A beginner’s guide on how to create a UPI PIN
Advancement in technology has given the finance sector a greater impetus than ever. Fintech has led to innovations in many fields, but the one that stands out the most is the fund transfer system. We went from standing in queues at banks to transferring money directly by adding beneficiary account numbers, and now we can transfer money to a mobile number – thanks to UPI. Here, we talk about the basics of UPI and how to generate UPI PIN.
Unified Payments Interface (UPI) is a product owned and operated by the National Payments Corporation of India (NPCI). UPI aims to unite multiple bank accounts under one umbrella for hassle-free transactions instead of using multiple separate bank applications. In a UPI-enabled application, you can add more than one bank account, which you can use to transfer funds and check account balances.
The UPI personal identification number or UPI PIN is a 4 to 6-digit number you require to log into all UPI transactions. UPI PINs are bank-specific. For example, if you add 3 bank accounts in a UPI-enabled application, you must create 3 unique UPI transaction PINs.
After downloading your preferred UPI-enabled app, complete the registration process by verifying your mobile number. If you have provided and registered your mobile number with your bank, you can retrieve the bank account number and add it to the UPI app by providing the OTP received on the mobile number. Once registered, here are the steps on how to create a UPI PIN.
Upon successful verification, you will receive a 'PIN Created successfully' notification.
Besides knowing how to create a UPI PIN, here is how to use it to complete fund transfers.
Your transaction is now complete, and the beneficiary will receive the funds in their account immediately.
Knowing how to create a UPI PIN enables you to initiate instant fund transfers. UPI is one of the most convenient and hassle-free ways to make payments without bank account numbers. All you need is the beneficiary's UPI virtual payment address or mobile number to initiate the transaction.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.