The users who want to use UPI as a payment mode need to sign-up for the service at the bank. This process can be done on mobile/net-banking of a particular bank.
New Delhi: Developed by the National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. Regulated by the Reserve Bank of India (RBI), UPI works by instantly transferring funds between two bank accounts on a mobile platform. There are 304 banks available on UPI with a monthly volume of 452 crore (4.52 billion) transactions as of February 2022
Moreover, UPI is a secure platform that allows users to make fund transfers without providing one’s account number and IFSC Code. In this platform, the transfers are made with the user’s mobile number and a Virtual Payment Address (VPA) also known as UPI ID.
What is UPI PIN?
In general, UPI PIN is a 4 or 6 digit passcode that users set while registering for the first time on the UPI app. Users must remember this Pin while doing money transfer. Moreover, users should not share the UPI PIN with anyone as it is used to authorize all bank transactions.
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Here’s how to generate a UPI PIN?
In order to use UPI as a payment mode, one user needs to sign-up for the service at the bank. This process can be done on mobile/net-banking of your particular bank.
- Go to the UPI app of your choice- BHIM, Google Pay, etc.
- Scroll to the ‘Bank Account’ section on the app. This section shows all the bank accounts linked with this particular app
- Select the bank account for which you want to set a UPI PIN. You will see a ‘SET’ option in case you have never set a UPI PIN for the bank account
- Enter the ‘Last six digits’ and ‘Expiry date’ of your Debit/ATM card
- Now, you will receive an OTP from your bank on the registered mobile number.
- In the next screen, you need to enter OTP and the UPI PIN you want to set for the account and click ‘submit’
- Soon after this, you will receive a congratulatory message on the successful generation of UPI PIN.
- Then, you can send money, make payments from your bank account directly by authenticating using your UPI PIN.
Here’s how to send money using UPI PIN?
- Log in to the UPI application which has been linked to your bank account
- Click on the option to ‘Send Money’
- Enter the UPI ID of the beneficiary or Scan the QR code, if it’s a payment to a merchant
- Enter the amount you wish to send
- Click on confirm, enter the UPI PIN on next screen and submit to complete the transaction
- You and the receiver, both will receive notifications on your UPI apps as well as SMS on your registered mobile numbers.
