UPI PIN: Meaning, How to Generate and Change It
The advent of UPI in India in 2016 was a major step towards achieving a cashless economy. It is a dedicated platform that enables users to transfer funds, an alternative to payments made through NEFT and IMPS. This ensures a secure, prompt and effective way to perform any monetary transaction with a unique UPI PIN.
Keep reading to understand what a UPI PIN is and how to generate and reset it.
What Is a UPI PIN?
UPI PIN or Unified Payments Interface Personal Identification Number is a unique four or six-digit code that confirms all bank transactions. Thus it should not be shared to avoid any financial fraud. Further, it serves as a virtual payment address for the user while setting up a UPI account.
How to Generate a UPI PIN?
Before using UPI as a payment mode, you need to sign-up for the service at the bank via mobile or net-banking facility. Then, follow the steps to generate your unique UPI PIN.
Step 1: Select and visit a UPI application from options such as PhonePe, Paytm, Google Pay, Amazon Pay, etc.
Step 2: Navigate the “Bank Account” option on the application to check out the list of the banks linked with this application.
Step 3: Choose a bank as per your preference you want to set a UPI PIN for. In case you are a first-timer, you need to click on the “SET PIN” option.
Step 4: Enter the expiry date and the last six digits of your ATM or Debit card to receive an OTP from the authorised bank on your registered mobile number.
Step 5: Enter the OTP and set a UPI PIN as per your choice, and click on “Submit”.
Once done, you will receive a congratulatory message on your registered mobile phone confirming a successful UPI PIN generation. After that, you can make online transactions from your linked bank account with the UPI PIN for authentication purposes.
Nonetheless, if you lose your mobile phone, forget the PIN, or enter it wrong three consecutive times, you need to reset it.
Wondering how to reset the UPI PIN? Read on to know in detail!
How to Reset Your UPI PIN?
Follow the steps below to reset your UPI PIN.
Step 1: Open the UPI application you want to reset the PIN for.
Step 2: Select the “Send Money to Anyone” option.
Step 3: Click on the setting icon on the top right of the application and go to the bank section.
Step 4: Select the “Change PIN” option under the bank you want to reset the PIN for.
Step 5: Enter the expiry date and the last six digits of the linked ATM or Debit card.
Step 6: Enter a current UPI PIN followed by the new PIN, then re-enter the new PIN and click on the “Confirm” option to reset it.
However, though people often confuse UPI PIN and mPIN, their applications differ. Keep reading to understand how they are different from one another.
What Are the Differences Between UPI PIN and MPIN?
| Parameters | UPI PIN | MPIN |
| Full Form | Unified Payments Interface Personal Identification Number | Mobile Banking Personal Identification Number |
| Application | To authorise transactions made via any UPI application | To authorise mobile banking transactions like IMPS and NEFT and make payments on the National Unified USSD platform |
| When Is It Required? | After entering the amount to confirm the transaction | Required during logging into the mobile payment applications |
FAQs About UPI PIN
Is there any transaction limit for UPI payments per day?
Yes, you can send up to ₹ 1 lakh or make a maximum of 10 transactions per day via your UPI account.
Is UPI PIN and ATM PIN the same?
No, the UPI and ATM pins are not the same. While a UPI PIN is required for transactions only via UPI applications, an ATM pin is a four-digit code necessary to authenticate debit card payments and withdraw cash from ATMs.
Can I use UPI PIN without an ATM PIN?
After generating the UPI PIN, you can access UPI applications and conduct transactions using just the UPI PIN and not ATM PIN. However, you will need to enter the ATM PIN for generating the UPI PIN.