Introducing
Now there is a new system to set UPI PIN. This will be of great help and result in savings as well. This system will be beneficial for those who do not have Debit Card or ATM Card.
Even those who already have ATM cards will benefit from the new system. Earlier I discussed a method to set UPI PIN without debit card. But it was a joke. Whereas this new method has been introduced by NPCI itself.
Let us know about the new way to set UPI PIN. I am Manish Kumar Yadav and you are reading Tech Winks blog.
Bina ATM Card Ke Google Pay Or Phonepe Kaise Banaye?
Friends, till now the biggest obstacle in UPI Payment was to set UPI PIN. Because for this a debit card is required. Whereas, many of us do not have it. Either way, we have the card but the time limit has expired. Or rather, we do not have a card when needed.
This is problematic as the debit card was mandatory to set the UPI PIN. Thus without UPI PIN, we cannot make the payment.
Now, there is a solution to this problem. Let's go through the steps.
But before going through this process let me tell you that at the time of writing this blog post no UPI app has implemented this system.
However, soon, you will get this feature in all UPI apps as NPCI has fixed the due date to implement this method. The due date is 30 August 2022.
NPCI itself has told about the special steps of this system.
You can also check NPCI circular dated 8 September 2021. Well, when we install the UPI app, the first thing we need to do is link our bank accounts.
Linking bank accounts allows us to receive money using the UPI system.
But to send money we need to set UPI PIN. That's why we are asked to set the UPI PIN in the beginning.
As of now we have only one way to set UPI PIN. Thus the debit card details were required.
But now we have two ways. First is Debit Card details and second is Aadhaar OTP.
So friends, if we do not have an ATM card, then we will choose another method. Although this method has some limitations, we will talk about this later. As soon as we select the mode of Aadhaar OTP, we have to give our consent for Aadhaar OTP verification.
After consent, we have to enter the last four digits of the Aadhaar number.
As soon as we enter 4 digits, the system will verify whether this number matches with the Aadhaar number linked to your bank account.
If it matches, you will receive two SMS containing OTP. One message will be from UIDAI and the other from the bank.
We have to enter these two OTPs, with OTP we have to set new UPI PIN.
We can set any number as UPI PIN. Depending on the bank, the number could be 4 or six.
SBI requires 6 digit UPI PIN while ICICI Bank requires 4 digit UPI PIN. We need to enter the UPI PIN again to confirm it. Now, we tap on the submit button.
This is how we set a new UPI PIN through this process.
We can send money immediately after setting UPI PIN. We can also make payments to the shopkeeper and also pay utility bills.
Note, there is a limit on payment after setting or resetting the UPI PIN. You can pay a maximum of ₹5000 during the first 24 hours.
What Is The UPI Transfer Limit In 2022-23?
After 24 hours, you can pay up to ₹ 1 lakh in 24 hours. Now we will discuss the terms and conditions of UPI PIN set through Aadhaar OTP.
The first condition is that your Aadhaar number should be registered with the bank account. Without this Aadhaar authentication is not possible.
Hence, give your Aadhaar number to the bank, if not already done.
The second condition is the mobile number registered with both the bank account and Aadhaar.
As you may be aware, a mobile number in the bank account database is mandatory to use UPI. Similarly, a mobile number in the Aadhaar database is required to receive the Aadhaar OTP.
The third condition is that your mobile number in Aadhaar and bank database should be same.
Also, the handset you are using should have the same mobile number. You cannot use the UPI payment facility using any other mobile number.
So, these were the terms and conditions
What To Do If You Already Have ATM Card For UPI Registration?
Now the question is, what will be the benefit of those people who already have ATM card in the new way. To understand this, let's take my own example.
I have two bank accounts. UPI is active in both the accounts. Since most of my expenses are paid through UPI, I use both the accounts for UPI payments. Earlier I used to go to ATM at least twice a month. But now, I have to go once every 2-3 months. Sometimes, I even consider getting rid of the ATM card.
This will save around ₹200 per year. This is the annual fee for using the debit card. But, I cannot do this.
ConclusionSince I need a debit card to set UPI PIN. Thus, I did not risk turning it off assuming I have forgotten my UPI PIN. In this case, I cannot reset my UPI PIN without the ATM card. Hence both the ATM cards are active. But, now I will close at least one debit card. I would be able to