How to Change UPI PIN

UPI which stands for Unified Payments Interface is a real-time payment system helps you to instantly transfer funds through a mobile platform. Developed by the National Payments Corporation of India (NPCI), it is controlled by the Reserve Bank of India (RBI) and the Indian Bank Association (IBA).

In view of the current situation caused by the coronavirus pandemic, the use of UPI is skyrocketing and is being beneficial to carry out financial transactions from the comforts of your home. Here, we look at how you can change the UPI PIN on various UPI-based payment apps like Google Pay, PhonePe, BHIM, etc. Read on to know more.

How to change PIN on BHIM UPI

The process to change the UPI pin on the BHIM app is listed below:

  • Step 1 – On the app, choose the bank account
  • Step 2 – Select ‘Change UPI PIN’
  • Step 3 – Enter the old and new UPI PIN
  • Step 4 – Click on ‘Confirm’

How to change PIN on Google Pay

In order to change the UPI PIN on Google Pay, you need to follow the steps mentioned below:

  • Step 1 – Open the Google Pay app
  • Step 2 – Tap on the top right-hand corner
  • Step 3 – Tap on the bank account
  • Step 4 – Next, again tap on the top right-hand corner
  • Step 5 – Select ‘Change UPI PIN’
  • Step 6 – Enter the new PIN
  • Step 7 – Re-enter the PIN and select ‘Confirm’

How to change PIN on PhonePe

You can change the UPI PIN on PhonePe by carrying out the following steps:

  • Step 1 – Open the PhonePe app
  • Step 2 – Tap on the top left-hand corner
  • Step 3 – Select ‘Change Password’
  • Step 4 – Enter the old and new password
  • Step 5 – Tap ‘Confirm’

As you can see, the process of changing the UPI PIN or password on the UPI-based payment apps is a very simple one. You can do it without too much trouble.

News About UPI PIN

  • Sharp drop in digital payments as lockdown holds up economy

    Digital payments in India has experienced a big drop due to the nationwide lockdown imposed to fight the spread of coronavirus. For the first time in many months, Unified Payments Interface (UPI) has fallen more than 17% to less than a billion transactions in April compared to more than 1.2 billion in March. Even Immediate Payment System (IMPS), a bank account-based fund transfer mechanism, dropped to 122 million transactions against more than 216 million in March, a fall of 43.5%.

    The National Payments Corporation of India (NPCI) on May 1 released the transaction data through its social media channels. The National Electronic Toll Collection (NETC) that uses FAS Tag, which allows customers to pay automated toll payments on national highways and some state highways, saw a huge fall of almost 90% to 10 million compared to more than 84 million in March. Around 110 million transactions were carried out in February.

    Overall digital payments have slipped by more than 40% across categories, as discretionary spending is almost down to zero. Even ecommerce has suffered due to the lockdown imposed as it has not been allowed to sell “non-essential items” during the lockdown. Payment startup Razorpay said that payments through its gateway UPI payments had slipped more than 37% and overall digital transactions were down 30%. Among sectors that saw a surge in transactions are bill payments and recharges, a significant chunk of which moved online, and online entertainment channels.

    8 May 2020

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