Unified Payment Interface (UPI) is an initiative towards a cashless economy. This innovative approach turns the smartphone into virtual debit cards through which the users can send and receive money instantly.
The concept certainly created a revolution in the Indian banking sector. It is a unique identifier used by the bank for transferring money or making payments using the IMPS.
IMPS system works faster and round the clock, unlike the NEFT mode. You don't need a digital wallet, credit card or debit card for performing the transactions.
UPI offers a simple option for making online payments by entering user details like Aadhar UID number, Virtual Payment Address and Mobile Number.
Paytm launched BHIM UPI for the convenience of UPI payments. The Paytm users will find a separate icon for BHIM UPI in the app.
Currently, BHIM UPI is available for Android. The users can easily link one of their savings accounts with the BHIM UPI system and start accepting or sending money.
It will be a difficult task for the new users to scrutinize the UPI PIN. Entering the PIN is the last barrier of security in the UPI Payment system. Once you enter the PIN, you can transfer the fund.
The UPI PIN just like other PINs! It is a 4-digit PIN, and you have to set up the UPI PIN for every bank account.
The UPI PIN for the bank remains the same irrespective to the UPI App. You need to enter the correct UPI PIN for making the transaction.
Accessing BHIM UPI in Paytm, you need to select the beneficiary, fill the transaction amount and enter the UPI PIN to make a successful transaction.
Never disclose the UPI PIN for security reasons. You can change the PIN in Paytm but make sure to enter the same PIN in other UPI payment systems.