In today’s digital world, UPI fraud is a growing concern as more people rely on mobile payments. Understanding and using a UPI PIN is important to protect your financial transactions.
UPI PIN meaning
A Unified Payments Interface personal identification number (UPI PIN) is a 4-6 digit code you create to authorise payments made via UPI-enabled apps. This PIN is required for each transaction, whether you’re transferring money, paying bills, or making any financial transactions through UPI.
The UPI PIN serves as a security measure, ensuring that even if someone has access to your phone, they cannot complete a transaction without knowing your PIN.
How to set a UPI PIN?
1. Download a UPI-enabled app.
2. Add your bank account by selecting your bank from the list provided.
3. The app will verify the mobile number linked to your bank account automatically.
4. Enter the last six digits of your Debit Card and the expiry date for verification, then create your UPI PIN.
5. Re-enter the PIN for confirmation.
Why is UPI PIN important?
The UPI PIN code is essential for securing digital transactions by blocking unauthorised payments. It ensures that even if someone accesses your UPI app, they cannot complete a transaction without the correct PIN. This provides convenience and peace of mind, allowing you to make instant payments securely and confidently.
Features of UPI
- Real-time transactions: UPI offers instant fund transfers, enabling you to send or receive money in real-time, which is particularly useful in emergencies.
- 24/7 accessibility: UPI is available round the clock, including on weekends and bank holidays. This constant accessibility ensures you can make transactions whenever needed.
- Security: With the UPI PIN, multi-factor authentication, and end-to-end encryption, UPI provides a secure environment for your transactions. Moreover, many UPI-enabled apps offer features like biometric authentication for an added layer of security.
- Wide acceptance: From small vendors to large retailers, UPI is widely accepted across India. Whether paying for groceries or booking a cab, you can use UPI almost anywhere.
How to change UPI PIN?
1. Open your UPI-enabled app and go to the settings or bank account section.
2. Select the option to change your UPI PIN, you will be asked to enter your current PIN.
3. Enter a new UPI PIN and confirm it by re-entering.
4. Your UPI PIN is now updated, and you can use the new PIN for future transactions.
How to reset UPI PIN?
1. Open your UPI-enabled app and go to the bank account section.
2. Select ‘Forgot UPI PIN’.
3. Enter the last six digits of your Debit Card and the expiry date.
4. Set and confirm a new UPI PIN.
Also Read: Get Ready To Use The UPI App in 4 Easy Steps
Conclusion
Understanding what UPI PIN code and its significance is essential for secure digital payments. The UPI PIN not only protects your transactions but also enables you to enjoy the convenience of UPI-enabled apps with confidence.
To further enhance your financial security and flexibility, consider opening a Savings Account with Axis Bank. This account offers fixed and safe returns, easy liquidity, and access to a wide range of credit products, making it a valuable addition to your digital banking experience. With Axis Bank’s seamless and convenient account opening process, including a video-KYC option, you can start your banking journey with confidence and ease.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
