What is UPI ?
UPI is a single platform that merges various banking services and features under one umbrella. A UPI ID and PIN are sufficient to send and receive money. Real-time bank-to-bank payments can be made using a mobile number or virtual payment address (UPI ID).
What is UPI ID and PIN?
A UPI ID is a unique identification for a bank account that can be used to send and receive funds. UPI PIN is a 4-digit personal identification number that must be entered to authorise the transfer of money via UPI. The PIN can be chosen by the account holder
How does UPI work?
UPI has made the money transfer process a lot easier. You do not have to remember the receiver’s account number, account type, IFSC, and bank name. Instead, you can do the money transfer only by knowing their Aadhaar number, mobile phone number registered with the bank account, or UPI ID. You can set up UPI ID on one of the apps that support UPI service. Mostly, a UPI ID begins with your mobile number followed by ‘@’ symbol and ends with the app you are using. For example, if your mobile number is 90xxxxxx60 and if you are using Paytm app, the UPI ID can be ‘90xxxxxx60@paytm’. The ID can be set up by providing the details of your bank account on the app. The app will send an OTP to your registered mobile number to make sure that you are an authorised person. Once you enter the OTP, you will be prompted to create a PIN for the UPI ID. Upon completing the registration, you can choose any mobile number from your contacts and send money. You can also request money from anyone on your contacts list.
What are the features and benefits of using UPI?
- Online payments are simplified.
- Pay for your hailing services, food delivery services, and shopping sites with UPI payments for instant fund transfer.
- Pay at the nearest restaurants, grocery stores, and departmental stores online.
- Rent, mobile recharge, and utility bill payments can be done online instantly.
Create Your UPI Pin Number by using phonepe application
- Open menu by tapping on the 3 Line icon at top right corner of the screen.
- Go to “Bank Accounts” section. All your bank accounts linked with PhonePe will be shown in this section
- Select the bank account for which you want to set a UPI Pin. You will see a “SET” option in case you have never set a UPI Pin for the bank account. Otherwise you will see a “RESET” option to set a new UPI Pin for the bank account
- Enter the ” Last six digits ” and “Expiry date” of your Debit/ATM card . Incase your card does not have an expiry date, then try entering “00/49”
- You will receive an OTP from your bank. In the next screen, enter the OTP received from your bank and the new UPI Pin you want to set for the account and click submit.
- You have successfully set a UPI Pin for your bank account. You can now send money and make payments directly from your bank account in the PhonePe app by authenticating using your UPI Pin
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