How You Can Make Fund Transfers Using Upi?

With the introduction of UPI services, it has become quite easy to make payments anywhere anytime. People don’t have to wait for the amount to be reflected on the other account as it is a real-time payment system which means the amount will be reflected as soon as it is sent. Even if you have multiple bank accounts, you can link it to a single mobile application. This transaction system provides a secure platform for making instant payments between individuals and corporate business. 

With UPI, users are allowed to initiate transactions by simply providing their Virtual Payment Address (VPA) or by scanning a QR code. Among these two, QR code is more commonly used in many business activities. VPAs are the address where users can send money to. It is linked to a user’s bank account, allowing them to receive funds without sharing their account details. A VPA looks like “your email address-1@oksbi”.

UPI also supports transactions through bank account numbers and IFSC codes. It is a safe platform to use. Even if you face issues you can always reach out to their support team through UPI customer care number or other options. They provide 24/7 customer care service. 

Despite of its convenience, some users also face issues related to UPI payments. Let’s have a look at some of the common issues users face.

Incorrect UPI PIN:

All the UPI transactions require a UPI PIN for authentication and security purpose. Sometimes we enter a wrong digit by mistake. If the UPI pin is wrong, the transaction will fail. If your UPI PIN is forgotten, you can reset or change it within the app itself. You can create a new pin using that option.

UPI App working fail

People sometimes experience failure in the App. It may be because of the device or the App itself. Make sure that you have the latest version of the app installed, as older versions may have compatibility problems. If the app still doesn’t work, try clear the app cache or reinstall the app. If none of these steps resolve the issue, reach out to the UPI app’s customer support for further assistance. 

Transaction failure: 

Transaction may also fail if your internet connection is poor or unstable. Or, it can also happen when you enter the incorrect UPI ID or VPA (Virtual Payment Address) of the recipient. You can also check whether you have sufficient funds in your linked bank account. Sometimes the failure may be due to insufficient balance in the bank account. If the problem persists, you can also try contacting your bank’s customer support or the UPI customer care number for support and assistance.

Delayed transactions:

 Sometimes, people make double payments because of delayed transaction. UPI transactions may experience delays due to network issues or technical glitches. If you’ve initiated a transaction, but it’s not reflecting in the recipient’s account or you haven’t received a payment, wait for some time as the delay could be temporary. Do not repeat the transaction. You may end up paying twice. If the delay persists for an extended period, contact your bank or the UPI app’s customer support to inquire about the status of the transaction. You can also call the

UPI customer care number.

Invalid UPI ID or VPA: 

While making UPI transactions, you have to make sure that you enter the correct UPI ID or VPA of the recipient. Double-check the spelling, case sensitivity, and special characters. If you’re unsure about the recipient’s UPI ID, consider requesting it directly from them to avoid any errors.

UPI customer care number

If you want to raise any issue through the UPI customer care number, you can contact one of the following toll-free numbers:

18001201740

02245414740

You can call this number anytime. A call representative will receive the call and you can raise your complaint. 

If the problem persists, you can try out other instant payment options like IMPS. It is also a very convenient mode of payment. IMPS full form is Immediate Payment Service. You can avail of this service through net banking or mobile banking. The recipient’s account should be added as beneficiary and wait for 30mins before getting added. Only then, you can start making payments.

IMPS limits and charges

Users can make a payment from Rs 1 to Rs 5 Lakhs per day. In this form of fund transfer, there would be some charges although it varies from bank to bank.

UPI VS IMPS

Both UPI and IMPS offers instant payment. The moment you tap or click the payment button, the fund will be credited on the other account. The difference is UPI doesn’t have any charge but IMPS has some charges. In this case, some people find UPI more advantageous. However, when it comes to daily limits, IMPS has a higher maximum limit. With UPI service, users can send only up to Rs. 1 Lakh only whereas IMPS allows the users to send up to Rs. 5 Lakh per day. 

How to register for UPI services?

• There are several UPI-enabled apps available such as Google Pay, PayTm, PhonePe etc. You can choose any of the apps according your preference.
• You can download the app from the Appstore in your devices. Install the app on your smartphone and follow the on-screen instructions to create a new account within the UPI app. Then, you need to provide your details such as your mobile number, name, email address, and then create a secure PIN or password. 
• The app will show you a list of supported banks. Select one from the list and link your app to the bank. If you have accounts in other banks, you can link your UPI app with those banks as well.
• After registering, verify your mobile number. You can do it through OTP (One-Time Password) verification, where you will receive an OTP on your registered mobile number and enter it into the app for verification.
• Once your bank account is linked, set up a UPI PIN. For some banks, the pin will be 4-digit and for some others, it is 6 digits. The app will guide you through the process of setting up your UPI PIN, and it is crucial to keep this PIN confidential and secure.