What is UPI Money Transfer? UPI full form is Unified Payment Interface (UPI). UPI allows the transfer of money from one bank account to another instantly via mobile phone. Payments can only be made through UPI app on a mobile device. Money transfer through UPI works 24×7.
How UPI works?
UPI has greatly facilitated the money transfer process. You do not need to remember the recipient’s account number, account type, IFSC code, and bank name. Instead, you can make the money transfer only by knowing the recipients Aadhaar number, mobile number registered with the bank account or UPI ID. You can configure the UPI ID in one of the applications that support the UPI service. For the most part, a UPI ID begins with your mobile phone number followed by the “@” symbol and ends with the application you are using. Identification can be configured by providing your bank account details in the app. The app will send an OTP to your registered mobile phone number to make sure it is an authorized person. Once you enter the OTP, you will be asked to create a PIN for the UPI ID. Upon completing the registration, you can choose any mobile phone number from your contacts and send money. You can also request money from anyone on your contact list.
What is UPI ID & UPI Pin?
A UPI ID is a unique identification ID for a particular bank account and can be used to send and receive funds. UPI PIN is a 4-digit personal identification number that must be entered to authorize the transfer of money through UPI. The PIN can be chosen by the account holder.
How to do UPI transfers?
- Log in to your UPI app with password
- Under “Transfer Money” click on “To Contact”
- Search your payee by Number, Name or UPI ID & Select your payee
- Enter the amount
- Type your UPI pin & Submit
What is BHIM UPI?
BHIM UPI (Bharat Interface for Money) is an app that helps to make simple, easy and quick payment transactions using Unified Payments Interface (UPI). You can make instant bank-to-bank money transfer and collect money using just Mobile number or UPI ID (Virtual Payment Address)
How much can you transfer through UPI?
You can transfer upto Rs.1 lakh in a day through UPI.
Is UPI transfer free?
Also Read: What is Paytm Business Account 2020?
Is UPI and Google pay same?
Google Pay is an UPI app by Google. The app is available in both Google Play Store & iOS Store.
How do I find my UPI ID?
- Login to UPI app
- Tap on your photo.
- Click on My UPI ID
Can we transfer money from UPI to bank account?
Yes, customer can transfer money from one bank account to other bank account using UPI. Steps to transfer money from one bank to another using UPI:
Step 1. Log in to your UPI app with password
Step 2. Under “Transfer Money” click on “To Contact”
Step 3. Search your payee by Number, Name or UPI ID & Select your payee
Step 4. Enter the amount
Step 5. Type your UPI pin & Submit