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Introduction

Punjab National Bank was established in Lahore, in undivided India, back in 1895. Today, it is one of India's largest nationalized banks. The bank offers varied services across personal and corporate banking, such as industrial, agricultural, and export finance, along with international banking. Some of the personal lending services offered by the bank include loans for housing, auto, and also education. PNB boasts of a diverse client base including Indian conglomerates, small and midsize businesses, multinational corporations and non-resident Indians.

The Punjab National Bank’s Unified Payments Interface (UPI) allows safe, secure and convenient payments using a mobile app. PNB UPI is a digital platform which allows users to both send and receive payments instantly using an Android-enabled smartphone device. Customers can send and receive payments using multiple delivery channels. This mechanism is available for all PNB customers and also for those who have accounts in other UPI-enabled banks.

For using the app, users do not need to provide their bank account details or register a beneficiary. All that they need to do is, enter the Virtual Payment Address (VPA) of the payee or payer. Users can also transact through the app by entering the IFSC code and account number. The only aspect required to carry out transactions via this app is the VPA.

The app is available for download on Google Play store or users can also visit the PNB website for easy download. The VPA acts as a virtual or digital identity of the users and generally comes in the form of a virtual id. The National Payments Corporation of India (NPCI) launched the UPI interface and the digital service is governed by the Reserve Bank of India (RBI). NPCI closely monitors all retail payments that take place across the country. The main objective of this service is to promote easy and efficient digital transactions.

Requirements for using Punjab National Bank UPI

Punjab National Bank Upi

For using Punjab National Bank UPI, users require an Android smartphone which is enabled with Wi-Fi or mobile data services. They must have a functioning account with any bank that is listed with UPI. It is also important to have a debit card linked with the concerned bank account for accessing UPI PIN and managing transactions. Users should have a mobile number to enrol with UPI. It is important to ensure that the mobile number is linked to the user’s savings account with PNB.

Steps to Register for Punjab National Bank UPI

Here are easy steps to be followed for registering for Punjab National Bank UPI:

1: Download the PNB UPI app on a smartphone using Google store or using the PNB website

2: After downloading the app successfully, the user can launch/open the app. Select the ‘Click Me’ option and the next step is to verify the registered mobile number. For verification, an SMS is sent from the registered mobile number.

3: In the ‘GPS Settings’, select ‘Settings’ to enable the same.

4: For completing the verification process, select the ‘OK’ option within ‘Info’. Also, select the registered sim. Once the mobile number verification process is complete, move to carry out the registration process.

5: Key in all required details such as name, email, date of birth and select a VPA. Also, set up a unique 6-digit password.

6: After all the details are submitted successfully, the registration process is complete.

Steps to Transfer Money Through PNB UPI

Here are the steps to be followed for transferring money using PNB UPI:

1: As a first step, launch the PNB UPI app from your Android smartphone. Then you must enter the 6-digit pin to log in to your account.

2: Click on the ‘Pay’ button and choose the bank account through which money needs to be transferred

3: Select the right VPA of the recipient/person to whom you wish to transfer funds.

4: Key in the amount that you wish to transfer and click on ‘Pay’

5: Enter the m-PIN and select the ‘Submit’ button

Steps to Receive Money Through PNB UPI App

Here is how you can receive money using the PNB UPI App:

1: Open the PNB UPI app from your smartphone and log in using the 6-digit pin

2: Then select the ‘Collect’ button

3: Select the VPA of the person who is sending money

4: If there are any remarks or comments to be made, you may choose to enter those at this stage

5: Select the ‘Initiate Request’ option. You will receive a confirmation after this step

6: Once the person sending money approves the transaction, the funds get transferred and start reflecting in your account

Features and Benefits of Punjab National Bank UPI

  • The benefit of multiple accounts: The PNB UPI app lets users add multiple bank accounts in a single app. Therefore, users can link more than one bank to their UPI account. Both payer and payee can make use of this option.
  • No Requirement of IFSC code: As compared to other modes of payments or fund transfer options, the PNB UPI app does not need elaborate beneficiary details. The app does not even require registration of beneficiary or payee. Users only have to provide the VPA for sending and receiving money.
  • Quick Transactions: PNB UPI is a very quick and easy mode of transferring funds. Funds transfer can be initiated from anywhere and anytime. Unlike NEFT and RTGS, settlement of transactions does not require waiting time.
  • Easy balance view: The PNB UPI app has multiple additional features. One such lets users easily check and ‘view balance’ of all the bank accounts that have been registered.
  • Cannot be used by Merchants: This payment system is presently not available for merchants. While PNB UPI has only been released for individual users, it is expected to enrol merchants onto the platform very soon.
  • Ideal for Android users: Presently, the PNB UPI is not available on the IoS platform. As this service is available only for Android users, only android smartphone users can download and make use of the app.

Learn More About UPI

UPI as a smartphone-friendly payment application. Here are some additional details that you must know about this new-age payment interface which allows convenience, comfort, and secure monetary transactions.

  • In this payment mechanism, users can transfer funds between 2 bank accounts by using a smartphone
  • Users must set up a VPA- Virtual Payment Address or handle and add their bank accounts to the same. This acts as a financial address while performing funds transfer.
  • Similar to how an SMS facility works, users can now send or receive money across accounts.
  • Users can make use of this app 24/7 and this is far more convenient than the traditional banking system which has fixed hours of working. Transactions can happen as per the convenience of sender and receiver instead of relying on the fixed timelines of banks.
  • The current transaction limit on this app is Rs. 1,00,000 subject to terms and conditions. This is presently being reconsidered and the limit may be increased in the near future. Some of the banks may also have their limitations with regards to transaction limits.

The idea of launching this app was to help India move towards a cashless economy. Since the time of its launch, users have been positive about the convenience and comfort offered by the app. While it cannot replace cards and cash very soon, with time and additional features, it is slowly moving towards that direction. There are thousands of users using UPI since it is simple to use and offers convenience. Most of the banks are also offering discounts and cash backs for users who make use of this app. This acts as an additional benefit of using the app.

UPI and NEFT Comparison

UPI

NEFT

Platform

An app-based payments system which allows multiple bank accounts to be integrated on a single platform for effortless and easy funds transfer

NEFT is only possible through mobile banking, internet banking and offline NEFT transactions

Transfer Time

Based on Immediate Payment Service; can be used 24/7

Takes about 12 hours for fund transfer to be complete

Transfer cost

Comes free of cost; some banks have Rs. 0.5 as a fee on every transaction

Free of cost
Fees - Rs. 2.50 < Rs. 10,000
Fees - Rs. 5.00 < Rs. 10,000 – Rs. 1 Lakh
Fees - Rs. 15.00 < Rs. 1-2 Lakh
Fees - Rs. 25.00 above Rs. 2 Lakhs

Fund Transfer Initiation

Users can initiate funds transfer from any bank’s UPI app

Funds transfer can be initiated only from the Sender/receiver bank’s app

Transfer Type

Both sending and receive money transactions are allowed

Allows only payment transactions 

Transaction Limit

Daily limit: Rs. 1 Lakh

No upper or lower cap

Beneficiary Details

Only Virtual ID Required

Requires multiple details such as bank account no., IFSC code, etc.

Need for Bank Account 

UPI payment or collection of money can be done even in absence of a bank account with the user

NEFT is allowed only if the user has a bank account

FAQs

1. What is UPI?

Unified Payments Interface (UPI) is a real-time payment solution managed by National Payments Corporation of India (NPCI) to facilitate inter-bank fund-related transactions. It is governed by the Reserve Bank of India and is beneficial as it allows instant funds transfer between bank accounts from mobile devices. UPI uses IMPS (Immediate Payment Service) for funds transfer across bank accounts.

2. What happens if I mistakenly enter an incorrect UPI-PIN while initiating a transaction?

There should not be a major problem if you enter an incorrect UPI PIN while initiating a funds transfer transaction. The PNB UPI app will prompt you to re-enter the PIN once again. However, you must remember that each bank has a maximum number of attempts that are allowed. Hence, check and recheck before initiating a transaction and if in doubt, you can contact the customer care of PNB.

3. What is the difference between UPI and IMPS?

Most users would already know that UPI does have multiple additional benefits as compared to IMPS. Here are some key benefits offered by both:

  • Offers P2P Pull operations
  • Shortens Merchant Payments
  • Single platform for money transfer
  • Two-factor authentications with a single click

4. I lost my smartphone and I am concerned about the security of my PNB UPI app. What should I do?

In case your smartphone is misplaced or is lost, the first action point is to quickly get the mobile number blocked. This will ensure that no transactions can be processed through your PNB UPI app. This is because the registered number will be blocked. You must also reach out to the bank to make sure that there are no transactions processed without your knowledge or permission.

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