Now you have a new term to decode. What is this UPI PIN? What is the use of it? How UPI PIN is different from the existing MPIN or ATM PIN? How can you get it and is it necessary to remember? There are many questions about this new type of PIN. Let me decode it.
What is UPI PIN in BHIM
Full Form of the UPI PIN
The UPI PIN is made up of two terms UPI and PIN. Thus the full form of the UPI PIN would be the full form of these two terms. Therefore the full form or UPI PIN is Unified Payment Interface Personal Identification Number.
Also Read: What is UPI
UPI PIN vs MPIN
I had to deal with this term when I was trying the BHIM app. The app asked UPI PIN when I was sending money to someone. It is for the final authentication of the payment. Till now, all other UPI apps use MPIN for this final authentication. Thus, I thought that BHIM is using the new name for MPIN.
However, the FAQ of BHIM app confused me. It clearly says that UPI PIN is not the MPIN. It is different. But, I have used the same MPIN in BHIM and it worked. For me, UPI PIN is the MPIN. Following is the official introduction of UPI PIN.
UPI-PIN (UPI Personal Identification Number) is a 4-6 digit secret code you create/set during first time registration with this BHIM App.You have to enter this UPI-PIN to authorize all bank transactions. If you have already set up an UPI-PIN with other UPI Apps you can use the same on Bharat Interface for Money.
About UPI PIN
Now, it is clear that a PIN used for final authentication of the UPI payment is the UPI PIN. Most of the BHIM UPI apps has adopted UPI PIN instead of MPIN. On the other hand, banks also give MPIN for their IVR based transaction. It is used when you call to a customer care number. It is not very popular.
Note, you set the UPI PIN yourself using the debit card details. Banks don’t send it.
Apps which Use UPI PIN
Following BHIM UPI apps use the UPIN PIN for authentication of fund transfer. I am listing only the big apps.
Why a New PIN
UPI PIN is necessary to make the BHIM or any UPI app secure. You would agree that there should be a PIN before the final approval of the payment. Paytm doesn’t have such a PIN so it is less secure. That is why Paytm wallet has an upper limit of amount. However, since Paytm has also adopted the BHIM UPI payment system, you would find the UPI PIN as well.
Because of the UPI PIN, any other person can’t transfer money in case you lose the smartphone. The BHIM UPI apps would ask for the UPI PIN which would be confidential to you. However, BHIM also asks a passcode before opening the app. Thus it gives you double security. In coming days, your fingerprints would replace the UPI PIN. However, for that, you must have a fingerprint scanner phone or device. You may have used fingerprint authentication with the imobile app of ICICI Bank.
How to Set UPI PIN
You have to set the UPI PIN before using the BHIM or any other BHIM UPI app. Once you set the UPI PIN, it can be used for further transactions. To set the UPI PIN you should have the debit card with you. Without the debit card, you would not be able to set UPI PIN. It means you can’t use a UPI app without the debit card. Follow these steps to set the UPI PIN in BHIM app
- Open the BHIM app by entering the 4 digit passcode.
- Go to the ‘Bank account’.
- Tap on the ‘Reset UPI PIN’. This link would be present just after your bank account details.
- Enter the last 6 digits of debit card number. You should pick the debit card from the given bank account.
- Enter the validity of the card. It is written thereon debit card.
- After the submission of these two details, you receive an OTP in your message box.
- Enter this OTP in the given space and submit.
- Now you can set your new UPI PIN. This UPI pin would be 4 digits. It is just like the ATM PIN.
How Can I Change UPI PIN
Changing UPI PIN is easier than the ‘Reset’. Just after the ‘Reset UPI PIN’ link, you would see ‘Change UPI PIN’ option in the bank account section.
Enter the existing UPI PIN and new UPI PIN. That is it. Now you have a new UPI PIN for the given account.
UPI PIN in USSD banking
Just after the launch of BHIM app, BHIM USSD banking also changed. It has become simpler. Now there are new options. Instead of the term MPIN, now we can see the term UPI PIN. When you dial the *99#, you would see 7 options. The last option is for UPI PIN.
You can also reset and change the UPI PIN through the USSD banking. To Reset the PIN, you have to give the debit card details and enter the OTP. Changing UPI PIN is as easy as in the UPI app. You must know that USSD banking works with feature phone without the internet.
UPI PIN, set through the USSD banking, can be used in the BHIM as well. Similarly, UPI PIN set in the UPI app can be also used for USSD transactions.
FAQ on UPI PIN
What if I enter the wrong UPI PIN?
No problem, the app will prompt you to re-enter the correct UPI-PIN. Normally banks allow maximum 3 tries of UPI PIN. After 3 wrong consecutive UPI PINs, Your UPI PIN gets locked. It opens after 24 hours. Meanwhile, you can reset the PIN.
Does BHIM stores my UPI PIN? How secure is it?
Bharat Interface for Money does not store or read your UPI-PIN details and your bank’s customer support will never ask for it.
Should I tell UPI PIN to the bank executive?
Never! uou should not tell UPI PIN what if the bank manager asks. Please do not share your UPI-PIN with anyone.
What if my UPI PIN does not Work?
If BHIM app is not accepting your correct UPI PIN you can contact to customer care to resolve the issue.