UPI Without Bank Account: Can UPI ID be created even without a bank account? Know the complete process of Wallet-Based UPI through Paytm Wallet, PhonePe Wallet, MobiKwik Pocket UPI and Airtel Thanks App, necessary KYC, method of making VPA and important information related to digital payment.
PhonePe Wallet UPI: Digital payment has become a part of people’s everyday life today. From grocery shopping to paying electricity bills, most payments are now done through UPI in seconds. Generally, it is considered necessary to link bank account to use UPI, but now it is not necessary every time. Through some digital wallet services, payment can be made by creating a UPI ID even without linking a bank account.
This feature can be useful for those who do not have a bank account or who want the option of wallet based digital payments for limited amounts.
How does UPI ID work without a bank account?
The digital payment system in India operates under the regulatory framework of RBI and NPCI. In wallet-based UPI service, payments are made through Virtual Payment Address (VPA) and digital wallet instead of directly through a bank account.
In this system, the wallet is first activated and the amount is added to it through credit card, debit card or net banking. After this, the same balance can be used to make payment or other UPI transactions by scanning the QR code. No additional fee is charged for this process.
Wallet-based UPI facility is available through these apps
If you want to use UPI without linking a bank account, many popular apps offer this facility.
- MobiKwik App: Pocket UPI Through this feature, payment can be made by scanning QR from wallet balance.
- Airtel Thanks App: After activating the wallet, users get the option to create a Virtual Payment Address (VPA) i.e. UPI ID.
- Paytm Wallet And Amazon Pay Wallet: UPI based payment can be done by adding amount to the wallet.
Keep in mind that the services and eligibility conditions of individual apps may change from time to time. Therefore, before using it, please read the latest terms and conditions of the respective platform.
Easy way to create Wallet-Based UPI ID
First of all, download the wallet app of your choice from Google Play Store or Apple App Store and register with the active mobile number. After this, provide the required documents for KYC, such as Aadhaar, PAN or other acceptable identity card.
Once the wallet is activated, select Create UPI ID or Pocket UPI option. The system will generate a Virtual Payment Address (UPI ID) for you. Now add money to the wallet through debit card, credit card, net banking or other options available and set a 4 to 6 digit UPI PIN. After this, you will be able to easily make digital payment by scanning the QR code through wallet balance.
Note: Availability, transaction limits and KYC rules for wallet-based UPI services may vary depending on the respective app and regulatory guidelines.