In today’s fast-paced world, the convenience of transferring funds quickly and securely is essential. With digital payment systems like NEFT and UPI, you can send money instantly with just a few taps on your smartphone.
How to use UPI to transfer money?
Unified Payments Interface (UPI) allows you to send money directly from your bank account to another bank account without needing any details other than the recipient's UPI ID, mobile number or account number and IFSC.
Here is how the process works -
- Choose a contact or insert a mobile number: Open your preferred UPI-enabled app and select the option to send money. You can either choose a contact directly from your phone’s contact list or you can manually enter the recipient’s mobile number.
- Inserting a UPI ID: If you know the recipient's UPI ID, simply enter it in the designated field. Double-check the ID to avoid any errors. The app will then display the recipient’s name for confirmation, ensuring your money is sent to the correct person.
- Through account number and IFSC: Navigate to the 'Send Money' option, enter the account details like account number and IFSC, and confirm before proceeding with the transfer.
- Through a UPI QR code: UPI also supports quick transactions through QR codes. Just select the 'Scan QR Code' option in your app, scan the recipient's QR code with your phone and the app will automatically retrieve their payment details. You can then enter the amount and complete the payment.
How to transfer money through UPI?
- After entering the necessary details, proceed by clicking on the 'Send Money' option.
- Select the method you wish to use to transfer funds (mobile number, QR code, account number, etc.)
- Type in the amount you wish to transfer. Most apps will show a confirmation screen where you can review the details before proceeding.
- To authorise the payment, you will need to enter your UPI PIN. This is a secure 4 or 6-digit number set up when you first registered for UPI services.
- Once you have entered your UPI PIN, review the transaction details one last time, and confirm the payment. Within seconds, you will receive a notification indicating that the payment was successful, and the recipient will receive the funds instantly.
Conclusion
Transferring money through UPI is not only fast but also highly secure, making it an ideal choice for your everyday transactions. Whether you're sending money to a loved one, paying for a purchase or settling a bill, UPI provides multiple ways to transfer funds, ensuring flexibility and convenience.
For a seamless experience, consider using the Axis Bank RuPay Credit Card on UPI. You can link your Credit Card to any UPI app like Google Pay, Paytm, PhonePe, and more. Enjoy the benefits of earning reward points on your UPI spends, secure and seamless transactions, and wide acceptance across various platforms.
Also Read: The power of UPI: Simplifying payments
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
