The Unified Payments Interface (UPI) is a system that combines multiple bank accounts, efficient fund routing, and merchant payments into a single mobile application. This technology is becoming more common these days.
It also offers “Peer to Peer” collection requests, which may be arranged and paid for based on need and convenience.
The UPI system is simple, free of charge, and instant. UPI transactions are available 365 days a year, 24 hours a day. This article is for you if you’re wondering how to utilize UPI to transfer money.
Through this article, we will get to know how to use the UPI system to make transactions, specially how to transfer money through UPIs. So, stay tuned to learn more about the same.
How Does UPI Work for Money Transfer?
UPI simplifies and secures money transfers. You can send money using any of the ways listed below:
Select a contact or Enter a phone number
Select a contact number from your contact list or dial the phone number, enter the amount that you want to transfer and then the security pin. In just couple of seconds your payment will be processed.
Inputting a UPI ID
To send money using UPI ID, launch the digital payment app and input the recipient’s UPI ID.
The needed transfer amount must then be provided, followed by your MPIN to finalize the transaction.
Your payment will be completed in a timely manner.
Using the Account Number and IFSC Code
This is the traditional payment method, which UPI also accepts. After inputting the recipient’s account number and IFSC, you may select the amount and enter your PIN, and the transaction will be executed in a matter of seconds.
Using a UPI QR Code
You may also send money using UPI by scanning the QR code for the receiver.
Launch the digital payment mobile app on your phone, select ‘Pay,’ and then select a QR code.
After scanning the recipient’s QR code, enter the payment amount. When you input your PIN, your payment will be completed in seconds.
How Do I Send Money Using UPI?
You may transmit money via UPI by following the procedures outlined above:
- Step 1: On your smartphone, open the mobile payment app that allows UPI transactions.
- Step 2: Log in using your username and password to access the program.
- Step 3: In your payment app, enter the recipient’s mobile phone number or choose them from your phone’s contact list.
- Step 4: Enter the entire transfer amount, then click ‘Pay.’
- Step 5: Select the bank account from which you want to transfer funds.
- Step 6: To complete the transaction, enter your security PIN and hit the ‘complete’ button.
- Step 7: The amount entered will now be deducted from your bank account and credited to the recipient’s history.
- Step 8: You will receive a transaction receipt on your mobile device, as well as a second message on your ‘Messages’ app telling you that money has been withdrawn from your account.
Top UPI Apps
Conclusion
Finally, the NPCI has established a strong payment infrastructure through UPI, allowing for hassle-free and cashless transactions.
It is simple to understand and use due to the range of payment applications, simple registration, and transactional steps. We hope this article has helped you understand how to send money using your UPI ID and the fundamentals of UPI money transfer.