UPI is a dedicated platform which allows users to make fund transfers without providing one’s account number and IFSC Code. UPI transfers are made with the user’s mobile number and a Virtual Payment Address (VPA) also known as UPI ID.
By eliminating the need to provide the bank account number, IFSC code or address, UPI secures the individual from the major drawbacks of online transactions methods i.e, online theft of identity and misuse of crucial information. It is a secure, seamless and efficient way of performing monetary transactions with the use of a unique UPI PIN.
What is UPI PIN?
UPI PIN is an abbreviation of Unified Payments Interface Personal Identification Number. It is a 4 or 6 digit passcode that users set when they register themselves for the first time on the UPI app. It is a very important set of numbers that users must always remember. UPI PIN must never be shared with anyone as it is used to authorize all bank transactions.
How to Generate a UPI PIN?
To use UPI as a payment mode, one has to sign-up for the service at the bank. This can be done on mobile/net-banking of your particular bank. After that, here are steps to be followed to generate a UPI PIN:
Step 1: Go to the UPI app of your choice- BHIM, Google Pay, etc.
Step 2: Scroll to the ‘Bank Account’ section on the app. 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’ 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 the UPI PIN you want to set for the account and click ‘submit’
You will receive a congratulatory message on the successful generation of UPI PIN. After this, you can send money, make payments from your bank account directly by authenticating using your UPI PIN.