UPI (Unified Payments Interface) is a real-time payment system that facilitates instant fund transfers between bank accounts in India. It allows users to link multiple bank accounts to a single mobile application, providing a seamless and secure platform for making payments. UPI is regulated by the National Payments Corporation of India (NPCI).

UPI was launched in India by the Reserve Bank of India (RBI) and NPCI in collaboration with various banks and payment service providers. UPI aims to simplify digital payments and promote financial inclusion by enabling easy and convenient money transfers.

UPI, which stands for Unified Payments Interface, is a convenient and secure way to make payments, as it eliminates the need for traditional methods like cash or cards.

To use UPI, you need two important pieces of information: UPI ID and UPI PIN. UPI ID is a unique virtual payment address that you create during the registration process. It is similar to an email address, but instead of letters, it consists of numbers or alphabets. For example, your UPI ID could be something like johnsmith@upi or 1234567890@upi. On Paytm, your UPI ID will look like 1234567890@paytm.

On the other hand, a UPI PIN is a four or six-digit numeric password that you set up during the registration process. It acts as a secure key to authorize transactions made through UPI. Just like you would enter a PIN for your ATM card, you need to enter your UPI PIN when initiating a UPI transaction to authenticate and complete the payment.

With UPI, you can send money to friends, and family, or even pay for goods and services directly from your bank account. It simplifies the payment process and allows you to make transactions anytime, anywhere, without the hassle of carrying cash or physical cards.

• UPI enables real-time money transfers between bank accounts, ensuring quick and seamless transactions.
• Its services are available 24/7, allowing users to make transactions at any time, even outside of traditional banking hours.
• UPI provides a unified platform means a single platform / UPI App like BHIM, Gpay, Paytm, PhonePe that enables users to link and manage multiple bank accounts from different banks in one app.
• It eliminates the need to share bank account details for each transaction. Users can create a unique UPI ID, similar to an email address, to receive payments securely.
• UPI enables a wide range of transactions, including person-to-person transfers, payments to merchants, bill payments, and even cash-on-delivery transactions.
• UPI offers a convenient “Scan and Pay” feature, allowing users to make payments instantly by scanning QR codes, eliminating the need for cash or cards.
• UPI provides users with a detailed transaction history and real-time notifications, keeping them updated about their payment activities.
• UPI allows users to conveniently pay their utility bills, such as electricity, water, and gas bills, directly from their bank accounts with just a few taps.

• Easy and Convenient: UPI provides a simple and user-friendly interface for making payments. Customers can transfer funds easily using their smartphones, eliminating the need for cash or card transactions.
• Instant and Real-Time Payments: UPI enables instant fund transfers between bank accounts, ensuring that payments are processed in real-time. This allows customers to make immediate payments and receive instant confirmations.
• Secure Transactions: UPI transactions are secured through multi-factor authentication and encryption, ensuring the safety of customer’s financial information. This helps in building trust and reducing the risk of fraud.
• Access to Multiple Bank Accounts: UPI allows customers to link and manage multiple bank accounts within a single mobile application. This provides flexibility and convenience in managing finances.
• Wide Acceptance: UPI is accepted by a large number of merchants, both online and offline. Customers can use UPI for payments at various establishments, including retail stores, e-commerce platforms, utility bill payments, and more.
• No Need for Cash or Cards: With UPI, customers can make payments directly from their bank accounts, eliminating the need to carry cash or cards. This makes transactions more convenient and reduces the risk of loss or theft.
• Transaction History and Notifications: UPI provides customers with a transaction history and real-time notifications for successful transactions. This helps in keeping track of expenses and staying updated on payment activity.

• Customer should have an Individual Shinhan Bank Savings Account
• Customer’s mobile number should be linked with that Shinhan Bank Savings Account
• Smart Phone with internet facility
• Active Debit Card for setting UPI PIN.

• Download the App for UPI for Google Playstore or Apple App Store
• Do registration online on the UPI App with account & debit card details
• Create a virtual ID
• Set UPI PIN

Step 1: Download the UPI mobile payment application from App Store or Google Playstore.

Step 2: Enter your mobile number. If you have a dual SIM phone, choose the SIM slot with your mobile number.

Step 3: Verify your mobile number by sending an SMS from your number.

Step 4: Select Shinhan Bank from the list and ensure it matches the mobile number registered with Shinhan Bank.

Step 5: Your Savings Bank account details will be fetched, kindly select the Shinhan Bank account which you wish to link to UPI

Step 5: Set up a UPI PIN if it’s your first time linking the bank. You’ll need your debit card details for this.

Step 6: Your bank account is now linked via UPI, and you’re ready to make your first payment.

• Step 1: Open the UPI app on your smartphone.
• Step 2: Choose the option “Scan and Pay” or use the QR code scanner feature on the main screen
OR
• Step 3: Enter the mobile number or name of the receiver. You can select the contact from your phone book or manually enter the number.
• Step 4: On the next screen, click on “Pay” and enter the amount you wish to send.
• Step 5: Select the preferred mode of payment and proceed. Add a remark or description (optional) to specify the purpose of the transaction.
• Step 6: Finally, click on “Pay” to complete the transaction and send money to the receiver.

• NIL to customer by Shinhan Bank
• Customer pays for data charges

• Balance Enquiry
• Transaction History
• Send / Pay Money through the following:
  • Virtual Address
  • Account number & IFSC code
  • Mobile number (if supported by UPI App)
• Collect Money
• Add bank account
• Change / Set UPI PIN
• Notifications
• Account Management
• Remove / de-link Account from UPI for Account Security

• Maximum amount limit is INR 1 lakh per day
• Number of transactions - 20 per day

• Step 1: Register: First, you need to register your bank account with a UPI-enabled app.
• Step 2: Send Money: To make a payment, you enter the recipient’s UPI ID or scan their QR code in the app.
• Step 3: Authenticate:You need to authenticate the transaction using your UPI PIN
• Step 4: Process:Once authenticated, your bank communicates with the recipient’s bank through the UPI platform to process the transaction.
• Step 5: Transfer:The funds are transferred in real time from your bank account to the recipient’s bank account.
• Step 6: Confirmation:Both you and the recipient receive instant notifications confirming the successful transaction.

UPI transactions decline in various situations. Here are some common reasons for UPI transaction declines:

• Insufficient Funds: If the account linked to UPI does not have enough balance to cover the transaction amount, the transaction may be declined.
• Incorrect UPI PIN: UPI transactions require entering the correct UPI PIN. If the PIN entered is incorrect, the transaction will be declined.
• Technical Glitches: Occasionally, technical issues can occur on the UPI platform, leading to transaction failures or declines.
• Payment Limits: Some UPI apps or banks may have transaction limits set for a specific time period. If the transaction amount exceeds the set limit, the transaction may be declined.
• Invalid UPI ID or Mobile Number: If the UPI ID or mobile number entered for the recipient is incorrect or not registered, the transaction may be declined.
• Blocked Accounts: In certain cases, accounts may be blocked or restricted by the bank or UPI platform, leading to transaction declines.
• Security Reasons: UPI transactions may be declined if the transaction is flagged as suspicious or potentially fraudulent by the bank’s security systems.

To use UPI safely, here are some important tips to follow:

• Secure your UPI app: Set a strong and unique PIN or password for your UPI app and ensure that your smartphone is protected with a lock screen passcode or biometric authentication.
• Download official apps: Only download UPI apps from trusted sources such as official app stores to avoid installing malicious or fake apps that may compromise your security.
• Protect your UPI credentials: Do not share your UPI PIN, UPI ID, or any other sensitive credentials with anyone. Keep this information confidential and avoid storing it in easily accessible locations.
• Verify transaction details: Before initiating any UPI transaction, double-check the recipient’s UPI ID, mobile number, or QR code to ensure accuracy. Be cautious of making payments to unknown or suspicious entities.
• Use secure networks: Avoid using public or unsecured Wi-Fi networks for UPI transactions. Instead, use a secure and trusted internet connection to minimize the risk of interception or unauthorized access to your transaction data.
• Enable transaction notifications: Enable transaction notifications through your UPI app or banking app to receive real-time alerts for any activity on your UPI account. This will help you monitor and detect any unauthorized transactions quickly.
• Regularly update your app: Keep your UPI app and smartphone operating system up to date with the latest security patches and updates. This helps protect against known vulnerabilities and ensures that you have the latest security features.
• Be cautious of phishing attempts: Be wary of unsolicited calls, messages, or emails asking for your UPI credentials or personal information. Avoid clicking on suspicious links or providing sensitive information to unknown sources.
• Report any suspicious activity: If you notice any unauthorized transactions or suspicious activity on your UPI account, immediately report it to your bank or the UPI service provider. They can assist you in securing your account and investigating the issue.
• No UPI PIN for receiving money: Remember that when receiving money via UPI, you do not need to enter your UPI PIN. This PIN is only required for initiating transactions and should never be shared with anyone.
• Delete card information after online purchase: To protect your card details, it is advisable to delete the card information from the online merchant’s website or app after completing the transaction. This reduces the risk of unauthorized access to your card information.
• Delete card information after online purchase: To protect your card details, it is advisable to delete the card information from the online merchant’s website or app after completing the transaction. This reduces the risk of unauthorized access to your card information.
• Beware of social media requests: Be cautious of social media handles or profiles requesting your contact details, especially when it comes to financial information or UPI-related requests. Stick to official and verified platforms for any UPI-related interactions.