UPI Full Form

A Virtual Payment Address has to be used for the user to carry out any financial transaction. The pre-requisites for financial transactions through UPI Full-Form are

• A mobile number that is in use should be linked to the bank account
• An operative bank account
• A smartphone
• Internet connection.

To transfer the funds using UPI, all you need will be a mobile number of the beneficiary linked to bank account, UPI ID, Aadhar Number. With the details mentioned, the funds can be transferred to the beneficiary either through IMPS or Aadhar Enabled Payment Service-AEPS.

For the process of funds transfer using UPI, you should download a mobile app that supports UPI Service set up a UPI ID. You can send and receive money using UPI and also conduct online as well as across the counter transactions.

Following are the features of UPI.

• Bank account details are required only once, and thereafter UPI ID or VPA will do.
• Transfers up to Rs. 1.00 lakh permitted.
• Funds transfers can be done through IMPS or AEPS.
• Only the Aadhar Number, UPI ID and mobile number of the beneficiary linked to the bank account are required for funds transfer.
• Barcode based payments can also be made.
• Secure payments with a single click anywhere, anytime and round the clock

Having understood the UPI Full-Form, the next step is to know how to register for UPI. Registering for the UPI App and creating the UPI ID is necessary for transactions using UPI. Follow the simple steps given below to register for the UPI App and create the UPI PIN.

• Download any bank or third party mobile app of your choice that supports the UPI service app from the play store or app store.
• Select the preferred language to verify your mobile number and bank account.
• Create your profile by providing details like your name, Virtual Payment Address and password.
• Click on Add/Link/Manage account option to link your bank and account to the VPA already created.
• The creation of MPIN is the password to continue with your transactions is the final step.
• You will now be successfully registered for UPI.

On successful registration for UPI, you can proceed to generate the UPI PIN by selecting the bank account for the UPI transaction.

• On selection of the bank account, you can generate the UPI PIN.
• An OTP will be sent to your registered mobile number.
• Generate UPI PIN and then enter the OTP.
• Every time you access the UPI app, you need to enter the UPI PIN for transactions.

You can do various types of transactions using the UPI. Just knowing the UPI Full Form is not adequate. You should also know that you can send and receive funds using UPI. You can make barcode-based payments or transfer funds just with a mobile number or Aadhar Card Number. The procedure to be followed for these transactions using UPI is given below:

Funds Transfer

• Access the UPI app on the smartphone used to register for UPI.
• Enter the UPI PIN or MPIN to proceed with the transaction.
• Click on the Transfer/Send Money option.
• Enter the mobile number, VPA or account information of the beneficiary.
• Key in the amount to be transferred.
• Enter the UPI PIn for authentication.
• The funds will be instantly transferred, and the sender gets an intimation immediately.

Payment of Utility Bills

• Log in to the app using the UPI PIN or MPIN.
• Select the category of the bill for which payment has to be made.
• Enter your details, and the bill amount will be displayed.
• Authenticate the transaction using UPI PIN.
• The funds will be instantly transferred to the biller. 

With the UPI Full-Form, you can send as well receive funds. The procedure for receiving funds is given below:

• Login to the UPI App using the MPIN.
• Select the option for collecting funds.
• Enter the VPA of the Payer or Remitter, the amount to be collected, and the bank account to be credited.
• Check the details displayed on the mobile screen and click on the confirm tab.
• The remitter will get a notification on his/her registered mobile number.
• On receiving the notification, the remitter has to click on his bank UPI app, where the details of the request can be reviewed.
• The remitter can either accept or decline the request.
• If accepting the request, the remitter has to enter the UPI PIN to authenticate the transaction.
• On authentication, the remitter will either get a successful or declined notification.
• The payee will get an SMS on the registered mobile number, and the bank account will be credited with the funds.