UPI or Unified Payment Interface enables an immediate transfer of the budget amongst the two bank bills via a cellular platform. It is an instant real-time payment mode. as a result, UPI is a concept that allows more than one bank accounts to get into a single mobile software. This idea was advanced by way the National Payments Company of India (NCPI) and is managed through the RBI and IB.
UPI Pin and UPI Id
Also called Virtual Payment Address(VPA), a UPI id is an individual’s unique identification that helps track their bank account. This Id can be generated through respective banks or easily through mobile apps. Also, this id is mandatory for all UPI web portals and
independent of an individual’s bank account.
How to generate your UPI Id?
Generating your unique UPI Id is a fairly easy process. First thing is to download the app or wallet which uses the UPI interface. After logging in to that mobile application select the option of ‘create UPI ID’. It will your basic account details linking it your bank account, after verification of your details, click to continue to generate your UPI Id. Along with it, it will ask for a 4-6 digit PIN.
Four Things to Know Before Making A UPI Id
- Offers Reliability and Security: It is a reliable platform for payment. As is launched by NPCI and controlled by RBI, UPI offers a minimal risk factor while transferring money and making third-party transactions. With a real-time transfer, beneficiaries get the payment within seconds. It does not share your banking information with the person you are making a transaction with. Being a digitised format, customers need only share their virtual payment address.
- Offline Payment Options: Another amazing feature of this app is you can make payments offline. For that, you would need interfaces that allow the same, such as BHIM, Paytm, PhonePe, or other UPI apps. The important thing is the bonding of UPI and the sim-card. Once both are bonded, you can make transactions off-line as well. Internet won’t always be necessary, only your phone number to generate OTP. You can also link multiple accounts under one UPI id.
- No Minimum Limit: Also, there is no limit for minimum transactions. You can make a payment of Rs 1. In this process of revolutionising, you can also pay loans using UPI. Form booking tickets to anywhere and paying bills, personal loans, travel loans, UPI is all-inclusive. Most banks these days are offering in-built facilities of UPI, making the process much easier.
- Never Ever Share: Under no circumstances you must share your UPI pin with anyone if you want to stay away from fraudulence. Any message or call asking for your UPI pin is trying to feign money from your account. Like you don’t share your credit card details and its pin with anyone, in a similar manner, you must never share your UPI pin.
Let us take a look at some of the benefits of UPI:
- App-based and these days in-built with various mobile wallets and even bank apps
- Quick and easy, available 24x7
- You can both pay and receive to or from a beneficiary
- No minimum transaction limit with a daily limit of 1 Lakh
- Only need virtual id for transaction
- Approval from the beneficiaries’ side is not required
- Does not require a photo id or any other proof
The idea behind UPI was to do away from all the bank account details while making a transaction. It was to make your payments easier by securing them with a unique UPI id and pin. Various apps also have launched a scan-to-pay option making it further easier. You can pay a beneficiary by entering only their mobile number. You can pay both to mobile and bank account with ease.
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