Introduction to UPI
Launched by the National Payments Corporation of India (NPCI) in August 2016, the Unified Payment Interface (UPI) was introduced to promote a cashless India. It has gained quick popularity, and many unregistered individuals are curious about the registration process. UPI acts as a unique identifier for your account, allowing you to transfer money without any confusion. It links with your bank accounts for easy money transfers. Unlike NEFT and IMPS transfers, where you first have to add a beneficiary to your bank account, with UPI you only need to enter the payee’s Virtual Payment Address (VPA), and the money is transferred immediately. UPI is considered safe as it doesn't require sharing personal details such as account numbers or IFSC codes. All you need to share is your VPA, which doesn't disclose any personal information. UPI also offers higher transaction amounts compared to E-Wallets. While E-Wallets limit you to a maximum of Rs 20,000 per transaction, UPI allows transfers up to 1 lakh per transaction. Most banks have launched their UPI-enabled applications, which can be used by their own customers and customers of other banks.
Process for UPI Registration
a) Download the mobile application of your bank.
b) Create your profile by entering details such as name, virtual ID, and password. The virtual ID you create will act as your payment address. (For instance, for Axis Bank, it would be xxxxxxxxxxxxx@okaxis)
c) Go to the Add/Link/Manage Bank Account option on the app and link your bank and account number with the virtual ID you created earlier.
d) Each time you make a payment, you will need to enter the mPIN you set during UPI registration.
To Generate an mPIN
a) After downloading the mobile app, you will be prompted to create an mPIN for UPI Payments. An OTP will be sent to your registered mobile number in the bank when you click on this.
b) Enter the OTP. You will then be asked to enter your debit card details, such as the card number and expiry date.
c) Enter a unique mPIN that you can easily remember. The mPIN should be unique to your UPI. It can be 4 or 6 digits long, depending on the bank. The characters of the mPIN vary from bank to bank.
d) Click Submit, and your mPIN will be generated.
This is the process for UPI registration. You can change your mPIN at any time by following the same procedure.
Launched by the National Payments Corporation of India (NPCI) in August 2016, the Unified Payment Interface (UPI) was introduced to promote a cashless India. It has gained quick popularity, and many unregistered individuals are curious about the registration process. UPI acts as a unique identifier for your account, allowing you to transfer money without any confusion. It links with your bank accounts for easy money transfers. Unlike NEFT and IMPS transfers, where you first have to add a beneficiary to your bank account, with UPI you only need to enter the payee’s Virtual Payment Address (VPA), and the money is transferred immediately. UPI is considered safe as it doesn't require sharing personal details such as account numbers or IFSC codes. All you need to share is your VPA, which doesn't disclose any personal information. UPI also offers higher transaction amounts compared to E-Wallets. While E-Wallets limit you to a maximum of Rs 20,000 per transaction, UPI allows transfers up to 1 lakh per transaction. Most banks have launched their UPI-enabled applications, which can be used by their own customers and customers of other banks.
Process for UPI Registration
a) Download the mobile application of your bank.
b) Create your profile by entering details such as name, virtual ID, and password. The virtual ID you create will act as your payment address. (For instance, for Axis Bank, it would be xxxxxxxxxxxxx@okaxis)
c) Go to the Add/Link/Manage Bank Account option on the app and link your bank and account number with the virtual ID you created earlier.
d) Each time you make a payment, you will need to enter the mPIN you set during UPI registration.
To Generate an mPIN
a) After downloading the mobile app, you will be prompted to create an mPIN for UPI Payments. An OTP will be sent to your registered mobile number in the bank when you click on this.
b) Enter the OTP. You will then be asked to enter your debit card details, such as the card number and expiry date.
c) Enter a unique mPIN that you can easily remember. The mPIN should be unique to your UPI. It can be 4 or 6 digits long, depending on the bank. The characters of the mPIN vary from bank to bank.
d) Click Submit, and your mPIN will be generated.
This is the process for UPI registration. You can change your mPIN at any time by following the same procedure.