The Punjab National Bank (PNB) Unified Payments Interface (UPI) enables safe, secure and easy payments through a mobile app. PNB UPI is a platform through which users can both send and collect payments instantly through a smartphone that is Android-enabled. The customer can make and receive payments through multiple delivery channels. This mechanism can be used by all PNB customers and also by other people with accounts in other UPI-enabled banks. In order to use the app, one does not need to provide bank account details or register a beneficiary. All that is required is to key in the Virtual Payment Address (VPA) of the payee or payer. One can also transact using the app by providing IFSC code and account number. All one needs to carry out transactions through this app is the VPA. The app can be downloaded from Google Play store or from the PNB website without any hassle. The VPA is nothing but a virtual identity or a digital identity and is generally given out like a virtual id. The National Payments Corporation of India (NPCI) launched the UPI interface and the service is monitored by the Reserve Bank of India (RBI). NCPI monitors retail payments across the country. The main objective of the UPI based service is to encourage the smooth and efficient flow of digital transactions.
How to Register for Punjab National Bank UPI
- Step 1: Download the PNB UPI app on your smartphone from Google store or from the PNB website
- Step 2: After the downloading process is complete, launch the app. Choose the ‘Click Me’ option and verify your registered mobile number. For the verification process, an SMS will be sent from the registered mobile number.
- Step 3: Under the ‘GPS Settings’, click on ‘Settings’ to enable the same
- Step 4: To complete the verification process, click the ‘OK’ option under ‘Info’. Also, choose the registered sim. Post the mobile number verification process, proceed to carry out the registration process
- Step 5: Enter all relevant details such as name, email, date of birth and choose a VPA. Set up a 6-digit password
- Step 6: The registration will be confirmed once these details are submitted.
How to Transfer Money Using PNB UPI App
- Step 1: The first step is to launch the PNB UPI app on the Android smartphone. Then proceed to enter the 6-digit pin and login to the account.
- Step 2: Tap the ‘Pay’ button and select the bank account from which money has to be transferred
- Step 3: Choose the appropriate VPA of the recipient/payee. Make any remarks, if necessary
- Step 4: Enter the amount to be transferred and click ‘Pay’
- Step 5: Key in the m-PIN and hit the ‘Submit’ button
How to Collect/Receive Money Using PNB UPI App
- Step 1: Launch the PNB UPI app on your smartphone and login by entering the 6-digit pin
- Step 2: Then proceed to tap on the ‘Collect’ button
- Step 3: Choose the VPA of the payer
- Step 4: In case there are any remarks to be made, feel free to do so
- Step 5: Tap the ‘Initiate Request’ button. A confirmation will be sent.
- Step 6: Once an approval has been made by the person who is paying the money, the funds will be sent
Benefits of PNB UPI
- Multiple accounts can be added: The PNB UPI app allows users to add multiple bank accounts in one single app. Therefore more than one participating bank can be linked. This can be done both by the payee and the payer.
- No need for IFSC code: Unlike other methods of payments or fund transfer, the PNB UPI app does not require detailed beneficiary details and there is no need to even register a beneficiary or payee. All one needs to do is to provide the VPA to both send and collect money.
- Speedy, no waiting time: This is a very fast, easy and convenient process of transferring funds and the process can be initiated from anywhere and at any time. Therefore unlike NEFT or RTGS, there is no waiting period required to settle transactions.
- View balance feature: The PNB UPI app comes with a lot of added features. One of the features allows the user to check and ‘view balance’ of all registered bank accounts.
Limitations of PNB UPI
- Not for Merchants: This payment system currently cannot be used by merchants. However, it is likely to be launched soon. At present, PNB UPI can only be used by individuals.
- Only for Android users: Those with an IoS platform will not be able to download this app because it is only available to Android users. This service is likely to be made available to Android users as well.
Timings of PNB UPI
All PNB UPI transactions can be made at any time and there are no specific timings for this service.
Charges for PNB UPI
Please note that as of now there will be no charges for carrying out transactions using this app.
FAQ's of Punjab National Bank UPI
- What is UPI?
- Is there any difference between IMPS and PNB UPI?
- Define VPA?
- How to get a VPA?
- Can PNB customers have multiple VPAs?
- Is it a must to register to avail the service?
- What is the transaction limit?
- Can a user link multiple bank accounts with the VPA?
- Can other types of digital or mobile e-wallets be linked with PNB Pay?
- Is it necessary to register a beneficiary to carry out PNB Pay transfer? What details does a customer have to furnish to send funds?
- What if I lose my cell phone?
- Is it possible to track a transaction status on PNB Pay?
- How can a customer respond to a Collect Pay request?
- Can a customer change the default account? If yes, how?
- What is the time frame within which one has to approve a collect request?
- What if the mobile is lost and gets into the hands of another person? Can he/she make payments through the app?
- If a customer changes his/her Sim or mobile number, can the same services be availed?
Ans: Expanded as United Payments Interface, UPI, is nothing but a fund transfer system, where money can either be sent or received through an Android-based smartphone.
Ans: The PNB UPI app offers customers many additional perks and benefits. Unlike IMPS, one can use the PNB UPI app to also collect money. The VPA is also an additional feature.
Ans: A Virtual Payment Address or VPA is basically a virtual address. It comes in the form of a unique ID. It is a title that can be chosen by the customer.
Ans: A VPA can be obtained during the registration process. All users are allowed to choose a preferred VPA.
Ans: PNB Pay allows users to hold multiple VPAs for both receiving and making payments.
Ans: PNB Pay services cannot be availed without initiating the registration process.
Ans: The maximum amount of money one can send or receive through this app is Rs.10,000 per day. The maximum number of transactions one can carry out in a day is 5.
Ans: More than one bank account can be linked in the app to avail services.
Ans: This will not be possible.
Ans: No. The detail required to initiate fund transfer is VPA or account number and IFSC code.
Ans: In such a case, the customer must contact the customer care and block if/her number to avoid misuse.
Ans: Yes. A transaction can be tracked on the app through the ‘My UPI Transactions’ tab.
Ans: The customer will have to log in to the app and click on ‘Approve’ or ‘Reject’. If approved, the customer has to key in the respective m-PIN on the app.
Ans: This process can be initiated through the app. Go to ‘Account Management’, choose ‘Account’ and click on the ‘Preferred Account Button’.
Ans: The same will be defined by the person initiating the collect request.
Ans: No. This will not be possible without providing the m-PIN.
Ans: If a customer changes his/her sim, they can continue to use the app after updating the new mobile number.
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