What is UPI Money Transfer

What is UPI Money Transfer?

UPI stands for Unified Payment Transfer. Now a day’s many people are using online transaction app for upi money transfer. For upi online money transfer VPA id is the must. Firstly for UPI money transfer you should know what is UPI money transfer. Basically UPI is the system that brings multiple banks together with the help of some unique identification like unique id or through VPA. VPA stands for Virtual Payment Address. This VPA address is unique address like our Email address. Like this UPI provides you to create your unique address for virtual payments. From this address you can send or receive the payments on your mobile phone. UPI is the payment transfer system that is developed by National Payment Corporation of India for doing online transactions from anywhere. Now most of the people are unaware about what is UPI money transfer and how UPI works. So in this article we will give the detail information regarding what is UPI money transfer, how to create UPI id and how UPI works. We will also give information about how to create UPI id in SBI and how to create UPI id in paytm. This is carried out by RBI i.e. Reserve Bank of India and it provide instant money transfer facility. The special feature of what is UPI money transfer is it works continuously and from any location. Here we are providing steps for how to create UPI id.

How to create UPI id

What is UPI Money Transfer

As we know that what is UPI id is unique id for instant and online banking. It is unique id like email id. Follow this step for how to create UPI id. For creating UPI id you should do registration. You can create UPI id by using BHIM UPI app or any other UPI app that enables your bank.

Steps for how to create UPI id:

1. First of all Download BHIM UPI app or any other UPI app that enables your bank from play store or apple app store.
2. After installation you will ask to choose the language and you will be ask to enter your phone number to verify.
3. After this choose your bank account.
4. Now they will ask to enter some personal details and they will ask you to enter Virtual Payment Address i.e. VPA and you need to enter password also.
5. Now you need to link your VPA to your bank account. For this go to manage bank account option and link your VPA with your bank account number and bank.
6. Now for transaction you need to create MPIN.
7. Now after creating MPIN your registration is successful.
Now always remember that the mobile number which you are entering is linked to your bank.

How to create MPIN

MPIN is very important for user, Which use the what is UPI Money Transfer Facility of Government. You can create MPIN by two ways. Means you can create upi id by Offline as well as by online way.

Steps to create MPIN Offline:

1. For offline you need to dial one number i.e. *99# on your mobile.
2. Then you need to type your bank name or you can type your IFSC code and tap send.
3. After this you will see one menu on your mobile and you should choose “Generate MPIN” option.
4. Now you will see one message to enter your last 4 to 6 number of your debit card and also you need to enter expiry. Click on send.
5. Here you will see one message to generate MPIN which will be of 4 digits and you see one example in that message for generating MPIN. Like that way you should generate MPIN. Click on send.
6. You will see notification that MPIN is created successfully.
You need to follow this for offline way.

Steps to create MPIN online:

1. When you install UPI app on your mobile you will ask to create MPIN. After clicking on create you will receive one OTP on you registered or linked mobile number.
2. After that they will ask you to enter your last 4 to 6 digits of debit number and also you need to enter expiry.
3. Now generate MPIN which can be of 4 to 6 digits depends on your bank.
4. Now you have generated MPIN successfully.
These are the steps for online way.

How to create UPI id in SBI

For creating UPI in SBI you need to install SBI UPI Pay app on your phone and do the same steps that are mention above in how to create UPI id. All steps are same for how to create UPI id in SBI. 

How to create UPI id in Paytm

You need to install paytm app on your mobile phone and follow the same steps you follow for how to create UPI id for How to create UPI d in paytm. Similarly for creating UPI for any online transaction app you need to install that specific app like Google pay, Phone pay or any other that you want. And then follow the same steps how to create UPI id in paytm.

How UPI works

what is upi

Many people don’t know how UPI works and what is upi money transfer means how we can transfer or receive money in UPI. Here we are also providing steps to transfer or receive money through UPI i.e. how UPI works.

Steps to transfer money using UPI

1. Open the online money transfer app like paytm, google pay, Phonepe or any other which you are using for online transfer and do login.
2. After that go to UPI option and select money transfer.
3. Now enter your VPA or you can also scan the QR code.
4. Then enter the amount that you want to transfer.
5. You need to enter MPIN for security and authentication.
6. Then tap on send and within few seconds money will be transferred.

Steps to receive money using UPI

1. Open the online money transfer app like paytm, google pay or any other which you are using for online transfer and do login.
2. Choose the option “collect money” to receive money.
3. Now enter the VPA of payer and the amount to receive.
4. After you tap on send notification will be send to the payer.
5. Payer will accept the request and payer will enter his MPIN.
6. After transaction completed successfully both payer and receiver will get the notification of debited and credited respectively.

This is how UPI works

For any online payment transfer app you need to follow same steps that are mention in steps to transfer money using UPI and steps to receive money using UPI for transferring and receiving money. these we learn what is upi money transfer 

Conclusion:

From this we learn
What is UPI money transfer?
How to create UPI id
How UPI works
How to create UPI id in SBI
How to create UPI id in paytm

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