What is UPI?

Unified Payments Interface or UPI allows users to send and receive money from one participating bank account to another in a matter of seconds using a smartphone. These UPI payments are facilitated by the National Payments Corporation of India (NPCI) to ensure interoperability between banks. Anyone can avail of the UPI payment facility on their phones by linking their bank account to their mobile number.

 

While most banks provide this facility of payments, you can also choose to avail of this facility through another third-party bank. The popularity of UPI payments has increased a lot lately, due to the convenience and easy of transacting it offers.

Why should you use UPI?

The popularity of UPI payments has increased a lot lately, due to the convenience and easy of transacting it offers. Here are some reasons to use UPI as a regular payment method:

 

  • Safe – The UPI payment method is very safe and easy to use. With a single two-factor authentication in line with regulatory guidelines, you can expect the highest safety in transactions.

  • Quick – UPI payment methods offer immediate money transfer through mobile devices anytime, anywhere.

  • Convenient – UPI payments are easy to use, with a single virtual address to replace the hassle of entering and re-entering your bank account details. You also have the option to make instant payments by scanning QR codes.

  • Flexible – With a single mobile application, you can easily make payments to over a million UPI merchants and billers. You can transfer money to anyone who has linked their bank account to their mobile numbers.

If you face any issue with UPI payments, you can easily seek redressal with the application directly.

How do I register for UPI payments?

Registration for UPI payments is quick and easy. You can follow these simple steps to get started:

 

  1. Download the UPI application from Play Store, App Store, or from the website of the payment service provider directly

  2. To create your profile, enter your name, virtual ID (payment address) and password

  3. Click on the “Add/Link/Manage Bank Account” option, so you can link your bank account details with the virtual ID

  4. Add your security PIN or enable your mobile phone’s default lock system for security

Once your banking details are verified, your registration is complete, and you can start making payments easily.

Who are the primary participants in UPI?

The primary participants in UPI constitute of the payer payment service provider, payee payment service provider, remitter bank, beneficiary bank, bank account holders, merchants, and the National Payments Corporation of India.

 

In any transaction, the involvement of beneficiary bank and the service providers for the payee and payer are a must.

How can you make UPI payments using the Bajaj Markets App?

The Bajaj Markets app helps you make quick and easy UPI payments. Be it paying for a cab, ordering food online or transferring money on the go, the Bajaj Markets UPI has got you covered.

 

To make UPI payments using the Bajaj Markets app, here are the steps you need to follow:

 

  1. Choose to download the Bajaj Markets app from the Play Store or App Store (iOS)

  2. Complete the registration process

  3. On the Bajaj Markets home screen, select ‘UPI’

  4. Select the bank account and enter your mobile number

  5. Create your MPIN for additional security, add bank account(s) and create your VPA handle

Once your VPA handle is created, you can easily start transacting. You can add multiple accounts under one UPI ID and make payments using your exclusive UPI PIN. With a single-click authentication for instant money transfers, Bajaj Markets UPI offers exclusive offers and deals.

How to send and receive money using UPI?

You can choose to send money to a merchant or a peer using their VPA ID, phone number, bank account details or their QR code.

 

Here’s a step-by-step guide to help you send money to a merchant using UPI:

 

  1. Open the UPI app on your smartphone

  2. Enter your security code/MPIN to navigate to the UPI app’s home screen

  3. Select the ‘Send’ or ‘Pay’ option

  4. You can choose to enter the vendor’s UPI ID, phone number or bank account details; or you can choose to scan the QR code for the vendor

  5. Enter the relevant details along with the amount to be transferred, along with your PIN when prompted

Once the transaction is successful, both parties will receive confirmation notifications and SMS. The amount is directly debited from the sender’s account and credited to the receiver’s account.

 

You can also check if you’ve received the money on your UPI app by checking the notifications. However, if you’re looking to request a payment on your UPI ID, here are the steps you need to follow:

 

  1. Open the UPI app on your smartphone

  2. Enter your security code to navigate to the UPI app’s home screen

  3. Select the ‘Receive’ option

  4. Enter the VPA of the sender along with the amount you’d like to receive and the expiry time for the request

  5. The request will then be sent to the sender for approval

On approval of transaction by the sender, the requested amount will be credited to the default account linked to the VPA. An SMS is sent to both - the sender and receiver, to confirm the transaction.

How do you reset the UPI PIN for your bank account?

If you forgot your UPI PIN or would like to change it at some point, you can do so through your UPI app. Here are the steps to help you reset your PIN:

 

  1. Open the UPI app on your smartphone

  2. Enter your security code to navigate to the UPI app’s home screen

  3. Go to ‘Profile’ section

  4. Choose the bank account for which you’d like to reset the PIN

  5. You will be required to authenticate the process through an OTP PIN

Once authenticated, you can begin using your new UPI PIN.

Transactions done via UPI

UPI facilitates seamless transfer of funds between two bank accounts. Here are the different types of transactions you can perform through your UPI app:

 

Send Money: You can send money by entering the payee’s VPA (Virtual Payment Address), mobile number linked to UPI, bank account details or by scanning QR code.

 

Request Money: You can initiate a collection request by entering VPA. It is mandatory that the mobile number of the user is connected to the bank account.

 

Scan and Pay: You can easily choose to pay by using the ‘Scan & Pay’ option that lets you scan QR codes and create QR codes using the Payment Program.

 

Transaction History: You can easily view the transaction history via your UPI app. It also shows pending UPI collection requests so that you can accept or deny payment requests.

 

Profile Management: On this section of the UPI app, the static QR code is displayed along with the payment addresses generated. The QR code can be downloaded and shared via messaging apps or email.

 

Check Bank Account Balance: The UPI app also enables users to check account balance for the bank account linked to their UPI.

What is a UPI Mandate?

UPI Mandate is a feature that allows you to schedule transactions to be debited from your bank later. The mandate of the UPI is to be used in situations where money is to be transferred later, but the commitment to that is to be made now. The account of the consumer will be debited when the mandate is fulfilled.

 

Along with the benefit of creating mandates for payments to be done on a future date, UPI Mandate also offers assurance to both – the payee and payer.

FAQs

  • ✔️What is UPI?

    UPI stands for Unified Payment Interface. UPI facilitates instant transfer of money from one bank account to another via your smartphone. These payments are made through mobile applications or by using applications of the participating bank and non-bank entities. 

  • ✔️What are the different kinds of financial transactions that can be driven using UPI?

    Here are the different financial transactions that can be driven through UPI:

    1. Sending money

    2. Requesting money

    3. Scanning of QR code to pay

    4. Accessing transaction records

    5. Checking the bank account balance

  • ✔️What do you need to create UPI ID?

    To create your UPI ID, here’s what you need:

    1. Active bank account held in India

    2. Active mobile number that is linked with your bank account

    3. Smartphone with internet connectivity

    4. Debit card for setting up the m-PIN and UPI PIN

  • ✔️Is UPI safe to use?

    Yes, it is completely safe to use. It is developed by National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI).

  • ✔️Is it necessary to download the UPI bank of your app?

    No, users can download any trusted app that provides the feature of UPI transaction. Bajaj Markets UPI is one of the safest and most secure platforms for UPI transactions.

  • ✔️What if I entered the wrong UPI PIN?

    The transaction will fail if the user keys in the wrong UPI PIN.

  • ✔️Can money transfers be done on bank holidays?

    Yes, money transfers can be done on bank holidays. UPI works round the clock.

  • ✔️Can I link more than one bank account to the same virtual address?

    Yes, multiple bank accounts can be linked to the same virtual address.

Happy Customers of Bajaj Markets

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!