The Unified Payments Interface (UPI) is a system that integrates various bank accounts, smooth fund routing, and merchant payments into a single mobile application. This technology is gaining popularity these days.
Additionally, it supports "Peer to Peer" collection requests that may be planned and paid for according to need and convenience.
The UPI system is straightforward, cost-free, and immediate. You may conduct transactions with UPI 365 days a year, around the clock. If you are wondering how to use UPI to transfer money, this blog is just for you.
In this blog, we will examine how we may utilize the UPI system to carry out transactions, mainly how to transfer money by UPI. So, read on to know more about the same!
UPI makes sending money simple and secure. You can transfer money through any of the methods listed below-
Choose a contact from your phonebook or enter a mobile number, enter the transfer amount, and then your PIN. In a few seconds, your payment will be processed.
Launch the digital payment application and enter the recipient's UPI ID to send money using UPI ID.
The required transfer amount must then be entered, and your MPIN must be entered to confirm the transaction.
Your payment will be finished in a brief amount of time.
This is the conventional method of payment, which UPI also supports. You can choose the sum and insert your PIN after entering the recipient's account number and IFSC, and in just a few seconds, your transaction will be processed.
By scanning the QR code for the recipient, you may send money over UPI as well.
Launch the digital payment mobile app on your phone, choose the option of ‘Pay,’ and then choose a QR code.
Enter the payment amount after scanning the recipient's QR code. Your payment will be processed in seconds when you enter your PIN.
You may also want to know How to Secure Your Account from UPI Frauds
You may send money via UPI by taking the steps above-
Step 1: Launch the mobile payment app that accepts UPI transactions on your smartphone.
Step 2: Utilize your login information to access the application.
Step 3: Enter the recipient's mobile number in your payment app or choose them from your phone's contact list.
Step 4: Enter the whole amount to be transferred, then click ‘Pay.’
Step 5: Decide the bank account from which you wish to send the money.
Step 6: Enter your security PIN and press the ‘Confirm’ button to confirm the transaction.
Step 7: The inputted sum will now be taken out of your bank account and credited to the recipient's history.
Step 8: You will receive a receipt for the transaction on your mobile device and a second message on your ‘Messages’ app informing you that money has been deducted from your account.
In conclusion, the NPCI has built a robust payment infrastructure through the UPI that enables hassle-free and cashless transactions.
With the variety of payment applications, easy registration, and transactional stages, it is pretty straightforward to comprehend and utilize. We hope this blog helps you understand how to send money through UPI ID and the basics of UPI money transfer.
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.