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.
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.
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.
Following are the applications that utilize a UPI PIN for the authentication of a fund transfer:
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:
In order to change the UPI PIN, you would have to follow the below-mentioned steps:
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.
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 below-mentioned instructions can be followed to send money using the 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.
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.
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.
Yes. A daily limit of Rs. 1 lakh or up to 10 transactions, whichever comes first, is imposed.
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.