UPI Se Karo Dosti: What is UPI ID and How You Can Use It in Your Daily Life as a Senior

Key Takeaways: 

• What is UPI ID? - UPI stands for Unified Payments Interface, enabling instant money transfers via smartphone. 
• Creating UPI IDs: Step-by-step guides for setting up UPI IDs on Google Pay, Paytm, PhonePe, and via *99#. 
• Finding UPI IDs: Instructions for locating your UPI ID on various apps. 
• Sending Money: Detailed process for sending money using UPI ID. 
• Features & Benefits: Secure, real-time transactions, accessible on basic phones, supports micropayments, and 24/7 availability. 
• Security: UPI PIN and app-based controls enhance transaction security. 
• Usage FAQs: Addresses common queries about UPI transaction limits, fees, and safety. 

Are you familiar with UPI but unsure about its precise purpose or how it works? You're not alone! Many people, especially those unfamiliar with technology, might feel overwhelmed by the new terminology and apps. But don't worry! This tutorial aims to help you understand UPI. 

What is a UPI ID? 

UPI stands for Unified Payments Interface. It's a system that lets you send and receive money instantly using your smartphone. Developed by the National Payments Corporation of India (NPCI) and overseen by the Reserve Bank of India (RBI), UPI makes digital payments safe and easy. 

How to Create a UPI ID? 

Register your mobile number and bank account with any UPI-enabled app, such as PhonePe, Google Pay, Mobikwik, Paytm, etc. 

How to Create a UPI ID in Google Pay? 

1. Open the Google Play app on your smartphone. 
2. Tap on your profile picture in the top right corner. 
3. Select the Bank Account section. 
4. Choose the specific bank account you want to link with UPI. 
5. Find the "Edit" option next to "UPI ID" and tap on it. 
6. Click on the "+" symbol to create a new UPI ID. 

How to Create a UPI ID in Paytm? 

1. Get started by downloading the Paytm app 
2. Open the Paytm app and sign in using your mobile number. If you're new, you can register as well. 
3. Choose your bank from the list shown on the app. Make sure your mobile number is registered with the same bank account. 
4. The app will automatically fetch your bank account details. 
5. Create a UPI PIN. You'll need your debit card information for this step. 
6. Once the verification is complete, your UPI ID will be generated. 

How to Create a UPI ID in PhonePe? 

1. Get started by downloading the PhonePe app. 
2. Open the PhonePe app and sign in if you already have an account, or register if you're new.  
3. Once logged in, tap on your profile picture in the top left corner. 
4. Look for the "Payment Methods" section and click on the option to "Add bank account." 
5. Choose the specific bank account you want to link with UPI from the list displayed. 
6. You'll see the option to create a UPI ID for this account. 
7. Tap on "Proceed to add" to initiate the UPI ID creation process. 
8. Once completed, your chosen bank account will be linked and your UPI ID will be created. 

How to Create UPI ID through *99#? 

1. On your mobile phone, dial the code *99#. 
2. Choose your preferred language from the available options. 
3. Enter the first four digits of your IFSC code or your bank's name. 
4. Select the specific bank account you want to link with UPI. 
5. Provide the last six digits of your debit card and its expiry date. 
6. Create a UPI PIN. This PIN will be used to secure your UPI transactions. 
7. Verify your UPI PIN by entering it again. Once confirmed, your UPI ID will be created. 

How to Find a UPI ID? 

Once created, you can access your UPI ID on the UPI app. 

How to Find a UPI ID in Google Pay? 

1. Launch the Google Play app on your smartphone. 
2. Tap on your profile picture located in the top right corner. 
3. Select the bank account that has the UPI ID you're looking for. 
4. Your UPI ID will be shown under the section labeled "UPI IDs" 

How to Find a UPI ID in PhonePe? 

1. Start by opening the PhonePe app on your phone. 
2. In the top left corner, tap on your profile picture. 
3. Select the bank account linked to the UPI ID you're looking for. 
4. You'll find your UPI ID displayed under "UPI IDs." 

How to Find a UPI ID in Paytm? 

1. Download the Paytm app. 
2. Tap on your profile picture. This is usually located in the top right corner 
3. Your UPI ID will be displayed prominently on the screen.  

How to Send Money Through UPI ID? 

1. Open your UPI app: Enter your PIN to log in and tap on "Send Money." 
2. Choose a method: You'll see options like mobile number, bank account, or UPI ID. Select "Pay UPI ID." 
3. Get the recipient's UPI ID: Ask the person you're paying to share their UPI ID beforehand. 
4. Enter the UPI ID: Once you have it, enter the recipient's UPI ID carefully. 
5. Verify details: If the ID is valid, the app will show the recipient's name and details. If not, you won't be able to proceed. Double-check and re-enter the correct UPI ID if needed. 
6. Select your account: Choose the bank account you want to transfer the money from. 
7. Review and proceed: Tap "Proceed" to confirm the transfer details. 
8. Enter your UPI PIN: Enter the UPI PIN linked to the chosen bank account. 
9. Money sent! Once you enter the correct PIN, the money will be instantly transferred to the recipient's bank account. 

Features and Benefits of UPI ID:

1. Trusted Network: Backed by the National Payments Corporation of India (NPCI), UPI guarantees a secure and reliable platform for fund transfers. 
2. Instantaneous Transactions: Forget waiting days for transfers! UPI enables real-time transactions, ensuring immediate credit to the recipient's account. 
3. Widespread Accessibility: Unlike traditional methods, UPI doesn't require a fancy smartphone or constant internet access. Basic USSD services on feature phones can also facilitate UPI transactions with slightly less convenience. 
4. Micropayments Made Easy: Need to send a small amount? No problem! UPI lets you send payments as low as Rs. 1, making it ideal for everyday transactions. 
5. Enhanced Security: Using UPI IDs eliminates the need to share sensitive bank account details, significantly reducing the risk of fraud. 
6. 24/7 Convenience: Unlike banks with limited operating hours, UPI transactions can be made anytime, day or night, ensuring seamless financial management. 

FAQs on UPI ID: 

1. Are UPI transactions possible only during bank business hours?  

No! Unlike traditional bank transfers, UPI transactions are available 24/7. 

2. UPI transfer limit per day? 

The daily limit for UPI transfers can vary depending on your bank. However, most banks have a limit of Rs. 1 lakh per day 

3. Are UPI payments free or chargeable? 

The daily limit for UPI transfers can vary depending on your bank. However, most banks have a limit of Rs. 1 lakh per day 

4. Is there a way to view my transaction history?   

Yes, absolutely! You can easily view your transaction history within your UPI app. 

5. If my mobile is lost, can others access my bank account and make transactions? 

If you lose your mobile, block your mobile number so that no transactions can be made from it. Also, a UPI PIN is required to make any transaction via UPI. Since this remains confidential, nobody can make transactions through your lost mobile.