UPI stands for the Unified Payment Interface, It was initiated on 11, April 2016 it was the first mobile banking payment established it makes all the interface easy to the customer, there is multiple UPI interface app now UPI 2.0 was introduced to increase digital adoption in the business.
we will convert all the topic you need to know about “UPI meaning, benefits, How to set/change a UPI Pin”
UPI allows any two parties to transfer funds between banks in just a few clicks, compared to RTGS, NEFT, and IMPS, UPI is a standardized means used to transfer funds. Which allows the user to fund transfers anywhere from your bank in just a few clicks.
One of the important benefits of using UPI is its time saving and once you login into a UPI app n need to enter your card number every time you make a payment you can directly pay.
MPIN stands for Mobile Banking Personal Identification Number a unique password set by you to ensure your safety for transaction. It is one of the benefits of using UPI by Adding MPIN you no need to wait for OTP (one-time-password) from the bank.
The MPIN is a six-digit unique set password that you need to enter before every transition.
MPIN ensures that if you lose your phone there won’t be any transaction without the MPIN.
Features of UPI:
- Reliability: Since the launch of UPI customers have total control over all transition and do not have to worry about any fraudulent activity.
- Real-time transfers: It is a real-time transfer that means when the payee sends the money there is an immediate transfer of funds at the exact same time.
- No minimum transaction limit: There are no limits on the transition on UPI Per day
- Use of overdraft accounts: Under UPI 2.0, merchants have been provided with an overdraft facility in case of insufficient funds.
- Capture and hold facility: Merchants accepting payments through UPI will be able to block certain amounts on their user’s cards and refund the same at a later date
- Support for invoicing: It means businesses can use a single platform for sending invoices and receiving payments
- Easy resolution of refunds: Merchants can now initiate refunds on the same transaction through which they have received money
Benefits of UPI:
- UPI allows immediate money transfer
- It provides the facility for accessing different bank accounts in mobile applications.
- The virtual address of the customer for saving time.
- Merchant Payment with Single Application or In-App Payments.
- It can be used to pay utility bills, over the counter payments, barcode (Scan and Pay) based payments. etc.
Are There Any Charges On UPI?
Presently there are no charges on UPI payment not to the receiver nor to the payee. Although all banks collect annual charges for the services they provide to the customer, so they can be considered as the charges as well.
How To Register Bank Account Into UPI?
Steps for Registration:
- First, step Download UPI app from play store/google.
- The second step is login into the account fill all the required documents.
- The final step is to “Add/Link/Manage Bank Account” option and links the bank and account number.
- Once all the above steps are done select the account from which he/she wants to initiate the transaction
- User clicks one of the options –
a. Change MPIN:
- The customer receives an OTP bank on his/her registered mobile number
- Then the user needs to enter the last 6 digits of his/her debit card and the expiry date
- Then the User has to enters the OTP and enters his UPI PIN( UPI PIN that he has set) and clicks on Submit
- After clicking submit, the customer gets a notification (successful or decline).
As we have covered all the required details about what is UPI, Meaning, benefits, and how to set/change a UPI pin and apart from all those we have even focus on few things like benefits and features, etc, UPI has helped people to enhance their banking experience easier and even helped retail business a greater deal to grow there business.
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