1:Download and copy the bin file to the root directory(Parallel to the DCIM folder) of microSD cards (Please format the card to FAT32 firstly).
2:Power the camera with microSD inserted, the update will follow automatically.
3:Red LED will be blinking while upgrading. when the upgrade completes, the camera will restart automatically.
Here is a video you may refer to,
You may also get more from the blog.