The Unified Payment Interface, also known as UPI, is one of the well-known mobile payment methods used nowadays. This method helps to transfer funds from one bank account to the other at any time and free of charge. Since the inception of UPI, financial transactions have been much easier than before. If you want to transfer money through UPI, both users must have a UPI reference ID, also termed UPI reference ID. A UPI reference ID is a unique identifier for each bank account that helps send and receive funds from one bank account to another. In contrast, each user is given a unique personal identification number, usually 4 to 6 digits, mandatory in every transaction. Further, this UPI PIN is generated by customers as per their choice.
Furthermore, a UPI reference number is a 12-digit reference number used to keep track of your transactions to contact the customer care staff if you have any questions regarding your UPI transactions. Nowadays, everyone is switching to UPI as it is one of the easiest methods and is helpful in contactless transactions during pandemics.
Did you know?
You can add up to 4 UPI reference IDs to your bank account, and you can also remove these at any time.
Also Read: UPI Frauds in India and How to Avoide Online Scams While Using UPI
How to Track Your UPI Reference Number?
It is very important to keep track of your UPI reference number. This UPI transaction reference number tracking can be done by following an easy process given below.
- First, you must open the application you are using, such as Paytm, Google Pay, PhonePe, etc., on your mobile phone.
- Then you are required to open the 'Passbook' icon on the home screen if you are using Paytm.
- After completing the above steps, you must select your bank account, specifically the bank account you used for UPI payments, followed by clicking on the transaction you require the UPI reference number.
- Then you are required to note the 12-digit UPI reference number.
- After completing the above steps, you can easily track UPI reference numbers whenever you need them on any UPI payment applications.
How to Get Started with Using UPI?
You need to follow a few steps to use the UPI.
- The initial step is to download applications for mobile payment such as Amazon pay, Paytm, Phonepe, etc.
- Then you must enter your mobile number then select a SIM slot for your mobile number in case you have a dual SIM phone.
- Then you will receive an SMS on your registered number to verify your mobile number.
- After completion of the above steps, then from the list of banks, you are required to select your bank name.
- It is mandatory to use a mobile number registered with your bank account as it helps in fetching bank account details from the bank using your linked mobile number.
- Then If it is your first time or you are linking your bank account the first time, you have to set up a UPI Pin for which you need your debit card details.
- At last, you are ready to make your first payment, and your account is linked via UPI.
Why Is Everyone Using UPI Reference ID?
It is very common for her bank account holders to talk about making transactions and transferring funds through UPI. Some of the basic reasons for the popularity of these UPI transactions are
- The transactions are made easier and faster through UPI payments as funds are transferred within seconds.
- Another basic reason is that almost every bank uses and allows transactions through UPI.
- These payments through UPI are the safest while making the payment; users are supposed to enter MPIN each time.
- Another unique feature of UPI Payment is that it allows you to request money from other users, unavailable in other payment applications like IMPS and NEFT.
- Mobile payment applications such as Paytm, PhonePe, etc., offer many facilities, including bill payments, recharge and timely reminders with just one click.
- If you witness any suspicious activity or trouble, you can also file a complaint easily using the payment application.
- One of the prominent features is it's completely free and is available for 24 hours.
Also Read: UPI Transaction Limit : Of 105 Banks Along With SBI and HDFC
Here's How You Can Send Money Through UPI
There are various methods you can opt for sending money through UPI. Some of the basic techniques are
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Selecting a Contact/Entering Mobile Number
You can send money by selecting a phonebook contact and entering the amount followed by your UPI pin. Your payment is completed in a few seconds by following easy steps.
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Scanning a UPI QR Code
Another method to pay is through QR code scanning of the receiver. All you are required to do is open a payment application such as Paytm or Phonepe, then clicks pay, followed by a QR code. After scanning the QR code, you must enter the amount to be paid, followed by the UPI pin, and your payment is made within a few seconds.
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Entering UPI reference ID
If you want to transfer money through UPI reference ID, you have to open the mobile payment application and enter the UPI reference ID of the receiver, followed by the amount to be transferred and MPIN.
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Entering Account Number & IFSC
Another way of a transaction or one of the traditional ways of payment is by entering the account number and IFSC. You can do this by entering the account number & IFSC of the receiver, specifying the amount, and your secret PIN.
Use Paytm for All Your UPI Transactions
One of the most common UPI mobile payment applications is Paytm, which supports UPI services. Further, it also provides services free of cost, and you can freely carry out any transaction. Some of the common reasons why you must opt for UPI transactions on Paytm are
- Paytm is a simple and easy-to-use application that allows you to carry out a UPI transaction using a UPI reference ID, QR code or IFSC.
- Further, it follows all the rules and regulations of the Reserve Bank of India. Thus making Paytm a completely secure and safe platform.
- The Paytm mobile payment application offers a 24*7 service to solve your queries and a per-day limit of ₹1 lakh with no transactions charges.
Conclusion
One of the well-known payment methods nowadays, UPI payments is one of the safest and easiest payment processes. This process helps your transactions from your bank account to the receiver's bank account within a few seconds. An important term while using these mobile applications is the UPI reference number, a 12-digit number mandatory to keep track of your transactions. This number can be tracked on Paytm easily by clicking on the passbook icon, selecting a bank account, and making transactions. Further, using UPI is one of the easiest processes. All you need to do is download the application and get yourself registered by following instructions. Currently, UPI payments are a part of daily life for most people globally as it has many benefits. One of the main reasons for switching to these payments is that it is free of cost and provides customer care for queries. You can send money easily on Paytm by a couple of methods, entering a mobile number, scanning a QR code, entering a UPI reference ID or by account number and IFSC.
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