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Unified Payments Interface PIN (UPI PIN)

UPI is a dedicated platform which facilitates making fund transfers without disclosing the account number and IFSC code. All transfers are made with the users’ mobile number and a Virtual Payment Address (also known as UPI ID).

UPI secures an individual from the major drawbacks of online transactions by eliminating the need to provide the account numbers, IFSC codes or addresses which are a major reason for online identity theft and misuse of critical information. It is a highly secure, efficient and seamless way of performing monetary transactions using a UPI PIN.

What is UPI PIN?

UPI PIN is short for Unified Payments Interface Personal Identification Number. It refers to a 4 or 6 digit unique number that users are required to set on registration with a UPI app. It is highly important to remember the set numbers and never disclose them to anyone. It is used to authorize all bank transactions.

How to generate a UPI PIN?

The first step to UPI as a payment mode is to sign up for the service using mobile or net banking of your bank. After that, follow the steps below:

  • Go to the app of your choice
  • Scroll down to the ‘Bank Account’ section of the app. It will show all bank accounts linked with the app.
  • Select any particular Bank Account for which you want to set a UPI PIN. Select the ‘SET’ option in case
  • Enter the last 6 digits and ‘expiry date’ of your ATM/Debit card.
  • On entering the above you will get an OTP on the mobile number registered with your bank. Lastly, enter the OTP in the next screen and also the UPI PIN you want to set for the account and click ‘Submit’.

You will get a confirmation message on your phone on the successful generation of the UPI PIN. After this, you can start making payments directly from your phone.

How to Send money using UPI?

For sending money using UPI PIN in a UPI application follow the steps below –

1. Log in to the UPI Application

2. Select the option ‘Send Money’ on the app.

3. Enter the UPI ID of the beneficiary or his phone number or simply scan a QR code in case of a merchant.

4. Type in the amount you want to send.

5. Lastly, confirm, enter the UPI PIN on the next screen and click submit to complete the transaction.

A notification will be sent to both the sender and the receiver on the UPI apps and also as an SMS on the registered mobile numbers.

Benefits of using UPI

  • It facilitates users to transfer funds on a real-time basis without any delay or inconvenience.
  • Funds can be transferred instantly on a 24*7 basis, which eliminates any need to wait for confirmation relating to transfer e.g. NEFT.
  • Transactions can be completed simply with the help of a Virtual Payment Address which excludes the need for banking details.
  • It is a highly effective way to promote non-cash transactions and can be installed on any smartphone.
  • As a UPI PIN is unique for every bank account, it ensures that it is used only by the intended person.
  • It eliminates the risk of losing a bank card or misuse of critical banking information.
  • Funds can be transferred at any given point in time.
  • It is the cheapest way to transfer money when compared to other modes of transfer.

How to reset a UPI PIN?

  • Go to the My Money page in your preferred UPI app and select Bank Accounts appearing under the Payment Methods section.
  • Select your Bank
  • Select the bank for which you want to reset a UPI PIN. You will see a Reset option to set a new UPI PIN for the selected bank account.
  • Next, provide the last 6 digits of your card number along with the expiry date.
  • Now, you will have to enter your current PIN, followed by the new PIN
  • Re-enter the new PIN, and click on the ‘Confirm’ button.
  • Your PIN has been successfully reset.

How to pay using the Scan and Pay feature using UPI PIN?

  • Open the UPI app on the mobile and navigate to the Scan and Pay feature.
  • Next scan the QR code using the scanner in the app.
  • Authenticate the transaction by entering the UPI PIN after the amount.
  • The UPI payment will be credited to the merchant’s account instantly.

How to use UPI payment features without Debit cards?

RBI in collaboration with the National Payments Corporation of India (NPCI), has introduced UPI123Pay, which can be used even on feature phones as it is based on the USSD platform and does not require an internet connection. It can be accessed via the National USSD platform by using the code *99#. However, since this process is not really convenient to use, hence it continues to remain unpopular.

Using UPI123Pay, users can perform transactions using four different alternatives which include calling an IVR number, proximity sound-based services and also a missed call approach.

For the IVR number-based UPI payments, users are required to make a secured call using their phone to a predetermined number. Next, the user will need to complete the registration formalities to initiate transactions without the internet. Also, users can also choose their preferred language using the IVR option.

In a missed call based approach, a user is able to perform routine banking functions which include transferring and receiving funds, bill payments, regular purchases etc. Next, a merchant will create a token at the billing time using a customer’s phone number and the bill amount of the purchase. A customer is required to authenticate by receiving the incoming call and entering the UPI PIN.

Proximity sound-based payments utilize sound waves to facilitate offline, contactless payments on any device. A user taps on any phone to make a UPI payment to a merchant via a payment solution. For this, a user needs to call the IVR number and choose the Pay to Merchant option, later the user taps on the merchant device and presses # after a unique tone. The transaction is completed by entering the amount followed by entering the UPI PIN. The merchant will then acknowledge the transaction status and the user will receive confirmation via an IVR call.

The features of UPI can now be availed to all account holders with an AADHAR Card, even if they do not possess a debit card issued by a bank.

Users can now avail of the benefit of UPI by linking their Unique Identity Authority of India (UIDAI) number with the National Payments Corporation of India (NPCI) through their banks.

For registration with UPI without a debit card, it is mandatory to use the same mobile number that is registered with your bank account as well as your AADHAR card.

The Reserve Bank of India has also launched a scheme called UPI123Pay, which will offer payments through a feature phone without internet

FAQs

1. Is UPI PIN and ATM PIN the same?

The UPI PIN is used to authenticate transactions on the UPI App and the ATM PIN or the MPIN is used to authenticate transactions while using the mobile banking app and the ATM card that is provided by the bank.

2. IS UPI 4 digit or 6 digit?

The UPI PIN can be a four-digit or a six-digit number that is used to authenticate transactions on the UPI application.

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