With smartphone banking options on the rise, it has become much easier to find places where you can do banking without wires. But what is UPI? Find out in this article what you need to know about UPI and how it changes the way you bank. How UPI Works
UPI is a service offered by the National Payment Corporation of India. This payment system allows money to be transferred without having to carry money or use a card. Consumers can link their bank accounts to the UPI app, which when logged in, allows you to pay for goods or services using mobile banking.[adinserter block=”1″]
You simply need the account number and IFSC code for the recipient’s bank in order to send money. Unlike your credit card, there are no cash-on-delivery charges required and unlike traditional remittances, you don’t have to take time out of your day to make a transaction. Just introduce yourself to UPI, let it walk you through the process from creating an INR
What is mPIN?
An mPIN is a 4 or 6 digit code used to authenticate UPI transactions. It is similar to a PIN used for ATM transactions. Failure to authenticate a UPI transaction could result in an indirect financial loss. From April 1, 2018, all UPI transactions will require you to verify credentials using mPIN or 2FA.
You can generate an mPIN for your registered mobile number from the wallets or banks on which you have currently linked your bank account. Here’s how:
State Bank Anywhere App and Paytm[adinserter block=”2″]
Login to the SBI app > navigate to ‘Deposits & Payments’ > select ‘UPI’. You need your username and password for this … Also it would be best if you create a separate PIN for Paytm and WhatsApp (you’ll see later). On the next screen scroll down till version 3 of QR code
Why do I need a mPIN?
If you’re like most people, you’ve probably used a PIN at some point to access your bank account. But what exactly is a PIN, and why do you need one?
A PIN, or personal identification number, is a unique code that is used to confirm your identity. This code is typically four or six digits long, and is used to verify that you are the rightful owner of an account. In the case of UPI, your mPIN is used to verify that you are the rightful owner of your mobile phone number.
Why do you need a mPIN? Well, without it, anyone could theoretically access your account and wreak havoc with your finances. By having a unique code that only you know, you can rest assured that only you will be able to access your account. So if you’re ever asked for your mPIN, make sure that you only share it with people that you trust!
How do I get a mPIN?[adinserter block=”3″]
When you set up a UPI-enabled account with your bank, you will be asked to create a mPIN. This mPIN is like a PIN for your debit or credit card – it is a unique code that only you know, and it is used to authenticate UPI transactions. You can create your mPIN by logging into your UPI account and selecting the “Create mPIN” option. You can also check with your bank how you can create a mPIN.
How do I register for the Bharat QR? The Bharat QR is an interoperable QR code that facilitates payments using UPI on a smartphone screen. The QR code is simply another manner of payment, in addition to mobile apps and internet banking. It uses Unified Payment Interface (UPI) protocol to enable inter-bank transactions, which means it doesn’t require additional authentication except for your mPIN. The unique identification (ID) of the merchant remains hidden since the whole process is hosted on your smartphone. There is no need to know its ID in order to scan the Bharat QR. You should be able to pay most merchants by scanning their Bhar
How do I use my mPIN to complete any UPI transaction, including an eKYC KYC Aadhaar Pay full or partial mobile recharge or DTH bill payment?
UPI or the Unified Payment Interface is a system that allows you to transferring money from one bank account to another bank account using a mobile phone. To use UPI, you need to have a mobile phone with internet connectivity and an account with a UPI-enabled bank.[adinserter block=”4″]
To use your mPIN for any UPI transaction, you first need to set up your mPIN by creating a 4 or 6 digit number known only to you. You will be asked to enter your mPIN whenever you initiate a UPI transaction. Once you have successfully set up your mPIN, you can use it for any UPI transaction, including an eKYC KYC Aadhaar Pay full or partial mobile recharge or DTH bill payment.
APPENDIX A: What this blog is not
This blog is not about the mobile payment system known as UPI.
UPIs are a very new system, and are not yet widely used. As such, there is not a lot of information available about them. This blog is therefore not the place to go for in-depth information about UPIs.
What this blog is about is the mPIN that is required to use a UPI. The mPIN is a four or six digit code that is used to authenticate transactions made using a UPI.
So if you’re looking for information on what an mPIN is and how it’s used, read on! Appendix B: Disclaimer. I compiled this blog post by researching the wikipedia page on mPINs , the regulations of UPI , and the NPCI website . The information contained in this blog post should therefore be accurate, but only to the best of my knowledge. I provide this information for informational purposes only. The mPINs are regulated by SEBI , which has a shop on Amazon so there must be no scam or fraud involved with it! I am not making any money from anything mentioned in this blog post. Because of this, any information contained herein is true as far as I can ascertain. Note that if you use an mPIN without possessing a BIN (Business Identification Number) from NPCI that represents your business, then you are breaking banking laws and
At the end of this post, we will list some extra resources for you to take advantage of.[adinserter block=”5″]
When it comes to digital payments in India, the Unified Payments Interface (UPI) is becoming an increasingly popular option. And if you’re looking to use UPI for making or receiving payments, you may have come across the term “mPIN”. So what does mPIN in UPI mean?
In short, mPIN is a 4-6 digit code that is used to authenticate UPI transactions. This code is similar to a PIN code that you would use for ATM or credit card transactions. Just like your ATM PIN, you should never share your mPIN with anyone.
When setting up your UPI account, you will be asked to create an mPIN. Once this is done, you will be able to use your mPIN to authenticate all future UPI transactions. In most cases, you will be prompted to enter your mPIN whenever you initiate a payment.[adinserter block=”1″]
So now you know what mPIN in UPI means. If you’re looking to get started with digital payments in India, be sure to check out our other posts on the subject. And don’t forget to take advantage of the extra resources we’ve listed at the end of this post!