A UTR (Unique Transaction Reference) numbers play a pivotal role in ensuring transparency and traceability. In this article, we describe the significance of UTR numbers, their visibility on bank statements, and the diverse formats they can take based on payment methods.
Understanding UTR Number
A UTR number is a reference code assigned to every transfer sent in India. It serves as a unique identifier, facilitating the seamless tracking and processing of transactions. While the exact format of the UTR number may vary depending on the payment method used, its core purpose remains consistent—to enhance the efficiency and security of international fund transfers.
What does a UTR number look like?
Although UTR can look different depending on the payment method, it is still fairly easy to recognize, it is presented as a 10-digit sequence resembling 12345 67890.
Tracing Payments with UTR Numbers:
The utility of the UTR number extends beyond mere identification; it serves as a valuable tool for tracing payments. If a transfer is delayed or not received, users can use the UTR number to trace the payment status.