How to Register a UPI ID and Make Payment through it on Paytm?

UPI now accounts for more than half of all retail transactions and is a key driver of digital payments. Paytm is an online payment network that allows users to make payments using their mobile devices. Using the app's Unified Payment Interface, you can easily transfer and receive money from any bank account (UPI). The software is designed in such a way that each Paytm UPI user is assigned a UPI ID. Infact you can add a new UPI ID of your choice any time. Here's how to create an upi id and use it to make payments on Paytm.

What is UPI ID?

A UPI ID is a UPI user's virtual payment address (VPA) that banks use to track a user's account. It is, however, unrelated to a user's bank account number or other personal information. In simple terms, it is a user's identification on UPI. Every user must create a UPI ID before transacting (sending and receiving money) or using its services. User does not need the UPI ID of the receiver to make a payment using a UPI payment app like Paytm. Even though the receiver's bank details are automatically fed into the system for receiving payment, all that is required is to select a contact number from the phonebook or enter the number manually and proceed to payment.

UPI ID format

The format of a UPI ID is abcd@bank. "abcd" can be a user's first name, a portion of an email address, or a portion of a mobile phone number in this case, and "bank" is the name or initials of the bank providing services to the UPI app. A prefix or suffix may be added in some cases.
UPI IDs in payment apps like Paytm typically begin with the user's phone number@UPI, for example, XXXXXXXXXXX@paytm.

How to register for a upi id on paytm?

Step 1: On your smartphone, open the Paytm app and tap the profile icon in the upper left corner.
Step 2: In the menu that appears, scroll down and tap on the UPI & Payment Settings item.
Step 3: Next, scroll down and tap on the manage UPI IDs option in the settings button.
Step 4: Click on the 'Add new UPI ID' button.
Step 5: Before pressing the Continue button, tap to select the desired UPI ID from the list.
Step 6: Your new UPI ID will be designated as the primary one, while your old UPI ID will be hidden from others but will continue to function. You have the option to change or remove the new ID at any time.

How to Make payments using UPI ID?

• Log in to your Paytm UPI payment app and select the 'UPI/Send Money To Anyone' option.
• Select the receiver from your phone's contact list, or enter the receiver's mobile number if it is not saved on your phone.
• If the receiver does not use the app you use, you could ask them for their UPI ID and enter it into another app.
• You could also select 'Scan QR' and scan the recipient's QR code.
• Next, choose the bank account from which you want to make the transfer and press the 'Proceed' button.
• Enter the UPI PIN associated with the chosen bank account.
• The funds will be transferred immediately from your bank account to the receiver's bank account.