Unified Payments Interface (UPI), a payment system developed by the National Payments Corporation of India allows digital transfer of money quickly and seamlessly at no additional cost. Each digital transaction has a UPI Reference Number which is a unique 12-digit reference number associated with each transaction. It is generated for every transaction and allows users to track their transactions. If users have any queries about a transaction, they can check the UPI Reference Number tracking associated with the payment and use it to fetch all the details.
Read on to know how to find UPI reference number, how to track it and other details.
It is critical to keep an eye on the UPI reference number, especially when dealing with large sums of money. Users can find the UPI reference number on the app’s interface depending on the payment aggregator.
For UPI transaction reference number tracking, users can get details by selecting the required payment from the list of transactions. Upon choosing the transaction, the user can find the reference number. If there is an ambiguity regarding the payment, one can contact the bank or the merchant regarding the status. Here are steps for UPI reference number tracking.
A UPI reference ID is a unique identifier assigned to each bank account that allows for the uninterrupted transfer of funds from one account to another. It is a unique address assigned to each user, also known as the virtual payment address (VPA). UPI reference number is essentially a 12-digit reference number that you can use to track your transactions and contact customer service if you have any questions about your UPI transaction.
Users must create a UPI reference ID if they want to make transactions on the payment system. Depending on the type of payment aggregator, UPI IDs may look different. A UPI ID is made of two parts separated by “@”. For example, some apps may use the format: phonenumber@nameofapp or username@nameofbank.
A reference ID in a bank is the unique ID associated with all online and offline transactions. These reference IDs enable customers and banks to monitor financial transactions. While tracking transactions, simply producing this ID can fetch all the transaction details, making the tracking process simpler.
In the context of UPI, too, two types of references are involved. One is the UPI reference ID, which is an identifier of your bank account. The second is the UPI reference number which tracks the transaction between the two bank accounts.
UPI provides ease of transactions and accessibility. Importantly, the payment system allows secure transfer of funds. Moreover, UPI transactions are free of cost, encouraging more users to take the cashless route. Users only need a bank account linked to UPI and a unique UPI ID.
UPI transactions can be completed within seconds using a mobile phone and your reference ID. With all the transaction data, including the UPI reference number, available on the payment aggregator app, users need not depend on banks to retrieve the transaction history on their behalf. In the event of any ambiguity in the transaction, users can raise a complaint on the payment aggregator app or site.
UPI payments are not bound by the structural limitations of a bank or other financial institutions. Office timings and bank holidays do not apply to UPI transactions. Users can make payments from the comfort of their homes at any time of the day as long as they have enough funds in the linked bank account and the UPI ID.
If you are a new user, you must create a UPI ID to initiate and receive payments digitally.
UPI is extremely popular among users because it is easy to use. Once you have linked your bank account and created a UPI ID, you can send and receive funds on the payment aggregation platform of your choice.
There are several ways in which you can send or receive money.
One of the most popular ways to send money is by entering the merchant’s or receiver’s mobile number on the app. You can either enter the number manually or select the contact from your phonebook. Once this number is selected, you can enter the amount, followed by the UPI PIN created while setting up the account.
You can also transfer funds by scanning a UPI QR code. This preferred payment mode for merchants involves customers scanning the QR code on the payment app. Then the amount to be paid is entered, followed by the UPI pin.
You can also send money by entering the UPI ID of the receiver in the payment app of your choice. Enter the unique UPI ID of the merchant/receiver followed by the amount to be sent. Follow this up with your UPI pin and the transaction is initiated.
UPI payments also allow users to transfer funds with bank details. This entails providing the recipient’s account number and IFSC code to initiate the payment.
UPI is one of India’s most popular digital payment systems. The payment system records hundreds of crores of transactions every month. To make the payment system easy to use and secure, UPI involves certain specifications such as to check UPI reference IDs and record UPI reference numbers. UPI IDs refer to the unique identifier assigned to each user and are a prerequisite to sending and receiving payments on UPI. UPI reference number tracking can be done with a 12-digit ID assigned to each UPI transaction.
Currently, there are no transaction charges for UPI payments. The Ministry of Finance, in August 2022, stated that there was “no consideration” regarding levying transaction fees for UPI.
If you enter non-existent receiver details, such as the UPI ID or contact number, the transaction will fail. It may also occur that the incorrect details belong to another third-party recipient. So, always confirm the name of the recipient.
You can make payments throughout the year at any time. UPI payments do not depend on bank timings on holidays.
UPI offers real-time refunds for declined transactions. However, if you do not receive the money back within an hour or so, contact the bank, and they will inform you when the money will be reverted.
Pending UPI transactions are usually deposited in the receiver’s bank account within 48 hours. The delay could be due to technical issues. If the delay extends beyond 48 hours, you can contact the bank.
No, its safe not to share your UPI reference number.
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