Best practice for UPI payment and money transfer

Best Practice for UPI Transaction

If you want to learn the safest & best practice for UPI transaction. You must not link your main bank account in any UPI app like Paytm, Phone Pe, Google Pay, Amazon Pay, FreeCharge etc. for precautionary measures. Link the only bank account which doesn’t use to have large amount in general because now-a-days fraud cases are increasing very much.

You might face problem like

  • You have only one bank account with all liquid assets (money).
  • Mobile number in your smartphone is not registered with bank account.
  • Registered mobile number with bank account is not available in smartphone.

How to solve it?

You may feel getting a new bank account is not so easy & quick and has to move to bank for completing a so called length procedure and wait for few days or week to get it done.
No, it’s not like that anymore. Now, many of banks are providing facility to create bank account and do their full KYC verification through video call. You can create a bank account sitting right on your bed. All you need is a smartphone with a SIM card, internet connectivity, PAN card and Aadhaar.

Create bank account

Process of all banks are almost same. Herewith I will take you through the process of creating bank account in Paytm Payment Bank.

  • Get Paytm app from Play Store (for Android) or App Store (for iOS).
  • Sign Up / register yourself by filling up your details. If you already have an account with mobile number which is in your smartphone then skip this step.
  • Log in to Paytm with credentials as created in previous step.
  • You will get option for Video KYC (for non-KYC users) done. You will be assigned with an executive who will guide you through the whole process of KYC, make sure you have your PAN and Aadhaar cards  with you.
  • Once your full KYC is done, Paytm Payment Bank is ready to use, you can check your bank account number and IFSC code which can be used for NEFT/IMPS from other bank account to transfer money into this account as per need.

Create/register VPA/UPI

Once you have a bank account, open the app on which you want to register UPI.

Click on “UPI” and follow the onscreen instructions (make sure your smartphone has active SIM with incoming validity and linked with your bank account which you want to link with UPI). Your identity will be validated with an OTP. At the end you will get your new VPA/UPI id which and be used for money receiving and sending. This is the safest & best way to do UPI transactions. When you will need money into this account from your main account, open the bank’s internet banking/mobile app to do NEFT. NEFT is a 24×7 service now.

Now enjoy safest & best practice for UPI transaction, recharge, bill payment at your finger tip. All transaction through UPI are done from bank to bank directly. Many of the UPI app provides a lots of offers/discount for money transfer, recharge, bill payment, food order etc. which are now open for you too in a few clicks. No need to move out to infected place for anything.

Also reads:

Amazon Prime Benefits
Amazon Audible Benefits
Amazon Business Benefits
Amazon Pay Benefits
UPI App and It’s Benefits

Happy Savings! Stay Safe! Stay Home!

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