What is UPI PIN & How to Create and Reset a UPI PIN?

UPI is a unified payments platform that allows the transfer of funds from one bank account to another. UPI works as an alternative payment method to IMPS/NEFT. The transfer of funds through UPI requires the provision of a UPI ID and a UPI PIN. The UPI ID acts as a virtual payment address for the users and is provided by the bank at the point of creation of the user’s UPI profile. UPI PIN, on the other hand, is a password that must be entered by the user to confirm the transaction.

Let’s understand more about what is UPI PIN and how you can set it.

What is UPI PIN?

UPI PIN that stands for Unified Payments Interface Personal Identification Number is a 4 or 6 digit number set by the users themselves at the time of registration on the UPI application. Since a UPI PIN allows the confirmation of a transaction by the user, it must not be shared with anyone in order to avoid the chances of fraud.

How to Set a UPI PIN?

To set your UPI PIN, you must first install a mobile payment application, such as Paytm on your mobile phone. After installing the application, you need to create your own UPI profile/account. To do so, you will have to provide a few details like your name, number, and bank account details. Once you have followed these instructions appearing on your mobile screen, you need to follow these steps to set up your UPI PIN-

  • Open the UPI application, such as Paytm on your mobile phone
  • Lookup for the ‘Bank Account’ section in the application
  • This section will show you a list of all the bank accounts that are linked to your application
  • From the menu, select the bank account that you want to link your application with
  • If you are setting your UPI PIN for the first time, you will see a ‘Set’ option after selecting the bank account for which you want to set the UPI PIN
  • Now, you will have to enter the last 6 digits of your card number, along with its expiry date
  • After doing so, you will receive an OTP on your registered mobile number
  • Enter the OTP and the UPI PIN of your choice on the next screen that appears
  • Click on ‘Submit’ and your UPI PIN will be set

Upon successful setting up your UPI PIN, you will receive a notification about the confirmation of the same.

How to Change your UPI PIN?

To change your UPI PIN, you need to follow these steps-

  • Open the mobile payment application, like Paytm that supports UPI service
  • Click on the ‘UPI’ section in the application
  • Tap on the ‘Settings’ icon in the top right corner of the Paytm application
  • Now, select the ‘Change PIN’ option
  • Next, you will have to provide the last 6 digits of your card number, along with the expiry date
  • Now, you need to enter your current UPI PIN, followed by your new UPI PIN
  • Re-enter the new UPI PIN, and click on ‘Confirm’
  • Your UPI PIN has now been changed

It is important to note that UPI PIN is a password that holds control over the funds in your bank account. Hence, the UPI PIN must be kept highly confidential. You should also set a UPI PIN that is easy to remember so that you don’t forget it.

What is the Importance of a UPI PIN?

A UPI PIN is a password that must be provided by the user to confirm a transaction. Here’s why it is important is carrying out transactions through UPI-

  • A UPI PIN is unique to every bank account and hence, can be used only by the account holder, thereby ensuring the safety
  • The users have an option to choose their own unique UPI PIN, which makes it easier for them to remember
  • The UPI PIN is meant to ensure the safety and security of the user’s UPI account

Understanding the Difference between a UPI PIN and MPIN

A UPI PIN and MPIN are two different passwords that users must remember. Here are the differences between them-

UPI PIN MPIN
Stands for Unified Payments Interface Personal Identification Number Stands for Mobile Banking Personal Identification Number
Required to authorise the transactions made through UPI Required to authorise any mobile banking transactions
Must be provided to confirm the transaction Must be provided at the time of logging in to the mobile payments application (applicable only in case of a few applications)

FAQs
What is UPI PIN?
A UPI PIN is a password that must be provided by the user to authorise a transaction made through UPI. It is a unique, 4 or 6 digit passcode that a user can create according to his/her choice.
What is UPI PIN full form?
UPI PIN stands for Unified Payments Interface Personal Identification Number.
What is the use of UPI PIN?
A UPI PIN is used to confirm a transaction initiated through UPI. It helps in keeping a user’s UPI account safe and secure from any frauds.
Is UPI safe?
Yes, UPI is absolutely safe. All the mobile payments applications that support the UPI service, such as Paytm are bound to follow the guidelines as laid down by the Reserve Bank of India. Hence, there is minimal risk involved in UPI payments.
What should I do to set my UPI PIN?
To set your UPI PIN, you must first download a mobile payment application, like Paytm, that supports the UPI service. After downloading the application, you need to visit the ‘UPI’ or ‘Bank Account’ section in the application and select the ‘UPI PIN’ option. While doing so, you will be asked to provide the last 6 digits of your card number along with its expiry date to set your UPI PIN.
What will happen if I forget my UPI PIN?
If you forget your UPI PIN, you can reset the same by logging in to the application. Visit the ‘UPI PIN’ option and click on ‘Forgot UPI PIN’. After providing a few of your details, you can reset your UPI PIN.
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