What UPI stand for?
Unified Payment Interface is one such instant payment system designed by the National Payments Corporation of India aka NPCI, which is an RBI regulated company. UPI is developed over the IMPS infrastructure and lets you to immediately transfer money between any 2 parties bank accounts.
What is also called UPI-PIN?
UPI-PIN is UPI Personal Identification Number is a number of four to six digit secret code you can make or set during 1st time registration with this Application. One has to key in this UPI-PIN to authorize every bank transactions. If you own already registered an UPI-PIN with any other UPI Apps you can utilize the similar on Bharat Interface for Money. Banks given MPIN is various from the UPI UPI-PIN, so kindly create a fresh UPI-PIN in the Bharat Interface for Money app and not to be shared with anyone. Bharat Interface for Money has no provision to store / read UPI-PIN information and the bank’s customer support will not demand for the same.
What is known as Payment Address?
Payment Address is one of the Address which exclusively determines a person’s bank account. For example, the Payment Address for BHIM customers is of the format xyz@upi. One need to simply share Payment Address with anyone to get payments thus eliminating to share bank account no. / IFSC code. You may also forward money to all through their Payment Address.
What incase of entry of erronic UPI-PIN during a transaction?
No issues, the app will ask you to re-punch the right UPI-PIN. The highest number of attempts offered is depending on the bank yo transact.
As I have chosen the Bank name to connect with UPI did not find the bank a/c. What to do?
Kindly make sure the given mobile number linked to your bank account is similar to the one checked in Bharat Interface for Money App. Incase if it is found to be not the same then the bank cannot fetch or integrate with UPI platform. Only Savings & Current bank accounts are presently aided by Bharat Interface for Money.
What happens when my UPI transaction failed?
As one shop-online, can remit via UPI upon finding UPI as a payment option. Upon clicking one has to key in the Payment Address as xyz@upi. When entered, one gets a collect request on your Bharat Interface for Money app. Simply key in the UPI-PIN here and your payment will be finished.
Is it necessary to be a customer of any specific bank to get use of Bharat Interface for Money?
To make transfers right into your bank account, the bank requires to be live on UPI aka Unified Payment Interface platform. You can find the list of banks that are live on UPI mentioned in the Bharat Interface for Money app.
How to generate the UPI-PIN for bank account from Bharat Interface for Money?
Setting UPI PIN is to move to Main Menu -Bank Accounts -Set UPI-PIN for the chosen account. It is prompted to key in the final six digits of Debit / ATM card including the expiry date.