How to Change UPI Pin on Google Pay, Phone Pe?: India is in a phase where digitisation is taking control over the traditional ways of paying money; people now prefer virtual payments more than physical payments. The last decade seems to have triggered the digitisation process, with demonisation playing a significant role. E-commerce is one of the key derivatives that had also boosted the digitisation process. Every second new trend is getting introduced in the digital payments industry. Big tech giants are trying out their advanced technologies to make digital payments more effortless in the near future. Cheaper internet is considered to be one of the main reasons that attract netizens towards digital payments.
Digital payments had a lot of options such as net banking, payments through debit or credit card, wallets and UPI. UPI has emerged as one of the simplest and easiest ways of making payments online. In this article, we will discuss some benefits of digital payments, and we will take a detailed overview of UPI.
Benefits of Digital Payments
Some important benefits that the people are enjoying by using digital payments are as follows:
- Easy way to make payments: It is easy to make payments in digital mode, and it saves a lot of time. Anyone with a smartphone and a bank account has the capability of making payments in digital mode. This type of payment eliminates the need for hard cash.
- Technology brings transparency: It eliminates the need for physical cash; thus, it makes the system more transparent. It minimises the chances of losing cash because, in digital payments, every transaction gets documented and recorded.
- Opportunities for big tech companies: The rise in digital payments has motivated various tech giants to jump into this space and invent new advanced technologies that can make the user experience better.
- Boost to E-commerce: Digital payments played a key role in the rise of the e-commerce industry in India. The e-commerce sector will witness new achievements in the near future because of digital payments. The e-commerce companies will earn more profit as more people are getting exposed to this sector with the help of smartphones.
- Positive for the entire industry: The digital mode of payments is considered to have a lower operational cost which seems to be a positive indicator for the growth of this industry. The delay that people face with cheques and NEFT gets eliminated when payments are made through digital mode.
- Geographic freedom: The traditional methods of sending money to loved ones and merchants are considered to be hectic and complex. It also takes a lot of time. This is why people started preferring digital payments more because, in digital mode, one can transfer money within seconds even if the person to whom the money is sent lives far away.
UPI
UPI is considered to be the simplest way of sending money from one’s bank account without paying any transaction fees. With the help of UPI, one can send money to anyone within seconds; one can also recharge his/her phone through UPI. Merchants are now accepting UPI payments in their stores, thus making the purchasing process hassle-free and efficient for the customers. People are new to these advanced technologies and sometimes find themselves tangled up with different questions. The most important question that maximum people have in their minds is how to change the UPI pin on different platforms such as Google pay and Phonepe. Let’s discuss the steps that need to be followed for changing the UPI pin in different platforms:
Google Pay
The steps that one should follow for changing the UPI pin in Google Pay are as follows:
Note: If a person puts up the wrong pin more than three times, then the app might not allow to change or reset the in for the next 24 hours.
- Firstly, one needs to open the Google play app which he/she had installed on his/her smartphone.
- Then one needs to click on the photo of himself/herself that is present in the top left.
- Then one will see an option ‘Bank Account’, click on that option.
- Every bank account that is linked to the Google pay id will be shown; select the one that needs editing.
- Tap on the option ‘more’ and then click on the option ‘Change UPI pin’.
- Now, the person must set a new pin in the place of the old one.
- He/she had to re-enter the new pin.
After completing these above steps, the UPI pin of the bank account will get changed with a new one.
Phonepe
In order to change the UPI pin in Phonepe, one has to provide his/her debit card details. After getting the debit card details, the app will send an OTP to the registered mobile number. This OTP is required for changing the UPI pin. Remember, before getting to this; one has to follow certain steps, which are as follows:
- Open the main menu by tapping on the icon that looks like a hamburger, which is present at the top right corner of the mobile screen.
- Then go to the Bank Account section, here one will see all the bank accounts that are linked to the Phonepe app.
- One must select the bank account for which he/she wants to set a UPI pin. One must click on the SET option for doing the same. For changing an existing UPI pin, one must click on the RESET option.
- Enter the last six digits and the expiry date of the debit card. If the expiry date is not mentioned on the debit card, then one can fill the space with 00/49.
- One must receive an OTP in his/her registered phone number. Enter the OTP on the next page and the new UPI pin, then click on submit.
After following all these steps, one can say that he/she had successfully set a UPI pin for his/her bank account. For changing the UPI pin, one must follow the same steps, but he/she must click on RESET instead of SET.