More about UPI

More about UPI

Deal Cadet

I have never used a UPI mode of payment, I searched and understood how UPI works , but still have some questions answered –
1) Is UPI is a single Id or do I need to create a separate UPI id with each bank wherever I am sender ?
2) Do I need to create UPI id even with a receiver’s bank (if someone is sending money from a bank where I does not holds account )?
3) Most Important question – As far as I understand UPI is created for linking bank account so Does I need to create a UPI Id first with my Bank account and then with each payment wallets Paytm, phonepe, BHIM, freecharge separately ?
4) If I have to create a separate UPI id for each wallet then does payment is deducted from Wallet Balance or from the linked Bank account ?
5) Any other thing I should know before start using UPI…like charges, time limits, failure chances, limitations etc,
Please answer.

3 Dimers
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Deal Cadet

Upi transfer is like normal imps transfer. It just u have simple address like

[email protected]
[email protected]

It does not matter which app you use you have to link bank for UPI to work.

Each app create there own upi I’d like

For paytm [email protected]

For bhim a...pi.

Which can be linked with same bank account or different bank account.

Money will be debit or credit directly to bank account.

UPI transaction are free and money transfer is instant. Even u can get cashback for using some upi app.

Pm me to know more

Deal Major


1. If you are creating a UPI directly with you are bank it will different for each bacnk. Like @ icici /@hdfc. But if you use an app like paytm you will have one upi id with several banks listed in it. Before making or receiving a payment you can decide the default bank account which can be changed whenever you want.

2. UPI id is like an email address. You receiver funds in it from any bank. Like you can get a mail from yahoo to gmail without having a account on yahoo. The sender must have a valid VPA though.

3. No. Do it directly from the paytm (or any app).

4. Always bank account. Digital wallet balances don’t support UPI transfer.

5. UPI is always free and the best way to transfer money. I have never faced any failure till now. Use it without worries. wink