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Summary: The Unified Payments Interface (UPI ID) is a unique identifier launched by the RBI (Reserve Bank of India), revolutionising digital payments. The UPI ID meaning pertains to an identifier that simplifies the procedure of sending as well as receiving money digitally. In simpler words, to understand the UPI ID meaning, think of this as a unique address that reveals your bank account credential for swift fund transactions.
To ensure security, once you have registered your UPI ID, it is crucial to generate UPI PIN, which acts as a password for every transaction. By being well-versed with the UPI ID meaning and its functionalities, you can enhance the ease of your monetary transactions through the online mode.
In the past few years, UPI acceptance has increased owing to its efficient and secure nature. As per the data by National Payments Corporation of India (NCPI), UPI transaction has enhanced by 58%, reaching 9.96 billion in July 2023 and the value of transaction rose by 44%, showcasing its wide acceptance since its launch in 2016.
A UPI ID (Unified Payments Interface ID) is a unique identifier for bank accounts in India, enabling instant mobile-linked payments. Created by the NPCI and overseen by the Reserve Bank of India (RBI), UPI facilitates seamless transactions without the need to enter detailed bank information. Each user must create a UPI ID, also known as a Virtual Payment Address (VPA), to manage transactions.
For example, a UPI ID might look like "yourname@idfc". IDFC FIRST Bank offers a fast and free UPI service, ensuring instant fund transfers without charges.
Furthermore, UPI transactions provide a secure layer of authentication through mobile numbers and a set UPI PIN for each user. This ensures all transactions are not just swift but secure. The versatility of UPI depends on its capability to integrate multiple bank accounts into a single mobile app, allowing you to manage all your bank accounts with ease.
Creating a UPI ID is straightforward and convenient. Here’s a stepwise guide to help you understand how to create UPI ID.
If you are an IDFC FIRST Bank customer, simply go to the UPI payment section, and choose your bank account. Your UPI ID and QR code will be generated instantly. Now you can pay through the beneficiary’s mobile number, UPI ID, or by scanning the QR code.
So, the UPI framework exemplifies digital banking evolution, clubbing convenience with security. As the financial ecosystem shifts towards more digital avenues, UPI emerges as an innovative leader, reshaping how you manage and execute your transactions.
UPI ID is a distinct identification code that could either be based on your mobile number or e-mail ID. Upon registration for UPI payment, a UPI ID number or alphabetical ID is immediately generated. This ID can be located within your UPI profile details. For those who already utilise a UPI app, you should be familiar with your UPI ID number. Also, note that you will need the UPI ID number or UPI credential of the recipients to make UPI payments. Follow the steps mentioned below to find your UPI ID:
Whether you register as a merchant user or a customer, you will receive a UPI ID for your unified payment interface profile. Use this ID to send and accept payments.
UPI is a convenient means of sending and receiving funds instantly. You can follow the below-mentioned steps to make your UPI-linked payment through your UPI ID.
UPI ID is particularly useful if the recipient does not use the same UPI payment app. In case, you don’t know if the beneficiary uses the same app as yours, you can ask for their UPI ID to make payments.
The key benefits of a UPI app to make payments are as follows -
There are several formats for UPI IDs available in India. The most common in use is the mobile number followed by the '@’Bank. which appears as 9999999999@Bank, where the numbers represent the digits of your mobile number and ‘Bank’ represents the name of the bank that offers the payment service. Similarly, you can also find the UPI ID starting with the characters of your e-mail ID, for instance, abcd12@Bank, where the characters represent your e-mail ID followed by the ‘@’ and the bank that provides the payment service.
UPI is most widely used because it offers the convenience of instant payment through a mobile number. You can simply choose the beneficiary from your contact list and proceed with the payment. The UPI service automatically picks all the details of the recipient’s account through the linked mobile number.
UPI offers numerous features which make it the most popular payment service for daily transactions. It is fast, secure, and easy to use. The following are the key features of UPI payments.
UPI payment service works on the Zero Fee framework as mandated by the Indian Government. Whether you are a merchant or a customer, no fees are charged on payments through UPI.
Using UPI, you can send money instantly. The process is quick and simple and does not require detailed account information to transfer funds. Additionally, UPI is available on public holidays, 24*7, 365 days a year providing uninterrupted service. You can easily use the app to pay utility bills, and credit card payments, pay for EMIs and insurance premiums and more.
In addition to PIN security, UPI uses Virtual Payment Address (VPA), which does not expose your bank account details or debit card numbers. Hence, keeping your bank account safe from fraudulent activities.
UPI payment is a unified technology and does not depend on a single bank or app for payment. Moreover, all the bank accounts can be accessed in one place using the UPI payment apps. It makes fund transfers more convenient.
It is soon expected that UPI will also be integrated with various financial organisations to link credit cards with UPI and customers can make payments using their credit cards.
UPI does not impose any minimum transaction limit on fund transfers. You can send an amount as low as ₹1 through the UPI app. It increases the usability of the fund transfer system as more individuals can use it without the constraints of minimum limit.
The UPI payment app works without the internet. Smartphones need an active internet connection to perform transactions. Payment service can be availed without internet. For sending money without using the internet, you just need to make use of the SMS service.
UPI apps also maintain a record of all your transactions. This makes tracking your payments and expenses straightforward, and you can easily monitor your spending habits.
One UPI app can be linked to several bank accounts, eliminating the need to juggle between different apps for different accounts. This integration simplifies money management for users who have multiple bank accounts.
Together, these features make UPI not just a convenient and secure payment method but a comprehensive digital solution that caters to the diverse financial needs of individuals and businesses today.
No, it is not possible to use the UPI app without registering your phone number with the bank because your bank account details are utilised for the authentication of your UPI account. Also, for successful UPI authentication, ensure your mobile number registered with your bank is active.
If you are not sure or unaware if the recipient uses the same UPI application, you can ask for the recipient’s UPI ID to transfer the money. The funds are transferred even if the beneficiary does not utilise the same app. However, they must be registered for UPI transactions with any Indian bank to send money successfully.
If the UPI transaction fails during an active payment, the funds revert to the sender’s bank account instantly. However, if the transaction is pending, it can take up to 30 minutes to reflect the correct status of payments.
If you have any queries regarding your UPI payments, you can reach out to Help and Support anytime. The banks offer instant query resolution through chats. IDFC FIRST Bank provides a dedicated team of professionals for quick query redressal round-the-clock. You can reach out to the bank through chats, calls, and video calls to get your queries resolved.
The maximum transfer limit for UPI transactions varies from bank to bank. It can range from Rs 25,000 to Rs 2,00,000, depending on the bank and on person to person or person to merchant transactions. IDFC FIRST Bank offers a fungible per day limit of Rs 1,00,000 for person to non-verified merchant and person to person transactions, and Rs 2,00,000 for person to verified merchants. For person to person transactions, the per transaction limit from IDFC FIRST Bank savings accounts is Rs 1,00,000.
UPI ID is a unique virtual address allotted to every UPI payment user. If you have already registered for UPI payments, you can find it in your profile section.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.