What is UPI and how it works | What is UPI PIN and UPI ID

What is UPI and How it Works

 If you also make online payment in your daily life then you must have heard about UPI. Unified Payment Interface or UPI is used to transfer money from the mobile platform to another bank account.Whether you have to shop online, book movie tickets, recharge your mobile, recharge your DTH or pay your taxi fare,y ou can use upi anywhere. So let us know in detail about upi

What is UPI

UPI stands for Unified Payment Interface which is a payment system that allows users to transfer money between bank accounts.It eliminates the need to enter bank details ( IFSC Code, A/C number e.t.c)each time a customer initiates a transaction.

UPI was launched in 2016, is the brainchild of the National Payments Corporation of India (NPCI). The system is a safe and secure method of transferring money between two parties.UPI transfers are made with the user’s mobile number and a Virtual Payment's Address (VPA) also known as UPI ID.

How UPI works

You have to create a UPI PIN and a virtual payment address (VPA) to avail UPI services. Then you have to link it to your bank account. The virtual payment address becomes your financial address. After this you do not need to remember your bank details such as a/c number, bank name or IFSC code etc. The payer simply processes the payment request according to your mobile number and the payment is credited to your bank account.

What is UPI PIN

UPI PIN stands for Unified Payments Interface Personal Identification Number. It is a 4 or 6 digit unique code that users set when they register themselves for the first time on a UPI based app. It is a very important set of numbers that users must always remember and must never be shared with anyone .

How to generate an UPI PIN

Step 1: Go to the UPI app ( Google Pay , BHIM, PhonePe etc.)

Step 2: Tap on ' Bank account ' option.This section shows all the bank accounts linked with this particular app

Step 3: Select the bank account for which you want to set a UPI PIN. You will see a ‘SET PIN' option in case you have never set a UPI PIN for the bank account

Step 4: Enter the ‘Last six digits’ and ‘Expiry date’ of your Debit/ATM card

Step 5: Now, you will receive an OTP from your bank on the registered mobile number. In the next screen, enter the OTP and then set a UPI PIN and click submit. 

You have successfully genereted your UPI PIN


Benefits of Using UPI

1. UPI uses IMPS (Instant Fund Transfer) system for fund transfers to an account. This takes less time to transfer funds than NEFT.

2. It's a 24/7 service.It can be used at any time, even on holidays. 

3.Transactions can be made from multiple bank accounts with one mobile application.

4.Reduces the chances of losing a bank card or stealing of your banking information

5.UPI Pin is unique for every bank account, ensuring that it can be used only by the intended person

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