Unified Payments Interface (UPI) has become the leading form of digital payments in India. This is essentially because it does not have a minimum transfer limit, which enables consumers to use this payment mode on a daily basis. While this payment mode is still in its infancy â€“ it was launched in 2016 â€“ it has already made significant inroads into consumer mindset and behaviors. One does not think twice before whipping out a mobile phone and scanning a QR code or entering beneficiary details in order to make digital payments. Without the need to memorize IFSC codes and bank details, UPI offers consumers a fairly straightforward way to make transactions at will.
How can you register yourself on a UPI app?
In order to use UPI, you must begin by downloading a UPI-enabled app. As there are myriad apps to choose from, you must consider your usage patterns before selecting the right one for your needs.
When you download an app for the first time, you must register yourself on it. The registration details you must fill out are your name, virtual ID (or the payment address), a password of your choice, and your bank details. Depending on the app you have downloaded, you will be able to link more than one bank account if you need to.
Once the basics are taken care of, you must create an m-PIN. Like an ATM PIN, an mPIN is a 6 digit passcode that you must enter every time you wish to make a transaction. The mPIN is highly valuable because customers do not have to enter IFS codes or other information each time they want to send or receive money, which is why the mPIN proves to be a great means to confirm one’s identity. Without this pin, you cannot make transactions. This ensures that if your phone happens to fall into the wrong hands, you will not find yourself staring at huge transactions and an empty bank account the next day.
How can you generate an mPIN?
You can generate your UPI PIN by:
- Clicking the â€˜create/change mPin’ option
- Entering your debit card expiry date along with the last 6 digits in the relevant field
- Entering the OTP pin generated by your bank and sent to your registered number
- Entering the desired UPI PIN and clicking the Submit button
Once you do so you will receive a notification regarding whether the change of PIN has been accepted or declined. You must remember this pin at all costs!
Who can use UPI?
Anyone who is has a registered bank account can use UPI as and when they like. This mode of payments functions outside of banking hours, giving customers great freedom when it comes to transferring funds. The payment mode does not have a minimum transfer limit, due to which people can use it to pay their local vendors and merchants, pay for transport, clear utility bills, make purchases online, and make any remittances that they may require.
UPI is a form of payments introduced by the National Payments Corporation of India (NPCI) and was created keeping in mind the facilitation of a digital economy. This is why the payment types that this mode facilitates are so accessible.