A well-liked mobile payment method known as the Unified Payment Interface (UPI) permits instantaneous and unrestricted transfer of funds from one bank account to another. Since its origin, UPI has made monetary exchanges a lot simpler for account holders.
Each user must have a unique ID, or UPI ID, in order to send money through UPI. The UPI ID is a novel distinguishing proof for a financial balance that is utilized to send and get assets starting with one bank then onto the next. In UPI instalment applications, for example, Paytm, you don’t have to enter the beneficiary’s UPI ID. You can basically choose the beneficiary’s contact from your telephone directory or enter the recipient’s contact number to send cash through UPI. The UPI PIN, on the other hand, is a personal identification number with four or six digits that must be entered when making a UPI money transfer. Each record holder has the choice to set his/her UPI PIN according to accommodation.
Features of UPI
Here are some Features of UPI :
- UPI inaugurations are extremely quick, and generally, investiture can be finished in virtually no time.
- Enough much every bank permits UPI exchanges through protean operations.
- These mobile payment operations also offer the installation of bill payments, which means that you can set up timely monuments for all of your bill payments and make the payments using the operation at just one click.
- In case of any trouble or suspicious exertion on your account, you can fluently file a complaint using the mobile payment operation.
- Payments can be made 24 hours a day, 7 days a week.
- It’s fully free!
- The UPI Payment installation allows individualities to request plutocrat from some other existent, which isn’t an option with other payment styles.
How Does UPI Payments Work?
To start a UPI transaction, think of the VPA (Virtual Payment Address) as your secret code, like a debit/credit card for online payments. The VPA is like a special key that helps money move in and out of your bank account through UPI. When you create a UPI account on the Paytm app, the VPA is automatically generated for you.
Using the Paytm app is like practicing magic spells for UPI transactions. Choose the ‘UPI/Send Money To Anyone’ option, pick the person you want to send money to from your phone contacts, type in their phone number if it’s not saved, or scan their special code. Then, select your bank account, tap ‘Proceed,’ enter your secret UPI PIN, and watch as the money effortlessly moves from your bank account to the other person’s account.
Participants in UPI
The following parties are involved in making a UPI transaction-
- Remitter bank
- Beneficiary bank
- NPCI
- Merchants
- Bank account holder
- Payer PSP
- Payee PSP
How to Transfer Money Using UPI?
Navigating Money Moves: Exploring Different Ways to Transfer Funds via Mobile Apps
- Easy Phone Transfer: Swiftly move money from your bank account connected to your mobile number.
- QR Code Adventure: Explore a simple financial journey by sending money through a QR code, a special map that includes your VPA, Account number, IFSC, or mobile number.
- VPA Exploration: Take a virtual trip with your Virtual Payment Address (VPA), a unique code that lets you ask for or send funds from a bank account using the UPI ID.
- Direct Account Transfer: Simplify money transfer with direct Account Number use, connecting you straight to the world of bank accounts.
UPI Transaction Limit
Safeguarding Your Transactions: Understanding UPI Limits on Paytm, For secure transactions, UPI payment apps like Paytm adhere to RBI guidelines. Presently, on the Paytm app, the UPI transaction limit is set at Rs. 1 lakh per account every 24 hours. It’s crucial to remember that the actual limit can differ between banks, potentially restricting lower transaction amounts. This ensures a balance between safety and flexibility in your transactions.
UPI Transactions Fees and Charges
Experience seamless UPI services on the Paytm payment app, all without incurring any charges for your transactions. Although there’s a daily UPI transaction limit of Rs. 1 lakh on the Paytm application, rest assured that you won’t encounter any additional UPI transaction fees. Enjoy the convenience of hassle-free transactions with any payment app.
UPI Lite
Meet UPI Lite, a digital account tailor-made for swift, low-value transactions, featuring a maximum limit of Rs. 200. Crafted by Paytm, this innovative tool empowers users to engage in multiple transactions, capped at a daily cumulative limit of Rs. 4000. What sets it apart is the streamlined process, eliminating the need for a PIN, making it remarkably convenient for small-ticket transactions. Users can infuse up to Rs. 2000 into their account twice a day, providing flexibility for conducting several transactions until the daily limit is met.