UPI Alert: The Unified Payments Interface or UPI allows users to transfer money any time, on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party. The simple, hassle-free three-year-old payment system launched by National Payments Corporation of India (NPCI), is gaining immense popularity among the masses. NPCI along with the government and RBI have been working towards higher adoption of digital payments and making India a ‘less-cash economy’. The number of transactions via UPI continued to rise, clocking 1.31 billion transactions in December. In this era where people continuously look for a convenient, safer and hassle-free payment system, it is important that customers should be aware of digital payments such as UPI which not only provide seamless and secure digital transaction experience but also get rid of managing cash.
But, to avail of this facility, a net banking user needs to download UPI via BHIM App and generate UPI PIN via mobile banking.Read more ↓
The on-boarding process for customers on UPI
1] Download any BHIM UPI app from the Play Store / App Store;
2] Create user profile by entering details like name, virtual id (payment address) and passcode;
3] Go to the “Add/Link/Manage Bank Account” option and link the bank and account number. This is for a bank account – in which mobile number is needed;
4] Set UPI PIN for the underlying bank account using Debit card details; and
5] Users can now transfer money, pay utility bills, buy insurance policies, make donations etc. with BHIM UPI ID.
For mobile banking service users, here is the step by step guide on how to generate UPI PIN via Mobile banking:
1] Select the bank account you want to initiate the transaction; and
2] Click on Mobile Banking Registration/Generate UPI PIN.
The UPI user should remember that UPI PIN is never required to receive money. It is only needed when sending money to other UPI account.