To start using UPI, you need to create a UPI ID. This ID will act as a virtual payment address, and you can link it to your bank accounts. Once you have a UPI ID, you can use it to send and receive payments through UPI-based mobile apps such as BHIM SBI, Gpay, PhonePe, etc.
UPI or Unified Payment Interface is a new payment technology in India that helps users transfer money via a secure two-factor authentication system without having to share their bank account details with any third parties. This is especially useful when you need to transfer funds between different accounts in your bank, or from an outside account to yours.
The process of creating a UPI ID is simple and fast. To do this, you need a registered mobile number with the bank (most banks are UPI-enabled) and a valid debit card.
You can create your UPI ID on YONO SBI, the all-in-one app for State Bank of India that offers various banking facilities. This includes bill payments, recharges, and cardless cash withdrawals.
To get started with the registration process, open the YONO SBI app and login with your 6-digit MPIN or internet banking username and password. After that, select ‘BHIM UPI’ and follow the steps to register for the service.
During the registration process, you will be asked to provide your email address and phone number. After this, you will receive an OTP on your registered mobile number from the bank.
Once you have successfully registered, you will be able to generate an mPIN for your UPI account. You can then use this mPIN to access your SBI bank account and perform all financial transactions.
A mPIN is also required when you want to link your SBI bank account to other UPI-based mobile applications such as Paytm, BHIM SBI, and Google Pay. When you link your SBI bank account with these mobile payment applications, you will be able to transfer funds from your SBI bank account to those of other users using the same mPIN.
If you have more than one bank account, you can generate multiple VPAs for these accounts. Each VPA will act as a unique identifier for each bank account.
You can then choose the account you would like to link and the bank will verify it automatically. Once the verification is complete, you will be able to access your bank accounts through your VPAs.
What is the difference between a UPI ID and a Wallet?
A UPI ID is a virtual payment address that can be linked to your bank account and other relevant financial details. This ID is similar to an email id and it can be used for sending and receiving money online.
The best part about UPI is that it enables you to make payments without having to share your bank account details with the recipient. In addition, you can transfer funds 24×7 irrespective of your bank’s hours of operation.