Understanding UPI and UPI Reference Numbers: What You Need to Know

UPI is a digital payment interface that facilitates instantaneous payment. It is a new way to facilitate payment from your bank account without cheques or plastic cards. You can make digital payments if your smartphone has the UPI payment app installed! Checking your bank account balance is also possible through the UPI app.
Who Can Have A UPI ID?
Anyone with a bank account can have a UPI ID. Since you make and receive payments through a unified payment interface, having a bank account is inevitable. A new rule from the RBI allows you to open a UPI account with an Adhar card without a debit card.
This facility enables not-so-tech-savvy people to own and operate a UPI App. It allows users to make instant payments without the need to provide personal information every time they log in to the app to make a payment. It is an effective and cost-free way of sending money from one account to another.
Can A Minor Have A UPI Account?
A teenager who is above 15 can have a bank account. If that is the case, he can hold a UPI account, too. But, a child below 15 years old can’t have a UPI ID. The account holder shouldn’t be below 15 because most banks allow a minor to hold a bank account. The maximum transaction limit allowed for a customer is 1 lakh.
Can I Check My Bank Balance Using My UPI App?
You can check your bank balance through the UPI app. The app would ask you to download the App to your mobile phone. After this, you may log into the UPI App to see the balance. Link your UPI account with your savings bank account.
After checking all the details it may allow you to use the App. The app will send you a one-time password to confirm your details. Once you complete these steps, you may click Check balance on the home screen. Use a secure four or six-digit number to set it as a password for financial transactions.
What Is A UPI Reference Number?
It is a code that is stuffed with necessary financial information. It is a long 12-digit number secured number to track transactions. If you are a customer who has any queries, you can directly approach the bank for details.
When you raise a payment, the UPI reference number sends a code to verify it is you and unique to each transaction. You can retrieve the payment information by tracking the UPI reference number. You can find the UPI reference number in the confirmation message.
Benefits Of UPI Number:
Speedy and safe transfer is the flagship of UPI transactions. There are other benefots too. They are:
- The accuracy of the transaction process is the strongest plus point in UPI transactions.
- Simplified transactions as the users need not feed financial information every time.
- It rectifies the errors in transactions ensuring a safe platform for the users.
- You may make corporate payments, or personal payments that make this app more acceptable.
Summing Up:
UPI is a payment interface that helps a customer to transfer money from one account easily. You may keep track of transactions easily. This mobile banking app is a wonderful tool for cashless money transfers.