UPI Registration

The UPI registration process starts with downloading your bank’s UPI-enabled mobile application. These applications are available on the Google Play Store for Android phones and on App store of iPhones. You can also get a direct link by visiting your bank’s website. Follow the given steps to start using UPI-

Step 1- Download the mobile application.

Step 2- Create your profile by entering your details such as name, virtual ID and password. The virtual ID you create will be your payment address.

Step 3- Go to Add/Link/Manage Bank Account option on the app and link your bank and account number with the previously created virtual ID.

Every time you make payment through UPI, you will be required to enter mPIN which has to be set at the time of registration. Follow the steps given below to generate mPIN-

Step 1- Once you have downloaded the mobile app, you will be asked to create mPIN for UPI Payments. When you click on it, a One Time Password (OTP) will be sent to your registered mobile number.

Step 2- Now you will be asked to enter the last six digits of your debit card and the expiry date of your debit card.

Step 3- You have to create a unique mPIN for your UPI. This can be a 6-digit number or a 4-digit number. The characters of mPIN differ from bank to bank.

Step 4- Click Submit and your mPIN will be generated.

Your UPI Registration is completed successfully. You can change this mPIN anytime; same procedure will be followed.

UPI is, by far, the easiest and safest mode of transferring money. Unlike other money transfer methods, UPI is available round the clock, seven days a week. Some other reasons why you must register on UPI are given below-

No Need to Add Payee- In case of NEFT and IMPS transfers, you first have to add a beneficiary with your bank account which takes some time. Only after the beneficiary is successfully added can you transfer the money. However, in case of UPI, you just need to enter the payee’s Virtual Payment Address (VPA) and the amount will be sent immediately. This feature makes UPI ideal for emergency money transfers.

No Extra Charges- UPI entails zero transaction charges, as opposed to NEFT and IMPS that charge a minimal amount as transaction charge. For NEFT, it is at least Rs 2.5 per transaction while IMPS fund transfer costs a minimum of Rs 5. On the other hand, UPI Transfer is completely free of cost.

Higher Limit- UPI offers its users a higher transaction amount as compared to mobile wallets. In case of e-wallets, the maximum transaction amount is usually restricted to Rs 20,000. However, in case of UPI you can transact up to Rs 1 Lakh per transaction.

Safe and Secure- Making payments through UPI is the safest as you do not have to share your personal details like account number, etc. All you need to share is your VPA which does not disclose any of your personal information.

Sending and receiving money via UPI is extremely easy. To send money through UPI, follow the steps given below after successful UPI registration-

• Login to your bank’s UPI-enabled mobile application
• Go to UPI section
• Click on Make Payment/Send/Pay
• Enter the payee’s Virtual Payment Address (VPA)
• Enter the amount to be transferred
• In case you have linked a number of accounts, select the account from which the amount should be debited
• Next you have to enter the mPIN to authenticate your payment
• Once you submit, the amount will be transferred in a matter of seconds

To receive money from a person or to request it from someone, you have to follow the procedure given below-

• Login to the mobile app
• Select the option- Collect/Request Money
• Enter the payer/remitter’s VPA and the amount to be credited
• When you submit the request, a notification will be sent to the payer
• He will enter his mPIN to authenticate the transaction if he accepts the request
• When the transaction is complete, both the payer and payee will get notification of debit and credit