About UPI
Unified Payments Interface (UPI) is a real-time payment system that enables instant fund transfers between bank accounts using a mobile platform. Developed by the National Payments Corporation of India (NPCI), UPI allows users to link multiple bank accounts to a single mobile application and make payments securely. Some
Key Features of UPI:
Instant transfers: UPI facilitates immediate transfer of funds between bank accounts, ensuring quick transactions.
24/7 availability: Users can initiate transactions through UPI anytime, anywhere, as the service operates round the clock.
Seamless interoperability: UPI allows for interoperable transactions between different banks and payment service providers.
Single identifier: Users can create a virtual payment address (VPA) linked to their bank account, simplifying the payment process as it eliminates the need to disclose sensitive account details.
Multiple use cases: UPI can be used for various transactions such as peer-to-peer transfers, merchant payments, bill payments, and more.
Secure: UPI transactions are secured with multi-factor authentication, including a UPI PIN, ensuring the safety of funds during transfer.
User-friendly interface: UPI apps typically offer intuitive interfaces, making it easy for users to navigate and conduct transactions effortlessly.
Overall, UPI has revolutionized the digital payments landscape in India, offering a convenient, secure, and efficient way to transfer money electronically.
Registration in UPI enabled application
Steps for Registration:
User downloads the UPI application from the App Store/Banks website
User creates his/her profile by entering details like name, virtual id (payment address), password etc.
User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id
Generating UPI – PIN:
User selects the bank account from which he/she wants to initiate the transaction
User clicks one of the option -
Change UPI PIN
User receives OTP from the Issuer bank on his/her registered mobile number
User now enters last 6 digits of Debit card number and expiry date
User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
After clicking submit, customer gets notification (successful or decline)
User enters his old UPI PIN and preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
After clicking submit, customer gets notification (successful or failure)