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What is UPI PIN

UPI is short for Unified Payment Interface, theUnified Payment Interface of IndiaUPI isIndiaAn instant real-time payment system that allows money to be sent from one bank account to another instantly.UPI is IMPS/NEFT alternativepayment method. Secure transfers via UPI require you to create UPI ID The UPI ID acts as the user's virtual payment address and is created when setting up the UPI account. The UPI PIN, on the other hand, is a password that the user must set to authorise transactions from a particular bank account.

UPI PIN stands for Unified Payment Interface of India Personal Identification Number, which is a 4 or 6 digit number set by the user himself/herself at the time of registration of UPI on the UPI application or thereafter. Since the UPI PIN allows the user to confirm the transaction, it should not be shared with anyone to avoid the possibility of fraud.

Recommended Reading:What is a UPI ID?

Importance of UPI PIN

The UPI PIN is a password that the user must provide to confirm the transaction. This is why it is important to conduct transactions through UPI:

Every bank account has a unique UPI PIN which is set by the account owner. Therefore, it can only be used by the account holder, thus ensuring security. Users can choose their own unique UPI PIN.

Applications using UPI PIN

The following are applications that use the UPI PIN for funds transfer authentication:

BHIM App Paytm BHIM SBI Pay BHIM PNB Google Pay PhonePe

How to generate a new UPI PIN

In order to utilise the payment mode, an individual needs to register with the bank for the service. This can be done on the phone or online banking of the particular bank. After that - here are the steps that need to be followed to generate a UPI PIN:

Go to the UPI application of your choice - the BHIM, andPhonePe And so on. Scroll to the Bank Accounts section on the app; this section shows all the bank accounts associated with this particular app. Select the bank account for which you want to set up an UPI PIN. If you have never set up a UPI PIN for a bank account, you will see a setup option. Enter the last six digits of your debit or ATM card and the expiry date. You will now get an OTP from the bank at the registered phone number.On the next screen, enter the OTP and UPI PIN you want to set up for the account and click Submit.

How to change an existing UPI PIN

To change the UPI PIN, you must follow these steps:

Open the application. Click on the option UPI to send money to anyone in the application. Click on the settings icon and in the top right corner of the app you need to go to the banking section. Now, you have to select the Change PIN option under the bank account for which you want to change the UPI PIN. Next, you must provide the last six digits of your card number and the expiry date. Now, you can enter your current UPI PIN and then enter a new UPI PIN. Re-enter the new UPI PIN and click on Options to confirm. Your UPI PIN will now be changed.

Note: The UPI PIN is the password that controls the funds in your bank account. Therefore - the UPI PIN needs to be kept highly confidential. You must also set a UPI PIN that is easy to remember so that you do not forget it.

How to send money via UPI PIN

UPI PIN can be used to send money by following the instructions below:

Log in to the UPI application that is linked to your bank account. Click on Options - Remittance. Enter the payee's UPI ID and scan the OR code to pay the merchant. Enter the amount you want to send. Click Options - Confirm. Enter the UPI PIN on the next screen and submit to complete the process.

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