What is UPI - A Comprehensive Guide to Secure Transactions
With the introduction of UPI, you can instantly transfer money from one bank account to another. UPI is directly linked to your bank account and is used as a virtual payment address called UPI ID. It is one of the secure modes of payment and is popularly used amongst the users. With the increase in popularity, UPI is one of the most commonly used modes of payment for all types of transactions.
Let us understand what is UPI, the importance of UPI, how to generate UPI, how to change existing UPI, how to send money using UPI, the difference between UPI and MPIN, and much more in detail.
What is UPI?
UPI allows users to instantly transfer money from their bank account to another’s bank account. It is considered a secure, efficient, and seamless method to transfer money. It is an alternative to IMPS or NEFT.
Introduction to UPI PIN
Unified Payments Interface Personal Identification Number, also known as UPI PIN is a 4 or 6-digit number that the user generates. The UPI PIN is generated at the time of UPI registration on UPI applications or later.
UPI PIN is a unique password that must not be shared with anyone to avoid any fraud. There are various apps that support UPI transactions, such as BHIM App, Paytm, BHIM SBI Pay, BHIM PNB, Google Pay, and PhonePe.
The UPI PIN is similar to a password for your phone. You can set up your UPI PIN by selecting the bank account that is linked to your UPI ID. UPI PIN provides security for all your transactions. UPI PIN is unique to each bank account and ensures the safety of the bank account. You must keep a UPI PIN that is easy to remember. Also, you must never share your UPI PIN with anyone.
How to generate a new UPI PIN?
Before generating a new UPI PIN, you must first sign up with the bank for phone or internet banking. Once it is successfully done, you can generate a new UPI PIN by following the below steps:
Step 1: Go to the UPI application and check for the bank account section.
Step 2: Select the bank account that you want to set up UPI PIN.
Step 3: Enter the last six digits and expiry date of the debit or ATM card.
Step 4: You will receive an OTP on your registered mobile number.
Step 5: Enter the OTP and UPI PIN that you want to set an account.
Step 6: Click on submit.
How to change the existing UPI PIN?
You can change your existing UPI PIN by following the steps:
Step 1: Open the application and click on the UPI option.
Step 2: Click on settings and go to the bank section.
Step 3: Under the bank account, select the change PIN option.
Step 4: Enter the last six digits of the card number and expiry date.
Step 5: Enter the current UPI PIN and the new UPI PIN.
Step 6: Re-enter the new UPI PIN and click on the confirm option.
How to send money through UPI PIN?
To send money through UPI PIN, you can follow the below-mentioned steps:
Step 1: Log in to the UPI app via password or face lock.
Step 2: Tap on the send money option.
Step 3: Enter the UPI ID or Scan the OR code.
Step 4: Tap on confirm.
Step 5: Enter the UPI PIN and tap on submit.
Difference Between UPI PIN and MPIN
Key Difference
UPI PIN
MPIN
Full Form
UPI PIN stands for Unified Payments Interface Personal Identification Number
MPIN stands for Mobile Banking Personal Identification Number for access to your mobile application
Required
UPI PIN is used for transferring the money from the UPI application.
MPIN is used for transferring any banking transaction through mobile.
Time
UPI PIN is used at the time of transferring the money.
MPIN is used at the time of logging in the mobile payment application.
No, UPI PIN and ATM PIN are not similar. UPI PIN is used for transactions through the UPI application, while ATM PIN is a 4-digit secure PIN used for necessary debit card payment or withdrawal of cash from the ATM.
How do I create a UPI?
Before generating a new UPI PIN, you must first sign up with the bank for phone or internet banking. Once it is successfully done, you can generate a new UPI PIN by following the below steps:
Step 1: Go to the UPI application and check for the bank account section.
Step 2: Select the bank account that you want to set up UPI PIN.
Step 3: Enter the last six digits and expiry date of the debit or ATM card.
Step 4: You will receive an OTP on your registered mobile number.
Step 5: Enter the OTP and UPI PIN that you want to set an account.
Step 6: Click on submit.
What is my 6-digit UPI PIN?
UPI PIN is a unique 4-digit or 6-digit PIN used for online transactions through the UPI application. UPI PIN provides security to your UPI-linked bank account.
