UPI Id, UPI Full Form, Best Apps, Registration, Pros & Cons : {What not to do in 2024}

Key Highlights:

  • UPI Full Form is “Unified Payment Interface.
  • A New Way of Online Payment, Being a digital platform, it can be used at any time, even on holidays.
  • Transaction can be done from multiple bank accounts from one mobile application.
  • Fund transfer to any account with the help of IMPS (Immediate Fund Transfer). Due to this, fund transfer takes less time than NEFT.
  • The Virtual Payment Address(VPA) provided by the bank is used.
  • Money is transferred using IFSC code and mobile number.

UPI Overview:

The UPI full form is “Unified Payment Interface“. It was launched on 11 April 2016 by the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI). This is a new way of online payment. Unified Payments Interface or UPI is used to transfer money from a mobile platform to another bank account.

It is a concept that allows multiple bank accounts to transfer money through a single mobile application. With the help of UPI, you can send money to any distant relatives, friends or any person sitting at home 365 days 24/7 hours at any time. Apart from this, you can make any kind of payment with the help of UPI such as Mobile Recharge, Fas Tag Recharge Gas Booking, Online Food Oder, Online Shopping, Movie Ticket, Bus Ticket, Train Ticket, Airline Ticket, DTH Recharge, Credit Card Bill Payment, etc.

It has been developed by National Payment Corporation of India (NPCI). Its control is in the hands of the Reserve Bank and the Indian Bank Association. Government of India has given emphasis on digital payment system to promote cashless economy. After demonetization, the government gave maximum emphasis on UPI financial transactions to grow the cashless economy. In this Article we cover all the details of UPI and gives you 360 degree view.

UPI Full Form
UPI Full Form

 

Quick Review of UPI Details:

S.No. Questions/KeyPoints Answer/Details

 

1 Full Form of UPI Unique Payment Interface
2 Work of UPI Instant Online Payment through mobile
3 By whom it has been Launched Governor of RBI Dr. Raghuram Rajan on 11th of April, 2016
4 Operation of UPI National Payment Corporation of India (NPCI) AND Reserve bank of India (RBI)
5 Maximum Transaction Limit As Per NPCI Rs.1 Lac Per day
6 Total Transaction Till date 9.41 Billion in May 2023 with having total transaction value of Rs. 14.3 trillion

 

UPI ID

What is UPI ID? National Payments Corporation of India (NPCI) and RBI regulated entity developed the Unified Payments Interface (UPI) for the purpose of electronic payments (e-payment) based on IMPS technology. It is a new way of making, which allows you to transfer money instantly between bank accounts of any two persons.UPI ID is a unique 8, 9, or 10 digit number. This is usually the mobile number linked to your bank account followed by a special character   “@ ” followed by the code of the financial institution. Like 123@paytm, abc@axis etc.

How to create UPI ID?

A UPI Mobile Application is required to create a UPI ID. And to take advantage of this service, UPI service has to be started from your bank. Only after that you can avail UPI Service. By the way, nowadays all the banks start this service at the time of opening an account in the bank. But even if this service has not been started by the bank, then you can get it started by giving a request letter.

Following things are required to start UPI Service.

  • Smart Phone
  • UPI Mobile Application
  • Bank Account (Account Number)
  • Registered mobile number which is verified with your bank account.
  • Email ID
  • Internet connection
  • Debit Card
  • PAN Card – Required for UPI Mobile app verification.

 

How to create UPI ID (Registration Process)

We are telling you the process of UPI registration here. By following which you can easily create your UPI ID.

  • First install the UPI-BHIM App from Google Play Store or Apple App Store or your bank’s enabled UPI or any UPI app.
  • Select your language.
  • Submit your Mobile Number which is registered with Your Bank.
  • Add your Bank Account.
  • Create your profile by entering required information like your name, Virtual ID and UPI PIN for security. The Virtual ID created by you will be your payment address.
  • Go to Add / Link / Manage Bank Account option on your App and link your bank account number with the Virtual ID already created.
  • If you want, you can also add your Debit Card.
  • Create your MPIN. This will be your password for financial transactions.
  • You have successfully registered UPI ID.
UPI Registration Process
UPI Registration Process

What is VPA in UPI?

Virtual payment address is like an email ID which is used to send money. UPI money transfer can be initiated without any IFSC code or bank account number. Hence, the VPA is just the information you need to facilitate those transactions. You need to make sure that your VPA is linked to your bank account as well. The VPA will then act as an alternate identity for all your bank account details. VPA helps UPI to provide the smoothest payment interface available. Using VPA, the entire process becomes simpler, making it better than IMPS, NEFT, digital wallets and card payments. for example PhonePe UPI ID consisting of at least 4 letters or numbers followed by @ybl/@ibl).

Best UPI Apps List

There are many apps providing UPI services in India. But there are some best and popular UPI Apps which provide a good UPI service. Find the List

Registration Process of Google Pay

In Above mention apps we are showing the registration process of one app on behalf of that you can register in any app which you want. Find the process:

  •          First download a Google Pay App from Play Store Select your language.
  •          Enter the mobile number registered with the bank.
  •           Add your Gmail Account.
  •           Mobile number has to be verified by OTP received on mobile.
  •           Set a security password using your Screen Lock or creating a Google PIN.
  •           Add your bank account, the bank details will fetch automatically.
  •           Google Pay ready for transactions.

UPI Supported Banks list in India

This service was started with 21 UPI Bank Members. But today more than 100 bank members are providing UPI service by joining with UPI. You can find the list of UPI members on NPCI. Here we are giving the list of most popular banks.

S.No.

UPI Bank Name

UPI App Name

1 Andhra Bank BHIM Andhra Bank ONE
2 Axis Bank BHIM Axis Pay
3 Bank of Baroda BHIM Baroda Pay
4 Bank of India BHIM BOI UPI
5 Bank of Maharashtra BHIM Maha UPI
6 Canara Bank BHIM Canara – eMPower
7 Central Bank of India BHIM Cent UPI
8 HDFC Bank HDFC Bank MobileBanking
9 HSBC HSBC Simple Pay
10 ICICI Bank iMobile
11 IDBI Bank BHIM PAyWIZ by IDBI Bank
12 Jammu and Kashmir Bank BHIM JK Bank UPI
13 Karur Vysya Bank BHIM KVB Pay
14 Kotak Mahindra Bank BHIM Kotak Pay
15 Oriental Bank of Commerce BHIM Oriental Pay
16 Punjab National Bank BHIM PNB
17 State Bank of India SBI  Pay
18 Union Bank of India BHIM Union Bank UPI App
19 United Bank of India BHIM United UPI Pay
20 Yes Bank BHIM Yes Pay
21 Andhra Bank BHIM Andhra Bank ONE
22 Axis Bank BHIM Axis Pay
23 Bank of Baroda BHIM Baroda Pay
24 Bank of India BHIM BOI UPI
25 Bank of Maharashtra BHIM Maha UPI
26 Canara Bank BHIM Canara – eMPower
27 Central Bank of India BHIM Cent UPI
28 HDFC Bank HDFC Bank MobileBanking
29 HSBC HSBC Simple Pay

 

How to do International UPI Transaction?

 According to NPCI, NRIs from certain countries can avail UPI service using their international phone numbers for their bank accounts known as NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. NRIs from these countries can now also use UPI services on their international numbers having country codes of the countries mentioned below:

 

Country Name Country Code
Australia +61
Canada +1
Hong Kong +852
Oman +968
Qatar +974
Saudi Arabia +966
Singapore +65
United Arab Emirates +971
United Kingdom +44
USA +1
Bhutan +975
Nepal +977
Malaysia +60
Thailand +66
Vietnam +84
Cambodia +855
Indonesia +62
Sri Lanka +94
Mauritius +230
Bahrain +973
Maldives +960
Taiwan +886
South Korea +82
Japan +81
France +33
Switzerland +41
Netherlands +31
Russia +7
European Union NA

 

know about UPI Lite?

 UPI Lite is an on-device wallet that allows you to easily make payments of value Rs.200 or less without entering your UPI PIN. It is prepared by NPCI (National Payments Corporation of India). Report of  NPCI says that 50% of UPI transactions are below to Rs 200 and 75% of retail transactions are below Rs 100.

Since UPI has more low value payments, NPCI has come up with a UPI Wallet feature that can specifically handle transactions below Rs.200. , Hence, even during peak load on UPI, UPI Lite will work seamlessly as it is an on-device wallet and is not entirely dependent on the UPI infrastructure.

The best thing about UPI Lite is that you can pay by scanning all UPI QR codes and send money to VPA or UPI IDs, phone numbers and bank accounts. However, you can make payments up to Rs.200 only with UPI Lite. Also, you have the option to deposit money into the wallet using UPI and store up to Rs. 2000 in the wallet. Furthermore, UPI Lite will ensure that your bank account details are not cluttered with small value UPI transactions. All your UPI Lite transactions will be available in the app you use.

Key Highlights of UPI Lite 
Features  Details 
How it works? Add money to the wallet in the app from the bank to make payment through UPI Lite.
What is the transaction limit? Maximum limit: Rs.200
Total UPI Lite balance limit on device wallet? Rs.2,000
How to check transaction history? User will get the SMS of transaction history.

 

UPI Advantage and Disadvantage
 Advantages of UPI:
  • Transferring money to Any Bank Account.
  • Transferring money to any mobile number which is on UPI.
  • Bill Payment Such as electricity, mobile, water, gas, LIC premium, etc.
  • Receive money.
  • Sending request for payment.
  • Sending receipt of payment.
  • Creating Virtual Address.
  • Change of UPI Pin, Linking and deleting bank account from UPI address.
  • Checking bank balance.
  • Getting UPI transaction details.
  • Generating QR Code, Generating OTP.
Disadvantage of UPI

 We believe that paying with UPI has a lot of advantages. But along with this there are some disadvantages which we cannot ignore. Find the details:

  • UPI can be used only by those people who have UPI Virtual Address. Without this you cannot do UPI transaction.
  • You need to be careful while making payments through UPI. Because many times there is a possibility of cheating.
  • Not all people can make payment from Virtual Address. It requires some technical knowledge to use it.
  • Many times the Internet Server slows down while making payments through UPI, due to which our financial transactions stop midway. And our important payments get delayed a lot.
  • Your mobile number should be linked and verified with your bank account for making UPI payments.
UPI Customer Care

Know the details if you have made Wrong UPI Transaction

                                                 Toll-Free UPI Customer Care Helpline No.:  

1800-1201-740
022-45414740

Voice Payment Facility will soon be available on UPI, Freedom from entering PIN: Report 2023

Yes, you heard it right, based on the report/decision of the Monetary Policy Committee, a proposal is being prepared by RBI to introduce negotiated payment facility. As soon as it is implemented, you will get U.P.I. There will be no need to enter PIN again and again for payment. Efforts are being made to link UPI with artificial intelligence(A.I), so that the robot can work on the instructions of the user. As soon as its proposal is prepared, RBI will soon give necessary instructions to NPCI, UPI has been developed by NPCI itself, as well as it is being operated.

Conclusion:

Payment through UPI is now become trends, every smartphone user are scanning the QR Code for his or her payment. Easy use, user friendly app, tension free to carry hard cash are the key factor for the success of UPI. Undouble UPI Usage are creating India as Digital India, Also UPI is doing extremely well globally.

Friends, hope I have explained all the relevant details of UPI . How did you like our post about UPI full form, Tell us the complete information by commenting in the comment box. then too if you want to ask any question kindly feel free to ask in the comment box. We give our 100 percent.

Frequently Asked Questions on UPI Full Form Article:

 1.What is UPI PIN?

UPI- PIN (UPI Personal Identification Number) is a 4-6 digit pass code that you create during the first time registration on the UPI App. UPI Pin need to be enter to authorize financial transactions. If you have already created a UPI-PIN with other UPI Apps, you can use the same on BHIM App. (it is recommended to not sharing your UPI Pin with anyone. No bank reads or stores your UPI-PIN. Nor does the bank ask for your UPI-PIN.

2.What if I enter wrong UPI-PIN during a transaction?

If you enter a wrong UPI PIN during a financial transaction, the transaction will fail. And if you repeatedly enter wrong UPI-Pin, the bank may block your transaction temporarily.

3.I have selected the bank name to link with UPI but my bank A/C does not appear in it?

Mobile number should be the same as per your bank account and that should not be verified in any other UPI app. If your mobile number is not registered or verified with the bank, it will not be verified for UPI.

4.How do I pay online through UPI?

If you do online shopping, then you can pay through UPI. When you see the UPI payment option during the payment process. So click on it, after that you have to enter your Virtual Payment Address (eg – abc@upi). After entering, you will get a request on your UPI App. Submit by entering your UPI-PIN here. Your payment will be completed.

5.Does money transfer through UPI happen only during banking hours?

No. UPI gives you the facility to transfer money 24/7.

6.How can I view my financial transaction history?

Go to the home screen of your UPI App – View Transaction History, here you can see the details of all the financial transactions done in the past.

7.What is the maximum limit for transferring money through UPI?

Rs 1 lakh.

8.I have forgotten my UPI PIN, how to get it?

In case one forgets his UPI PIN, he can generate a new UPI PIN using his debit card details ( with the help of last 6 digits and expiry date). Never Share you debit card details with anyone.

9.My UPI transaction has failed but the money has been deducted from my bank account. What to do?

In case of UPI transaction failure, the money will be refunded to your account. Sometimes it takes longer than the internet server is slow. If you do not get your refund within 1 hour, please contact your bank.

10.My transaction is showing “Pending”. And the money is debited in my bank account and the money is not credited. Is there a problem here?

Your transaction has been successful but the beneficiary bank server is delaying due to some technical reason. Your amount will reach the beneficiary bank in 48 hours once the bank completes its daily work.

11.What to do if bank account verification is not happening while creating UPI ID?

For this, contact your bank branch and request to transfer your mobile number to UPI.

12.What to do if money is transferred from BHIM app to the wrong UPI ID, whose account number and bank name are not known to us?

For this you have to contact your UPI linked bank branch.

13.Can someone’s bank account number and mobile number be known by UPI ID?

No, you cannot know someone’s bank account number through UPI ID. Because it is completely safe. But the mobile number can be verified with the UPI ID.

14.I opened an online account, my UPI ID is not received in the bank, how will it please tell?

To enable UPI ID while opening a bank account, you have to register and activate your mobile number. You can create UPI ID only after the mobile number is activated. If your UPI ID is not being created then contact your bank branch.

15.How to find UPI ID?

Open your UPI app to know your UPI ID. Now UPI ID will be available in your Profile or My Account option. In SBI pay and Bhim UPI App, UPI ID is written on the home page, and in Gpay App, UPI ID is found after clicking on your profile photo to know the UPI ID.

16.Is it possible to link different bank accounts with the help of more than one UPI app on the same smartphone?

Sure. You can definitely link the same or another bank account number with one or more UPI.

 

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