. You can make a hassle-free banking transaction within a second with the help of the UPI payment system. Account-holders can manage their different UPI linked bank accounts with a single UPI banking application. Many of you do not know the details related to UPI. So, for your knowledge, we are providing the complete Registration process, Payment Process, Charges, and other essential details related to UPI. You are suggested to go through the below-stated information.
UPI Registration Process
Just follow the provided steps
- First of all, go to play store or app store to download the UPI-enabled mobile application
- Open the application and build your profile by providing the mobile number, name, virtual ID, and password.
- Thereafter you have to go towards the Manage/Add Bank Account section, and there you require to add the bank details and account number.
- On the next step, you will ask to set a UPI password (06 digits).
- Thereafter you have to set the MPIN; to set the pin, you have to provide your last six digits of ATM number and also have to provide the expire date of ATM card.
- Now you will get the one-time password on your registered mobile number with the bank.
- Provide the received OTP and set your MPIN.
- The process of UPI Registrationis completed, now you are ready to perform the transactions through UPI
StepsTo Send Money Via UPI
- Open the UPI enabled app
- Now select the UPI section.
- After that, select the Send/Pay option to make payment
- Now you will ask to enter the payee’sVPA.
- On the next step, you have to enter the amount you want to transfer.
- In case you have more than 01 bank account linked to your UPI account, you have to choose the appropriate one for the transaction.
- Now confirm the payment amount.
- Finally, enter the MPIN, your payment will be generated, and you will get the receipt after successful payment.
StepsTo Receive Money Via UPI
- Open the UPI mobile app
- Go to UPI option and press the Request Money option.
- Now enter the payer VPA or mobile number.
- Enter the appropriate amount for which you want to make a request.
- Your request notification will be received by the payer.
- Now, if the payer wants to wish to make the transaction, he follows the same procedure as stated above.