New feature - Self-service update of bank account details on PayUmoney! : UPI Wake Up India

New feature: self-service update of bank account information on PayUmoney!

All of us may change our bank accounts once in a while. If you want to update your new bank account on PayUmoney, no need to feel worried. To help merchants who want to update their bank account information, we have introduced this new feature - now you can update the bank account associated with PayUmoney yourself!

There's no need to contact the customer service team and resubmit your document - you can simply click 'update'.

Below are the detailed steps to update your bank account:

Step 1: Go to your PayUmoney dashboard, click on "Profile" on the right hand side and then click on the "Bank Details" section.

Step 2: In the "Bank Details" section, click the "Update" button.

Step 3: Enter your new bank details i.e. new bank account number and IFSC code and click on "Next". An OTP will be sent to your registered mobile number.

Note: You will not be able to change your name at this stage.

Step 4: Enter the m-OTP received by your mobile phone and click "Update Bank Details".

Step 5: After verifying the OTP, the system will deposit a small amount of money in your new bank account. Please check your bank statement to confirm the amount.

Step 6: Enter the amount of money deposited in your bank account in the "Deposit Amount" section and click "Verify Account".

Your bank account has been updated! You will start receiving payments in your new account within 24 hours of the update.

Next step!

Once your bank account is updated, you will need to sign the update agreement or additional terms (depending on your onboarding stage) that are automatically generated on the PayUmoney dashboard.

Depending on your stage of onboarding, you will be required to sign an update agreement or additional terms.

Different entry stages:

If your document has not yet been reviewed (accepted/rejected) by the PayUmoney onboarding team, you will need to sign a new update agreement.

If your document has been reviewed but the agreement has not been approved, you will need to sign a new updated agreement again.

If your document has been reviewed and the agreement has been approved, you can simply accept the additional terms.

Some important tips:

You can only update your bank account 10 times, after which the account will be locked. There is a counter on the interface to inform you of the number of attempts remaining.

You cannot update a bank account to a blocked account number. If more than 4 merchants claim to have the same bank account, PayUmoney will block that bank account number.

reach a verdict

So, use these simple steps to update your bank account number on your PayUmoney dashboard. If you face any problem while updating your bank account number, feel free to contact us!

PayUmoney is India's leading payment gateway offering one-stop payment solutions! To experience the best in the payment solutions industry and learn more about PayUmoney's offerings, register with PayUmoney today.