Unified Payment Interface (UPI) was launched by the National Payments Corporation of India (NPCI) in August 2016. It has introduced to make India Cashless. It has quickly gained popularity in the country and a number of people who have not registered want to know the process of UPI Registration. UPI works as a unique identifier for your account and lets you transfer money without any problems or confusion. UPI connects with your bank accounts and helps in quick money transfers.
In case of NEFT and IMPS transfers, you first have to add a beneficiary for your bank account which takes minimum half an hour of waiting time for the money to get transferred. However, in case of UPI, you just need to enter the payee’s Virtual Payment Address (VPA) and the amount will be sent immediately.
Making payments through UPI is the safest as you do not have to share your personal details like account number, IFSC, etc. All you need to share is your VPA which does not disclose any of your personal information. UPI offers higher transaction amount to its users as compare to E-Wallets. E-Wallet allows you to transfer up to a limit of Rs 20,000 per transaction but by using UPI, you can transfer up to 1 lakh per transaction.
Almost all the banks have launched their UPI-enabled applications which can be used by the customers of the same bank and by customers who have their accounts in other banks.
a) Download the mobile application of the bank you have your account within.
b) Create your profile by entering your details such as name, virtual ID and password. The virtual ID you create will be your payment address. (E.g, for axis bank, [email protected])
c) Go to Add/Link/Manage Bank Account option on the app and link your bank and account number with the previously created virtual ID.
d) Every time you make a payment, you have to enter mPIN for the transaction to get complete. This mPIN has to be set at the time of UPI Registration.
How to Generate mPIN:
a) Once you download the mobile app, you will be asked to create mPIN for UPI Payments. When you click on it, a One Time Password (OTP) will be sent to your registered mobile number in the bank.
b) Enter the OTP. Now you will be asked to enter the details of your debit card like Card number, expiry date, etc.
c) Now enter the unique mPIN which you can easily remember. The mPIN should be unique for your UPI. It can be of 4 digits or 6 digits depending upon the bank. The characters of mPIN are different from bank to bank.
d) Click Submit and your mPIN will be generated.
This is how UPI Registration can be done. Also, you can change your mPIN anytime by following the same procedure.
From India, Ghaziabad
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