Unified Payment Interface (UPI) is an innovative step taken primarily to ease money transfer and payment processing. UPI helps make the digital banking system a step further. The fund transfer is effortless, safe and quick without any interruption, but the fund transfer will not be successful until you enter the UPI PIN.
Today in this blog, we will learn what UPI is, how to use UPI PIN and how to create and benefit from UPI and UPI top features.
Currently, it is promoting the direction of digital payments in India to improve the ways that users successfully pay and receive money. In such a situation, the Unified Payment Interface (UPI) System has analysed and evaluated every transaction very easy and secure.
The objective is also to establish better digital banking that operates well on a cashless platform. And modern India continues to accept this change; now, most of the transactions have been initiated digitally through mobile.
So the most important thing here is that the UPI pin. Without this, no user can transact on the UPI platform. If you want to know how to reset UPI PIN in PhonePe, then click here
The UPI PIN is the unique code for each bank account, ensuring that it can be used only by the intended person. Funds can be transferred to any person at any time through the UPI app. There is no need to add the receivers name, bank account number, IFSC code, address etc.
Before knowing about UPI, further, we should know how to create QR code and VPA. So once you are registered on the UPI app, the QR code and VPA are created by default. To know the QR code and VPA, select the ‘My Profile’ section of the UPI App.
Use of Unified Payment Interface
The UPI transaction was the most used in June 2020, according to NPCI data. The UPI platform is most commonly used for fund transfer or any other bill payment in India.
It is straightforward to use and also the most secure for users. In June 2020, according to NPCI data, about 2.62 lakh crores were transferred through 1.34 billion UPI transactions.
To get a UPI service, you have to create a virtual payment address linked to the bank account. By default, a virtual payment address or UPI ID is created when you are registering in any UPI app.
The mobile number must also be registered with that bank account. In this way, your UPI ID becomes a financial address, i.e. a virtual payment address. After this, you do not need to remember the account number, IFSC code, address etc.
UPI is a platform that allows users to transfer funds without providing a name, account number and IFSC code. The UPI transaction is performed with the user’s mobile number and a virtual payment address.
UPI protects a person from the major drawbacks of traditional online transaction methods, i.e. online identity theft and misuse of important bank information. It is a secure, intuitive and efficient way to conduct monetary transactions using a UPI pin.
Know about UPI PIN
UPI PIN Each customer has to create a unique number of 4-6 digits during registration. This is used to authenticate any fund transfer through online banking.
The entire transaction process is completed on a dedicated UPI platform. It is also found with various mobile banking applications banks, such as —
- HDFC Bank
- SBI Bank
- CBI Bank
- HSBC Bank
- IB Bank
- ICICI Bank
- Andhra Bank
- Canara Bank
- PNB Bank
- DCB bank
- Allahabad Bank
Best UPI Apps
Today, several UPI Apps are available in the Google play store, where you can add multiple bank accounts.
If you do not have an account with these banks, you can use these UPI payment apps. Such as PhonePe, G Pay, Paytm. All these UPI apps are considered to be the most secure in India.
Here you can link multiple bank accounts with these UPI payment apps and avail the best UPI service.
Create/Reset BHIM UPI PIN in PhonePe
PhonePe: To create a UPI PIN in the PhonePe app, go to the bank account section. The link bank account will appear in the account section. If you already have a bank account link, you will get the option of resetting the UPI PIN.
If the UPI PIN is to be reset, then tap on the Reset option. After that, the debit card’s last six-digit and validation date will have to be entered and submitted. OTP received on your registered mobile number via SMS.
After entering OTP, the UPI PIN has to be reset. If the bank account is not linked, then add bank option has to be selected. After that, the choice of creating a UPI PIN will appear.
The simple and convenient interface and payment mechanism of UPI have abundant benefits for its users. It is designed to provide an intuitive and simple method of transaction.
Therefore, using UPI, users can enjoy fast, reliable and secure payments between any two entities, and fees are also the lowest.
GooglePay: Follow the same steps as PhonePe. First, add your bank account; after that, OTP will be received through SMS on your registered mobile number.
Enter OTP and UPI PIN and confirm. If you have created UPI PIN before and forget, enter the debit card details as shown in the image above.
To use UPI as a payment mode, users have to sign-up in the UP app by their registered mobile number; The UPI app can be Phonepe, GPay or any banking app. Then, follow these steps to create a UPI PIN here:
STEP 1: To create a UPI PIN, go to any UPI app
STEP 2: Tap the ‘Bank Account’ section on the app. This section shows all the linked bank accounts.
STEP 3: Select the bank account in which you want to set a UPI PIN. If you have never set it, the ‘SET UPI PIN’ option will appear.
STEP 4: Enter the ‘Last six digits’ and ‘Expiry date’ of your Debit card.
STEP 5: You will receive an OTP on your registered mobile number via SMS. Enter the OTP, UPI Pin and click on ‘Submit.
STEP 6: Your UPI Pin has been created for the bank account for making payments, billing, transfer money from your bank account by authenticating using the UPI PIN.
UPI TOP FEATURES:
UPI app is one of the safest and easiest payment methods for users in India. The UPI transaction cannot be processed without entering the UPI PIN.
Therefore, even if you lose your mobile phone, your money will be safe because no one will know your secret PIN. If you forget your PhonePe Bhim UPI PIN, click here to know how to reset it.
UPI payments are not automatically deducted from the bank account until you set it automatically. During the UPI transaction, no one can get information about the bank account. Nor can any middle man attack here.
But here, fraudsters implicate users in some other way. So you have to be vigilant with those frauds. So know the top five tips to protect yourself from fraudsters.
To use UPI PIN for transactions in UPI application, follow the steps given below.
- Open UPI application which has been linked to your bank account
- Tap on ‘Send Money’ option
- Select the payee and enter the amount which you want to send
- Tap on confirm, enter the UPI Pin on next screen, and Submit
Here are some top features of UPI transactions, making it one of India’s most innovative payment system.
- UPI is a real-time payment system that allows the user to transfer money on a real-time basis instantly.
- Users can also receive money from other users on a real-time basis.
- Here payments can be made immediately by scanning the QR code, UPI ID, Mobile Number, bank account number through specific mobile applications that allow UPI transactions.
- All transactions are highly secure and very simple for the users, and there is hardly any risk detected.
- By using the UPI platform, transactions can be done quickly between individuals.
- For completing transactions between two parties in UPI apps, a nominal fee is charged.
BENEFITS OF UPI TRANSACTIONS:
There have many benefits of UPI transaction for users, such as the hassle of accounting for money transactions and focusing on removing some of the creative hurdles encountered when using traditional online methods over many years of payment. The benefits of the operation of UPI apps are as follows.
UPI is the cheapest and easiest way to transfer money. On average, the cost per transaction up to 10,000 is only Rs 0.50, But for one lakh transactions at a time, these charges can increase.
Money can be transferred instantly using UPI on a 24 X7 basis. Therefore it eliminates traditional fund transfer methods, and only a virtual payment address is used for fund transfer. There is no need to give banking details to the other party here. So the other side gets relief from this problem.
UPI is one of the most effective ways to promote cashless transactions. The UPI apps are available in the Google play store, easily downloaded and used on smartphones. Neither the fear of losing many debit cards nor the fear of stealing the necessary banking information.
The UPI PIN is unique to each bank account, ensuring that the intended person can only use it. Money can be transferred to any persons on a 24X7 basis—no need to add the receiving party name for payment.
UPI has the best payment systems for users due to its simple, secure and convenient interface. It is designed to provide an intuitive and simple method of transaction. Therefore, using UPI, users can avail of payments in a fast, reliable and secure way, which can be done between any two entities.
PER DAY TRANSACTION LIMIT: UPI Transaction limits as far as transactions are concerned. Up to 20 UPI transactions can be done in a day. Banks like SBI, HDFC, PNB and ICICI allow the user to send a maximum of one lakh rupees per transaction.
Other banks may allow you to transfer Rs 10,000 per transaction; BHIM UPI allows its users to send a maximum of Rs 40,000 per transaction and Rs 40,000 per day.
CONCLUSION: UPI apps are playing a significant role in the digital banking system. In traditional fund transfer systems, users have to face many problems during transactions. But the UPI mobile payment system has solved that problem of users. Here are a few seconds, funds are only transferred between individuals via UPI ID or mobile number without interruption. Here users do not need to remember their account number, IFSC code or address. It is effortless to use and also the safest.