The Unified Payments Interface, or UPI, has revolutionized digital payments in India. It provides users with a virtual payment address that is linked to their bank account, allowing for seamless funds transfer between bank accounts. This virtual address goes by the name of UPI ID.
For new users of PhonePe, it is important to create a unique UPI ID to start experiencing the convenience of digital payments. In this guide, we will discuss the importance of UPI IDs, understand the need for creating multiple IDs on PhonePe, and learn the step-by-step process to set up a new UPI ID on this platform hassle-free.
Why Should You Create a New UPI ID on PhonePe?
There are various advantages of creating multiple UPI IDs on PhonePe instead of relying on just one!
- Separate personal and official payments for accounting and tax purposes.
- Dedicated UPI IDs can enhance privacy by avoiding the mixing of identities.
- Multiple IDs allow divide transactions between families, friends, and other contacts clearly.
- Use secondary IDs for high-value transfers to add an extra security layer.
- Better management of finances by labeling UPI IDs according to linked bank accounts.
- Secondary IDs provide flexibility to use different accounts for varied spending contexts.
- Helps maintain clear digital footprints and ownership of transactions through discrete IDs.
How to Create a New UPI ID on PhonePe? Step By Step Process!
To generate a new UPI ID on PhonePe, a few prerequisites must be fulfilled. PhonePe application should be installed from the Play/App Store. The user must have a registered profile on the app.
At least one bank account needs to be linked to the PhonePe profile. Once these criteria are met, users can follow some simple steps to set up an extra UPI ID.
Step 1: Launch the PhonePe app and log in to your existing account profile.
Step 2: Go to the ‘Profile’ section by clicking the icon at the top left of the app.
Step 3: Select the ‘Bank Accounts’ option from the profile menu. This will show you all bank accounts currently linked to your PhonePe ID.
Step 4: Look for the ‘+’ symbol and tap on it to add a new UPI ID. An input field will appear – enter your preferred UPI ID name in the correct format.
Step 5: Customize the ID, keeping it unique from existing IDs. Review the generated ID for correctness.
Step 6: Tap the ‘Create’ button at the bottom to add the new UPI ID to your profile.
Step 7: It will be instantly added – you can now use it to transact separately.
Tips for Using New UPI ID
Now, let’s take a look at some of the tips on how you can use your new UPI ID!
- Generate a 6-digit random PIN for high security during transactions. Do not use personal details like birthdays.
- Save your UPI ID, PIN, and details of the linked bank account securely. It’s advised to not store them on your phone for extra protection.
- Inform only trusted contacts about your new UPI ID to avoid scams. Gradually phase out older IDs with close circles.
- Set daily transfer limits based on usage. For example, keep it low like 5k for secondary IDs and higher for primary.
- Turn on transaction notifications and confirm all activity received on PhonePe. Be wary of unrecognized transfers.
- Use the UPI ID judiciously as per the intended purpose to avoid confusion in the future. Maintain clear demarcation of spending.
In summary, creating new UPI IDs on PhonePe is a straightforward process. It allows the segmentation of payments, enhances privacy, and improves overall financial management. Users can now leverage the convenience and safety of the UPI platform to the maximum with finely separated identifiers. Stay tuned with us for more updates!