UPI ID Explanation: What Is It, How Do I Get One, and How Do I Make Changes to My UPI ID When Using Apps?

The United Payments Interface (UPI), which debuted in 2016, is a fantastic system for helping regular people make their regular payments.

Consumers in India have shown a clear preference for UPI over other payment systems. UPI continued to have significant advantages over cards and online banking even after the COVID-19 lockdown had ended.

The significance of this cannot be overstated due to the ease and smoothness with which UPI can be utilized. Since Razorpay has introduced the UPI intent flow for iOS devices, it is expected that the already substantial adoption of UPI on Android will continue to grow.

Consumers on the whole can benefit from using UPI payment apps, and not just because they can help small businesses. This is largely due to the wide variety of functions and applications they provide.

And of course, UPI AutoPay is the next big thing in the digital payments space, as it will enable customers to sign up for subscriptions to products and services using UPI AutoPay.

Start Using UPI AutoPay Right Away

What is a UPI ID

A customer's UPI ID is used to make payments to businesses. It provides a Virtual Payments Address that money transfer services can use to deposit funds into your bank account. The first step in making your own VPA or UPI ID is downloading an app of your choosing and signing up for an account.

Useful UPI Identifier (UPI) Illustration

For Indian bank accounts, UPI stands for the Unified Payments Interface.

To give just one illustration: abcdef@ybl

90876543@okicici

The letters "abcdef" can represent your name, email address, or phone number, while the letters "@ybl and @okicici" stand for the initials of your bank.

Uniform Payments Interface Characteristics

UPI payment apps provide a straightforward answer to a fundamental issue.

A few of the benefits of this payment method are:

• One of the most prominent aspects of UPI, which is being introduced by the National Payments Corporation of India (NPCI), is its dependability. However, when using a third-party app to make online payments, it is important to remember that even a temporary disruption in service can result in a loss of funds. Although these apps provide superior support for customers and aid in refunds, problems frequently arise when customers try to use them on a platform other than the original website or portal. With UPI, customers have much more say over the timing and amount of their money transfers and are less likely to lose money in transit.
• Furthermore, all UPI transfers happen in real-time, making this a crucial feature. Customers simply press the send button, and the funds are immediately transferred to the recipient's account. This makes it easy and convenient to do things like grocery shopping, taking a taxi or car service home from work, or repaying a friend who lent you money. Customers can enter the digital economy without a second's hesitation thanks to the straightforward 2-step process used in these payments.
• UPI is not limited to the internet, which increases its accessibility. The ability to make payments via UPI without a smartphone or internet access is dependent on the payment app being used. Consumers can do this by sending predefined text messages to start the transactions. This means that people from all walks of life are increasingly able to join the online community. Many payment apps also provide instructions in local languages, making it even easier for more people to join in on the revolution.
• Unlike other payment methods, UPI does not impose a minimum on the number of transactions you can make in a given day. With this method of payment, you can pay as little as Re 1. Therefore, this makes the concept of using digital transactions with vendors or merchants much more appealing. There is currently no fee associated with making a payment via UPI, unlike with NEFT and RTGS. In general, this makes these payment methods even more convenient.

UPI ID Generation Procedure

UPI-enabled apps like Google Pay, PhonePe, Paytm, Mobikwik, etc. require that users register their bank account and mobile number with the app. It can be done in the BHIM app or any other UPI-enabled banking app.

Use the BHIM app to make a UPI ID.

• First, get the BHIM app or another app that supports UPI.
• The second step involves a "Verify Mobile Number" request within the BHIM app after you have selected your language of choice and "accepted" various prompts.
• In Stage 3, once you've been verified, you'll be prompted to choose a banking institution.
• Step 4: The app will receive your banking information, including your account number, IFSC code, and bank's name, without you having to enter a thing. In the event that you have multiple accounts associated with the same mobile number, you will be able to choose which one you would like to use with the app.
• Fifth, create a unique payment identification number (UPI ID) and 4- or 6-digit personal identification number (PIN) to safeguard your financial dealings. At this point, you can begin making UPI purchases.

As part of an effort to make banking services accessible to the average citizen, a new service that can be accessed by dialing *99# has been introduced. Simply dial *99# if you're a banking customer.

The *99# Registration Process

• 1. On your phone, enter *99# and press the "call" button.
• As a second step, choose the language you'd like to use.
• Third, either type in the name of the bank you're using or the first four digits of your IFSC code.
• Step 4: Select a Financial Institution
• Step 5: Fill in your debit card's expiration date and the last 6 digits.
• Activate and configure your UPI PIN in Step 6.
• Confirm your UPI PIN in Step 7, and you're all set!

Where to Look up Your UPI Number

Obtain your UPI ID by opening the UPI app on your mobile device and tapping the menu button located in the upper left hand corner. When you go to "Profile," your UPI ID will appear in the top right.

Look up your UPI in the BHIM app:

• As a first step, enter your app's password.
• Second, from the main screen's drop-down menu, pick "Profile." Your UPI ID can be viewed via QR code now.

Google Wallet's UPI ID Lookup

• To begin, launch Google Pay.
• Two, select your image from the menu at top right.
• Third, access your financial account.
• Stage 4: Select the linked bank account linked to the UPI ID
• Step 5: Look in UPI IDs for the corresponding UPI.

Tips for Changing Your UPI ID

UPI ID can be found in the Settings menu. Your new UPI ID can then be entered.

You can update your BHIM app UPI ID

• Initially, launch the BHIM app and select your profile.
• Method 2: Select an Arrangement Format
• Third, you can modify your UPI ID if necessary.
• Fourth, after making the necessary alterations to your ID, select Confirm.

How to Modify Your Google Pay UPI ID

• First, launch Google Pay.
• 2nd Step: Select your profile picture
• Third, choose a payment method by tapping the appropriate icon.
• Fourth, select the bank account for which you want to see the UPI ID.
• Tap the UPI ID for the bank account you want to use in Step 5.
• Click the'' button next to the desired UPI ID in Step 6.

The UPI ID and How to Use It

When people want to send you money, they'll need your UPI ID or virtual payment account number. It's the information you can provide in place of your actual bank account number.

It works like this: Before sending a text, the sender must input the intended recipient's name or number. In the same way, the UPI ID is used.

All you need is the recipient's UPI ID, not even their bank account number, to send money. You can start the payment process by entering their UPI ID into your app.

Please click the link below if you own a small business and would like to learn more about accepting UPI payments.

Questions & Answers