UPI is a real-time payment system that enables instantaneous transfer of funds between bank accounts. As compared to IMPS/NEFT, UPI is a viable alternative payment option. You’ll need a UPI ID and a UPI PIN to send and receive money using UPI securely. By establishing a UPI account, users generate a unique identifier (UPI ID) that serves as a digital payment address. In contrast, a user’s UPI PIN is a password they choose to use while making financial transactions.
Let’s go more into what a UPI PIN is and how it’s configured.
What is UPI PIN?
The Unified Payments Interface Personal Identification Number, or UPI PIN, is a 4- or 6-digit code that users choose for themselves during the UPI registration process or at a later time. As a UPI PIN allows the user to authenticate a transaction, it must be kept secret at all costs to prevent fraud.
How to Set a UPI PIN?
Installing the Paytm mobile payment app is a must to setting up your UPI PIN. When you’ve downloaded and installed the app, you’ll need to create a UPI profile for yourself and set up your UPI PIN as follows:
- Start up your mobile device’s Paytm UPI payment app.
- The Paytm mobile app’s ‘Profile’ button is located in the upper left corner.
- When the drop-down menu appears, choose “Payment Settings” from the lower left.
- If you then choose “UPI & Connected Bank Accounts,” your linked bank accounts will be shown.
- The option to “Set PIN” will appear next to the bank account if a UPI PIN has not been established for it.
- Choose the “Set PIN” option.
- The last 6 digits of your card number and the expiration date must now be entered.
- An OTP will then be sent to the cellphone number you provided.
- On the next page, enter the OTP and a UPI PIN of your choosing.
- To create your UPI PIN, just hit the “Submit” button.
You’ll get a confirmation message after your UPI PIN has been successfully set up.
How to Change your UPI PIN?
Follow these instructions to modify your UPI PIN:
- To use the UPI service, use the Paytm mobile payment app.
- To use the application’s UPI/Send Money To Anybody features, tap that tab.
- Go to the Paytm mobile app’s ‘Bank’ section by tapping the ‘Settings’ button in the upper right corner.
- To modify the UPI PIN for a specific bank account, click the “Change PIN” link.
- The last 6 digits of your card number and its expiration date are required next.
- Now, you’ll need to input both your old and new UPI PINs.
- Input the updated UPI PIN again, and then choose “Confirm.”
- The new UPI PIN has been sent to you.
You should know that your UPI PIN acts as a password protecting your bank account. As a result, the UPI PIN has to be guarded carefully. To avoid forgetting it, you should choose an easy-to-remember UPI PIN.
What is the Importance of a UPI PIN?
- UPI PINs are required for all transactions and serve as the user’s password of sorts. Here’s why it’s crucial for making UPI-based purchases:
- Each individual who has a bank account chooses their own UPI PIN. Hence, the security of the account is guaranteed since only the account user may use it.
Users may choose their own personal UPI PIN, making it much simpler to keep track of.
Understanding the Difference between a UPI PIN and MPIN
Users will need to keep in mind two separate passwords—the UPI PIN and the MPIN. The dissimilarities between them are as follows:
| UPI PIN | MPIN |
| means Personal Identifier for Unified Payments Interface. | acronym for “Mobile Banking PIN”; used to identify you in your mobile banking app. |
| Necessary for authorizing UPI-based transactions | Authentification for all mobile banking activities |
| Provided in order to finalize the deal. | Required at first use of the mobile payment system (applicable only in case of a few applications) |
FAQs
What is UPI PIN?
User-supplied authentication information is required for all UPI transactions in the form of a UPI PIN. It’s a private number between 4 and 6 digits long that the user chooses.
What is UPI PIN full form?
A UPI PIN is used to verify a UPI-based transaction. Protecting a user’s UPI account against fraudulent activity is aided by this feature. UPI apps also utilize it for checking account balances.
Is UPI safe?
As the UPI system is governed by the Reserve Bank of India and the National Payments Corporation of India, all UPI transactions are completely secure. Paytm’s UPI payment app strictly adheres to all rules and regulations set out by these bodies. Only via a mobile device carrying your SIM card or mobile number on file with your financial institution may a payment be started. Every time you make a UPI payment, you’ll need to verify your private UPI PIN.
What should I do to set my UPI PIN?
You will need to install the Paytm UPI payment app, which is compatible with the UPI service, before you can establish your UPI PIN. After installing Paytm, go to the UPI or Transfer Money To Anybody menu, then choose the bank account and finally the “Generate UPI PIN” option. The last six digits of your card number and the card’s expiration date are required to establish your UPI PIN.
What will happen if I forget my UPI PIN?
You may change your UPI PIN in the app if you’ve forgotten it. Click the “Forget UPI PIN” link under the “UPI PIN” menu. You may change your UPI PIN after entering some personal information.
