The Unified Payments Interface (UPI) has transformed digital transactions in India, enabling quick, seamless, and secure payments. Whether it's transferring money, paying for groceries, or settling bills, UPI simplifies it all with just a few taps.
What does UPI mean?
UPI is a real-time payment system developed by NPCI that allows instant money transfers between bank accounts. It integrates multiple bank accounts into a single app, enabling users to send and receive money and pay for services. UPI operates 24/7, including holidays, offering a convenient solution for digital transactions.
Creating a UPI ID
1. Start by downloading a UPI-enabled app like Axis Bank’s Mobile Banking app, open, from the google play store or apple store.
2. Enter the mobile number linked to your bank account. The app will send an SMS to verify your number.
3. Select your bank from the list of supported banks. The app will automatically fetch your account details linked to your mobile number.
4.You will be prompted to create a unique UPI ID. This ID will be used for all UPI transactions.
How to find my UPI ID?
To find your UPI ID, open the UPI app where you registered, and navigate to the profile or account section. Your UPI ID is typically listed under 'My UPI ID' or 'Bank Accounts,' where you can copy it for future use. If you're using the open by Axis Bank, log in, tap on the ‘BHIM UPI’ section, and your UPI ID will be prominently displayed.
How to set UPI PIN?
1. Open the app where you registered your UPI ID.
2. Go to 'Bank Account' or 'Settings' to manage your linked bank accounts.
3. Select 'Set UPI PIN' for the desired bank account.
4. Enter the last six digits of your Debit Card and its expiry date to complete verification.
5. Enter the OTP received on your registered mobile number to authenticate the process.
6. Choose a 4-6 digit UPI PIN.
7. Confirm the PIN by re-entering it.
How does UPI work?
1. Initiate a transaction: Open your UPI app and select the 'Send Money' or 'Pay' option.
2. Scan their UPI QR code: If you’re making a payment at a store, scan the UPI QR code provided by the merchant.
3. Enter the transaction amount: Type in the amount you wish to transfer or pay.
4. Authenticate the transaction: Enter your UPI PIN to authenticate the transaction.
5. Complete the transaction: Once the UPI PIN is verified, the transaction is processed instantly, and you’ll receive a confirmation message.
Also Read: The power of UPI: Simplifying payments
Conclusion
Registering for UPI is a simple and effective way to manage your finances digitally. By creating a UPI ID and PIN, you can easily perform transactions from your smartphone.
Pairing UPI with your Axis Bank Rupay Credit Card enhances this experience, offering reward points on UPI spends, secure transactions, and wide acceptance.
FAQs
Is UPI registration necessary?
Yes, UPI registration is required to access UPI services.
How do I open a UPI ID?
You can easily open a UPI ID using any UPI-enabled app by following the steps outlined in the guide.
Is a Debit Card necessary for UPI?
Yes, a Debit Card is needed to set up your UPI PIN for secure transactions.
Can UPI work without a Bank Account?
No, a Bank Account is required for UPI.
How can I transfer money without a Debit Card and UPI?
You can transfer money using Net Banking or Mobile Banking apps.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
