Bhim UPI
BHIM stands for “Bharat Interface for Money”.BHIM UPI is payment system started by Government of India. BHIM UPI is basically a Mobile APP which can be used to send and received payment in seconds.
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| How to work bhim |
BHIM stands for “Bharat Interface for Money”.BHIM UPI is payment system started by Government of India. BHIM UPI is basically a Mobile APP which can be used to send and received payment in seconds.
Why is revolutionary? Because of 4 reasons.
- It makes payment in real time. Means the instant the sender’s bank account is debited, in the same moment, the receivers bank account is credited.
- The payment transaction happens in a matter of split seconds.
- UPI is also revolutionary as it is one of its kind in the world. UPI has been developed in India by National Payments Corporation of India (NPCI).
- All the transactions happening through UPI is free of any charges.
This is not the case when we make payments by debit cards or credit cards. Approximately 2% is deducted as transaction fees.
A GREAT MAKE PAYMENTS – UPI.
See the Option to understand the magnanimity of UPI.
Most of us drive vehicles, right? Suppose That bought a vehicle when you are living in Gorakhpur.
After working for few years in Gorakhpur, you switched job to Delhi.
What do you think, you will be able to ride the same vehicle in Delhi?
The answer is yes, but you will have to pay a hefty road tax again in Delhi, and will also be asked to do a re-registration.
Though we live in one Country (India), but still this discrimination exists between states.
A similar discrimination exists between Banks. Payment made from one bank to other calls for a transaction fees.
Why? This was a normal practice. It seems nobody questioned it. Hence it became a business of sorts to charge fees on fund transfers.
We generally transfer funds using NEFT, RTGS, IMPS, ECS etc.
NEFT that it transfers money instantly.
IMPS stands for Immediate Payment Service. through IMPS attracts a nominal fee.
UPI has been developed on IMPS philosophy of “immediate fund transfer”.
UPI helps in immediate inter-bank fund transfer without any additional fee.
BHIM UPI
These days every bank has their own UPI.
One can create ones UPI id ##############
But BHIM UPI is developed by (NPCI), Government of India enterprise.
A. HOW BHIM UPI WORKS – INSTALLATION OF APP?
There are 5 steps involved before one can start using the BHIM UPI
1. “DOWNLOAD BHIM APP” FROM THE App store FOR FREE.
2. CHOOSE LANGUAGE
3. ALLOW BHIM APP TO “VERIFY MOBILE NUMBER”
4. SETUP A “UPI PIN”
After your phone number is verified, you will prompted to set up a secure UPI PIN.
This will be a four 4 digit PIN number like we use while transacting with ATM.
This UPI PIN will be used every time you are opening the APP.
5. “ADD YOUR BANK ACCOUNT”
Almost all big and small banks are included in BHIM UPI.
The added Bank account will be used during fund transfer.
- When you receive money – fund will be credited in this bank account.
- When you pay money – fund will be debited from this bank account.
B. HOW BHIM UPI WORKS – SEND MONEY USING APP?
How to send money using BHIM UPI?
Once your bank account gets added to the BHIM UPI, sending money is taken only seconds.
1. OPEN BHIM UPI APP ON YOUR SMART PHONE.
Once you open the APP, you will asked to enter the BHIM UPI PIN (Passcode) you set-up in step
2. CLICK SEND BUTTON.
Once the pass code is entered, a new interface will open.
To send the money, click on the SEND button as shown below:
3. ENTER THE BENEFICIARY’S UPI ID.
After you click the SEND button, a new window will open.
This window will ask you to enter the beneficiary’s
Do the entry as shown below and click VERIFY.
4. CHECK THE BENEFICIARY’S DETAILS.
Once you enter the UPI ID, details of that UPI ID will be automatically fetched by the UPI APP.
If all details are OK, click PAY.
CONCLUSION
No doubt why UPI is called as a revolutionary payment system developed for masses by the NPCI.
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