Your bank account and UPI: Some common questions answered

Your bank account and UPI: Some common questions answered

The Unified Payments Interface (UPI) is a real-time payment system created by the National Payments Corporation of India (NPCI), which operates under the regulatory oversight of the Reserve Bank of India (RBI). Leveraging the IMPS infrastructure, UPI enables immediate transfer of funds between the bank accounts of any two parties.

The primary purpose of UPI is to facilitate convenient and safe money transfers between bank accounts. It achieves this by integrating multiple bank accounts into a single mobile application, enabling effortless transfers and merchant payments from a unified platform.

Users can initiate payments using various identifiers such as UPI ID, UPI Number, Account number, and Indian Financial System Code (IFSC). Payment security adheres to RBI regulations, employing a 1-click 2-factor authentication method, with the UPI PIN serving as the second authentication factor.

With digital payments becoming increasingly popular, we take a look at some commonly asked questions UPI consumers have in mind with regards to linking their bank accounts to UPI and more:

My bank account is not found when I try to link it with UPI. What should I do?If your bank account isn’t being found when attempting to link it with UPI, ensure that the mobile number associated with your bank account matches the one verified in any UPI App. If they don’t match, your bank accounts may not be fetched by the UPI platform.

Do money transfers on UPI only occur during banking hours?No, all payments on UPI are instant and available 24/7, irrespective of your bank’s working hours.

Do I need a bank account, or can I link a card or wallet to UPI?Initially, only bank accounts could be linked, but now PPI Wallets can also be linked to UPI.

ALSO READ | When does a bank account go dormant? You can reactivate it at no cost – here’s how

Can I link more than one bank account to the same virtual address?Yes, you can link multiple bank accounts to the same virtual address, depending on the features offered by the respective PSPs.

How does UPI get access to my bank account information?UPI is a feature of the NPCI, a regulated entity by RBI. It retrieves account details linked with your mobile number in a masked manner over secure banking networks. Your information is not stored or used by UPI.

How can I set my UPI-PIN directly with the bank?You can set your UPI PIN through any PSP app using your debit card details.

Can I use multiple UPI applications on the same mobile if they’re linked to different bank accounts?Yes, you can use more than one UPI application on the same mobile device and link both the same and different bank accounts.

For more news like this visit TOI. Get all the Latest News, City News, India News, Business News, and Sports News. For Entertainment News, TV News, and Lifestyle Tips visit Etimes