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What is UPI PIN

UPI is the dedicated platform that lets the users make fund transfers without the account number or the IFSC codes. UPI transfers could be made with the user's phone number and the virtual payment address that is called the - UPI ID. 

Through the elimination of providing the bank account number and the IFSC Code, the UPI will secure the individual from major drawbacks of online transaction methods. That is the online theft or online misuse of important data.

It is secure, seamless, and an efficient method to perform monetary transactions with the utilization of the UPI PIN.

What is the Meaning of UPI PIN?

UPI is the instant and real-time payment system that will let an individual send money instantly from their own bank account to another's. UPI will work as an alternative to payments made through IMPS or NEFT.

It is a secure transfer of funds through the UPI ID or PIN, and it will act as the virtual payment address for the user while they set up the account.

What is UPI PIN?

UPI PIN stands for Unified Payments Interface Personal Identification Number is a four or 6-digit number that is set by the users themselves; it is either at the time of the UPI registration on a UPI application or later.

Since the UPI PIN will allow the confirmation of a transaction by the user, it should not be shared with any stranger in order to avoid fraud.

Applications that Use a UPI PIN

Following are the applications that utilize a UPI PIN for the authentication of a fund transfer:

  • BHIM App
  • Paytm
  • BHIM SBI Pay
  • BHIM PNB
  • Google Pay
  • PhonePe

How to Generate a New UPI PIN?

In order to use a payment mode, individuals need to sign up for the service at the bank. This could be done on the phone or internet banking of the specific bank. After that - here are the steps that need to be followed in order to generate the UPI PIN:

  1. Go to the UPI application of your choice - that is, BHIM, PhonePe, and much more.
  2. Scroll to the Bank Account section on the application; this section shows all of the bank accounts that are linked with this specific application.
  3. Choose the bank account for which you want to set up UPI PIN. You would see a setting option in the case you have never set a UPI PIN for the bank account.
  4. Enter the last six digits and expiry date of the debit or ATM card.
  5. Now, you would get an OTP from the bank on the registered phone number. In the next display, enter the OTP and the UPI PIN you would want to set for an account, and then click on submit.

How to Change an Existing UPI PIN?

In order to change the UPI PIN, you would have to follow the below-mentioned steps:

  1. Open the application.
  2. Click on the option UPI to send money to anyone in the application. 
  3. Click on the settings icon and the top right of the application, and you need to go to the bank section.
  4. Now, you will have to select the change PIN option under the bank account for what you want to change the UPI PIN.
  5. You will next have to give the last six digits of the card number, along with the expiry date.
  6. Now, you can enter the current UPI PIN, followed by the new UPI PIN.
  7. Re-enter the new UPI PIN and then click on the option confirm.
  8. Your UPI PIN will now be changed.

Note: The UPI PIN is a password that holds control over the funds in the bank account. Therefore - the UI PIN needs to be kept highly confidential. You will also have to set a UPI PIN that is simple to remember so that it is not forgotten.

Importance of the UPI PIN

The UPI PIN is a password that needs to be provided by the user to make sure of a transaction, and here is why it is crucial to carry out the transactions through UPI:

  • The UPI PIN is unique to each bank account, and it is set up by the owner of the account. Therefore - it could be used only by the account holder, and thereby it ensures safety.
  • The users could have an option to select their own unique UPI PIN that makes it simpler for them to remember.

How to Send Money through the UPI PIN?

The below-mentioned instructions can be followed to send money using the UPI PIN:

  • Log in to the UPI app that has been linked to the bank account.
  • Click on the option - send money.
  • Enter the UPI ID of the beneficiary or then scan the OR code is its payment to the merchant.
  • Enter the amount that you would wish to send.
  • Click on the option - confirm. 
  • Enter the UPI PIN on the next screen and then submit it to finish the process.

What is UPI PIN - FAQs

What is 6 digit UPI PIN?

It is the number that you will have to enter while adding a new payment account or making the transaction on the phone applications like PhonePe, and more.

Is the UPI pin and the ATM pin the same thing?

No, the UPI and ATM pins are not interchangeable. When enrolling a bank account with UPI apps, a UPI Pin is generated. Your Debit/Credit Card's ATM Pin is a four-digit number that is unique to you.

What is the procedure for setting up my UPI Pin?

UPI Pins can be entered into applications that support UPI transactions. You can go to the app's Main Menu and then select Bank Accounts. Select the bank account for which you wish to create a PIN and then click SET. Enter the PIN you want to set on the next screen and click Submit.

Is there a transaction limit for UPI transactions each day?

Yes. A daily limit of Rs. 1 lakh or up to 10 transactions, whichever comes first, is imposed.

Is it possible for my UPI application to be hacked if I lose my phone?

No, UPI transactions cannot be executed unless the UPI Pin is entered. As a result, even if you lose your phone, your money is protected unless the person misusing your account knows your UPI PIN.

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