Over the years, this rise in digital payments has been supported by the Unified Payments Interface (UPI), a payment system developed by the National Payments Corporation of India. The UPI reference number 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 reference number 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 pertinent to keep an eye on the UPI reference number, especially if the transactions involve large sums of money. Depending on the payment aggregator, users can find the UPI reference number on the app’s interface.
To find and make use of UPI reference numbers, open an application such as Google Pay or Paytm. Then, navigate to the section where you have a history of transactions. For example, on Google Pay, this is the “All transactions” option. Now, from the list of transactions, select the payment for which you need the reference number.
Similarly, on Paytm, select the “Passbook” option to select the list of transactions and choose the specific transaction you need. With the required UPI reference number in hand, you can track the concerned transaction.
When UPI was launched in 2016, only 21 banks were part of the platform’s ecosystem. However, by September 2022, the number has increased to 358 banks.
Given the number of users and banks that UPI supports, it is crucial to differentiate between each user and transaction that is part of the system. While the UPI reference number takes care of each transaction, the UPI reference ID or unique user ID takes care of each account involved in the transaction.
As mentioned above, a UPI reference ID is a special identifier assigned to each bank account. This identifier enables the seamless transfer of funds from one account to another.
A UPI ID is a unique address assigned to each user. In the world of digital payments, it is known as the virtual payment address (VPA).
Remember, like the UPI reference number; no two UPI IDs are the same. A user must have a unique UPI ID to use the UPI payment system.
Typically, the UPI ID of a user is linked to a bank that is UPI-enabled as well. The objective of such an ID is to allow users to send and receive money without disclosing their bank or account details. All one has to do is share the UPI ID with the sender to receive the money.
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.
The first part consists of details about the user, such as the name or phone number. The second contains details of the bank providing services to the UPI app. This portion of the ID can include the full name or just the abbreviation of the bank’s name, along with a prefix or suffix where required.
Users can find the UPI ID using a few simple steps –For apps such as GooglePay, Phone Pe and BHIM, you can find your UPI reference IP by clicking the “Profile” option. Here you will find the bank account and its associated UPI ID.
On Paytm, you can select the BHIM UPI option on the landing page to view your ID, while on Mobikwik, it is available on the home page.
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.
As mentioned above, users can track the UPI reference number 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. Say, for instance, you have paid money to a merchant, and the amount has been deducted from your account. If the merchant has not received the money, you can contact the payment aggregator and provide the reference ID to verify its status.
Most apps, such as GooglePay and Paytm, also provide the status of the payment as “failed” or “successful” and the transaction time to simplify the tracking process.
If you are a new user, you must create a UPI ID to initiate and receive payments.
First, download the required application. Then, provide your mobile number. This number should also be linked to the bank account(s) that you intend to use.
Once the phone number has been verified using a text message, you will need to pick a bank from the list of UPI-enabled institutions. Upon doing so, the account details that pertain to the mobile phone and the linked bank account will be made available on the app. Next, you must enter your debit card details and set up a UPI pin.
Then, you will be provided with a UPI id, and you can start making payments – easy and hassle free!
As digitisation increased in India, UPI transactions also saw a corresponding rise. Furthermore, as UPI provides ease of transactions and accessibility, it has seen increased employment across all sectors.
Importantly, the payment system allows for the 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.
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. The UPI reference number is a unique 12-digit ID assigned to each UPI transaction. Users can check the UPI reference number if they have any doubts about the transactions.
Ans: 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.
Ans: 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.
Ans: You can make payments throughout the year at any time. UPI payments do not depend on bank timings on holidays.
Ans: 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.
Ans: 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.
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