The UPI or United Payments Interface is a popular way to carry out daily transactions for the average customer. During the ongoing pandemic and post lockdown due to Covid-19, UPI payment was ahead of other forms of transactions that include net banking and using plastic cards. This is one of the much sought-after UPI apps in India. In this write-up, let us find out more about the Bhim UPI and how to create UPI ID and the benefits of using the same.
How to create UPI ID – A bird’s eye view?
The process mentioned below will also help you to know about how to create UPI ID in Paytm as well aside from other UPI-enabled apps like PhonePe, Google Pay, Mobikwik, to name a few.
Follow these steps if the BHIM app is what you are using
- You must download the BHIM app or any application that is compatible with UPI.
- While registering, once you select the preferred language and “accept” the prompts that are displayed on your screen, you will receive a request for the verification of your number.
- Once the verification process is done, you must select the bank name you prefer to include in the transaction.
- Once you enter the preferred bank name, the IFSC code, name of the bank, and account number by default get received by the app. You can also add more than one preferred bank name.
- The next step is to set up a 4 or 6 digit PIN and set up a UPI ID. This ensures that all your transactions are safe.
Remember, the above process will allow you to set up your Paytm UPI ID.
Having understood how to create UPI ID, let us find out more about the features of UPI payment.
- Reliability –The fact that the UPI app is introduced by the National Payments Corporation of India (NPCI) renders it the most reliable of all apps.
- Transfers in Real-time –The moment you press the send button, the recipient receives the cash instantly.
- Dependance on internet connectivity- This will depend on the payment app that you are using. UPI payment offers the provision of carrying out transactions that do not require an internet connection or a smartphone.
- No lower limit – The best part about this Bhim UPI is that there is no lower limit of sending any money. Payments can be as low as just INR 1.
How to use UPI ID?
The UPI ID will work in just the same manner as your name. You must enter a Virtual Payments Address if you are the sender while transferring funds to your account. However, you will be able to carry out the transaction only after registering, the process of which has been explained in the paragraphs above.
It is really essential to explore UPI in order to be able to use its various features. So many people nowadays.
Also Read: Paytm vs Google Pay vs Phone Pe