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What is a UPI How to create a UPI ID

What is a UPI How to create a UPI ID

We will know in today’s article what is a UPI How to create a UPI ID You must have often seen QR codes in stores, by scanning you can make the transaction instantly. You must have also thought about how all this works, in this article we are going to give you complete information about UPI in an easy language. FYI, let us tell you that UPI was introduced in 2016 and now it is used so much that transactions worth Rs crore are done every month.

 

The most important thing about this payment method is that you don’t have to provide bank details again and again to transfer money, just once you have to add your bank account in a UPI wallet like PhonePe, Paytm or Googlepay. Then, through these UPI wallets, you can transfer money to anyone at any time, that too within a few seconds and this money is not stored in any wallet but transfer from your bank account to the bank account of the person corresponding to the cut. He goes.

Earlier, when we had to deposit money or transfer it to someone’s account, then we had to go to the bank and stand in a long line, we would have to face problems as well as lost time, but if the same work was done for a few seconds, if this happened, then Who would be the one who would not want to try this new technology, because of some of these features, today UPI has become the most widely used payment system in the country. And

What is UPI

UBI tells you there is an instant payment system in which you can transfer money to the person’s account without knowing the bank account details of the person in front of you. Unified Payments Interface . UPI has also been given another name VPA which means the default payment address that happens.

UPI or virtual payment address made money transfer very easy. Now you can send money from one place to another place instantly. It is faster than bank transfer due to instant funds transfer capability and unified payment interface. The whole process works in real time. UBI but you can send the payment as well as receive it.

National Payments Corporation of India UPI started on 11th April 2016 Actually Mobile Money Transfer Facility was needed to promote Mobile Banking in 2016 so UPI started after the arrival of many beneficiary money transfer apps and upon seeing 155 banks An Indian joined it too.

 

Friends, it seems that sending money through UPI and Internet banking is the same, but let me tell you that there is a difference between these two things which we will see further.

In 2016, once the internet and mobile reached people, the need for online money transfer also increased. Transfer money from peer to peer easily.

UPI ID Design and Customization

Your UPI ID is the same as your Instagram username, here you get the full customization options but just like your Instagram username if your UPI ID is not available, you can’t customize it, you need a unique ID.

The UPI ID structure is YOURNAME @ BANKNAME Something like this, you can change your name field in the UPI ID, the bank name will remain according to your bank or it can also be according to your UPI provider.

Here you also get four or five options to choose a UPI ID, with which you can create a UPI ID with any one bank, some examples of UPI ID are given below, here by the price (@) you will have a unique ID card.

  • ICICI -ibl
  • SBI -oksbi
  • axis -okaxis

How does UPI work?

UPI works on the principle of the Instant Payment Transfer System (IMPS)

When you create an ID on UPI, your password is saved in the server and whenever you make a UPI payment through any app, you have to enter the same password, after verifying the password, the payment becomes successful. Keep in mind that if you are receiving money even if it is received at this UPI ID, you do not need a password, only the password is required to send the payment.

How to create a UPI ID

Many people have a question about how to create a UPI ID, then let me tell you that you can easily create a UPI ID using services like BHIM UPI, PhonePe, Google Pay, etc. BHIM UPI is the official app launched by the government on which you will also be able to create your own customizable UPI ID and QR Code in minutes.

If you create a UPI ID in any money transfer app then with UPI you can also make transactions like online banking like if you are debiting money on any website then you fill in the UPI ID there. You will get a money sending message directly in your application where the online transaction will be successful when you send money.

The difference between UPI and Netbanking

Friends, the main difference between Internet Banking and UPI ID is that Internet Banking gives us a dashboard on the online website where we will log in with the ID password given by the Bank, this is the type of our admin panel on the bank server or dashboard . Where we can easily use all our services.

Net banking has also become very easy in many banks, for example if you see SBI bank net banking you will get an app called yono.sbi where you login once and then transfer money every time. Facilities such as making and withdrawing receipts.

UPI ID is only for mobile banking promotion, you log in to net banking by visiting the official website, while if you want to use UPI service, you have to first activate the UPI which you can use in any payment transfer app. Your mobile number must be associated with the bank where you want to activate the UPI.

Then, once you activate the UPI on that mobile number, you can create a password for the UPI and the same password will have to be used in all the payment transfer apps. If your net banking password is stolen then there are more chances of money transfer and fraud but since only UPI ID can run in your mobile or only OTP check can withdraw money it is considered somewhere safer.

For any ordinary citizen who does not have a great understanding of Internet banking, he will not be able to transfer money through Internet banking. Since to transfer money on Internet banking, the password must be filled in four places, first the login password, then the profile password, then the payment password and the verification password.

Therefore, for someone who does not have a great understanding of banking services, it will be very difficult to use online banking and can also be a victim of some fraud. Therefore, there was a need for such a service in the country so that the average citizen who is also using mobile phone can transfer money easily and in the most secure way and people with less information and knowledge can also transfer money.

The Reserve Bank of India (RBI) has the primary authority over UPI, so all banks trust UPI and provide UPI service. Almost all banks in India are associated with UPI. Almost all money transfer apps are also associated with UPI.

You must have heard and used the name of Gpay, Phonepe, Paytm, etc. All these applications also perform transactions using the UPI service. Transferring money at UPI is much easier than transferring money online because once you set a UPI password in UPI.

Then when you verify the OPI of your mobile number in any application, there you will be able to transfer money easily from the UPI ID provided by the application in the application, where you have to enter your UPI PIN and you will also be able to do the transaction.

Keep in mind that the UPI PIN is your only security, so all the security hassles are centralized and you don’t even need to have much knowledge of security, you just keep your UPI password safe, and your money safe.

In this article we What is a UPI It has been mentioned about how to create a UPI ID, here the doubts between UPI ID and net banking have also been properly explained, I hope you have understood. If you have any other query regarding UPI, you can ask the question by commenting, we will try to respond to your query by replying within 24 hours.

 

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