UPI (Unified Payment Interface System) is a payment system that allows people to send and receive money between any two parties. UPI allows the users to pay directly from your bank account to different merchants without adding the beneficiary, card details, or net banking/wallet password.
UPI-PIN (UPI Personal Identification Number) is a 4-6 digit secret code. You can enter this UPI-PIN to authorize all bank transactions. Any user can initiate a bank account transfer from anywhere with a few clicks using this UPI pin.
Phonepe Private Limited is an Indian e-commerce payment system and digital wallet whose headquarters is located in Bangalore. It was founded in December 2015 by Rahul Chari, Sameer Nigam and Burzin Engineer. The payment app is built on Unified Payments Interface (UPI) and went live in August 2016.
Currently, the PhonePe app is available in 11 Indian languages. The users can send and receive money, recharge their mobile numbers, make utility payments, pay for DTH services, buy food, shop online and offline using the app. It also helps the users to book for Ola, order food on various online web portals, book for flight, hotel services, pay bus ticket fees and so on using the microapps on its platform.
As of now, PhonePe is accepted as a payment option across 5 million online and offline merchant outlets across the length and breadth of the country. The app has crossed over 100 million user mark in June 2018 and has successfully completed over 2 billion transactions in April 2019.
Know how to create or change UPI pin.
Open your Phonepe using your app password and open menu by tapping on the icon at the top right corner of the screen. Go to "Bank Accounts" section. All your bank accounts linked with PhonePe will be shown in this section
Select the bank account for which you want to set a UPI Pin. If you have not set a UPI Pin for the bank account, you will see a "SET" option. If you have already a UPI pin, then you will see a "RESET" option to set a new UPI Pin for the bank account
Enter the " Last six digits " and "Expiry date" of your Debit/ATM card. Some cards don't have expiry dates, if your card does not have an expiry date, then try entering "00/49". What Is PhonePe App? Seven Things To Know
You will receive an OTP or one-time password from your bank to the registered mobile number. In the next screen, enter the OTP received from your bank and the new UPI Pin you want to set for the account and click submit. You may need to enter the pin again to confirm it.
Now you can use the new UPI Pin for your bank account. You can now send money and make payments directly from your bank account in the PhonePe app by authenticating using your UPI Pin.Don't share your UPI details with anyone.
Make sure that you are using the registered mobile number while setting a UPI pin or changing your old UPI pin. Also, you need your debit or ATM card to complete this process. Without the debit card, you would not be able to set UPI pin. PhonePe: How To Use It For Payment Transfer?