What is Virtual ID?
For sending messages while doing transactions, a Virtual ID is used. If you know the ID (the format of which is name@bankname), one can send messages and thus enter into a transaction, for transferring money from bank to bank. To create this you need ot have an account with a bank that is live with UPI (Unified Payment Interface), a smart phone and a registered mobile number with the bank.
What is the use of this?
Through this, one can link his/her bank accounts if these accounts are with banks that support the UPI system. However one should remember that all banks do not support this system. Many banks, allow you to link only one bank account with one virtual ID for the reasons best known to them
How to link multiple accounts from different banks to one Virtual ID?
- This can be done through the Bank’s App itself.
- The process may vary across banks; however, it is similar across.
- Once the virtual ID is linked, the system will show the default account.
- The user is required to change the setting and remove the account from the default option.
- Now, the user will see a tab where he/she can add accounts (multiple accounts).
- Click on the ADD ACCOUNTS tab, when list of banks that are live on UPI are shown (which are 31 banks as of now)
- Now choose the bank, and on doing so, the user will automatically be able to get the bank account wherein the last 4 digits with the Indian Financial System Code (IFSC) will be displayed.
- The user is now required to check this and confirm its correctness.
- With this, the account number is duly added to the list.
What should the Account holder do when the phone number or mobile set is changed?
When the mobile number/mobile set is changed one has to do the following:
- Deregister from the existing UPI System and the Deregister option is normally seen on the profile page.
- While deregistering a secret question has to be answered by the user to comply with the security aspects. With this the profile is duly deregistered.
- Now again go to the UPI app and make a fresh registration either on the same phone or if the SIM is changed, on the new mobile phone set.
- Before doing this, it is necessary to update one’s bank about the changed mobile number.
- By updating the bank with the new mobile number, the bank will be able to map the mobile number to a bank account, which will in turn enable you to make the necessary changes as required.