Answered: 20 FAQs For All Your Queries Regarding UPI

Ever since UPI was launched in the demonetisation hit year of 2016, it has been nothing less than a revolution in India's banking industry. Even as recently as last month (October 2023), UPI transactions soared to an all-time high of Rs 17.16 lakh crore after already reaching all-time highs multiple times this year.

With the increased adoption of UPI all across the country, it's natural for users to have questions and queries. So let us answer some FAQs regarding UPI to help you gain more clarity regarding any doubt that you may have.

FAQs On UPI

fortune

Also Read: The Untold Story Of Dilip Asbe & His Team, Who Are The Brains Behind UPI

1.What happens if I enter wrong UPI-PIN during a transaction?

In case you enter the wrong UPI PIN , the transaction will fail. In case you input the wrong UPI PIN multiple times, bank may temporarily block sending money using UPI from my account (this varies from bank to bank)

2.Do money transfers happen on UPI only during banking hours?

All payments are instant and 24/7, regardless of your bank's working hours.

3.I have paid for my transaction but not received any communication. Why is that?

Once you complete a transaction, you should see a success status on the app screen and receive an SMS from your bank. In some cases due to operator issues it can take longer time. In case you have not received your confirmation within an hour please contact the customer support at your bank.

4.How can I view my transaction history?

Go to Home Screen ->Transaction History, to view all your past and pending transactions.

5.Does the customer need to register a beneficiary before transferring funds?

No, registration of Beneficiary is not required for transferring funds through UPI as the fund would be transferred on the basis of Virtual ID/Account+IFSC/Aadhaar Number.

shutterstock

6. Does the beneficiary also have to register for UPI to receive funds?

In case of Virtual ID transaction, the beneficiary needs to have a Virtual ID and in turn be registered with UPI but in case of Account + IFSC or Aadhaar number, the beneficiary need not be registered for UPI.

7. What happens if my mobile phone is lost?

In case of mobile loss, one needs to simply block his mobile number, thus no transaction can be initiated from the same mobile number, which is a part of device tracking, and at the same time, a UPI pin would be required for any transaction that is not to be shared with anyone.

8. Can I link more than one bank account to the same virtual address?

Yes, several bank accounts can be linked to the same virtual address, depending on the functionalities made available by the respective PSPs.

10. What if my account is debited but the transaction does not go through?

UPI provides for real-time reversals for declines and amount would be transferred back to the payer account immediately. In case if it does not reverse the amount immediately, you can contact your bank for the same.

11. Can I put in a stop payment request for funds transferred by UPI?

No, once the payment is initiated, it cannot be stopped.

12. What is the limit of fund transfers using UPI?

fortune

Also Read: 4 Big UPI Features Announced By NPCI

For normal UPI the transaction limit is up to Rs 1 Lakh per transaction. For few specific categories of transaction in UPI like Capital Markets, Collections, Insurance, Foreign Inward Remittances the transaction limit is up to 2 lakh and for Initial Public Offering and Retail Direct Scheme the limit is up to Rs 5 lakh per transaction.

13.If I change my UPI app will I be required to register again?

In case of change in UPI App, a person needs to re-register and it needs to create a new VPA with the handle of the PSP.

14.What happens if I forget my pin?

In case someone forgets the UPI pin, he needs to re-generate a new UPI pin using his debit card details (the last six digits of their debit card & expiry date).

15.Will I be able to use UPI after I change my sim or mobile?

In case of change in sim/mobile/application of the PSP, customer would require to re-register themselves for UPI.

16.What if I change my mobile carrier?

No problem. You can continue using UPI apps as usual.

17.How NPCI is getting all of your bank A/C information?

This is a feature of the UPI payment platform (built by NPCI - an RBI regulated entity). The UPI platform retrieves the accounts details linked with your mobile number in a masked manner i.e. UPI app can't see all the details. This exchange is done over secure banking networks and we don't store or ever use it..

18.What if my transaction is showing ¡°Pending¡±?

It usually means your transaction is successful, but due to some issue at the beneficiary bank end, there is a delay. The amount will reach him/her in 48 hours, once the bank is done with its daily settlements.

19.What is UPI-PIN?

UPI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code you create/set during first time registration with the UPI app you are using. You have to enter this UPI-PIN to authorize all bank transactions. Do not share your UPI-PIN with anyone.

20.Can I use more than one UPI application on the same mobile?

Yes, one can use more than one UPI application on the same mobile and link both same as well as different accounts.

Also Read: ICICI Bank Becomes India's First Lender To Introduce EMIs On UPI

For the latest and interesting financial news, keep reading Indiatimes Worth. Click here