Are you willing to know the detailed information about the BHIM and UPI? Here is the article which provides you the clean and clear information about the BHIM and UPI.we all knew that BHIM refers to Bharat Interface for Money and it is one of the Mobile Payment Bank which is developed by the National Payments Corporation of India.
UPI is defined as Unified Payments Interface(UPI), which is developed by the National Payments Corporation of India which is facilitating inter-bank transactions. It works as Transferring payments from two bank accounts through a mobile platform. A major similarity is that BHIM is based on the UPI.
BHIM:-
This BHIM helps you to make easy payment transactions using UPI. Here you can make direct bank payments to anyone using UPI and their UPI ID (or) by scanning their QR code with this BHIM. Here through this BHIM, you can also request money from your UPI ID.
This BHIM Currently supports 13 languages including English, and there were about 22 scheduled languages of India including English, under the 8th scheduled constitution fo India.
Through this BHIM you can transfer the funds up to a maximum of INR 10,000 per transaction and INR 20,000 limit within 24 hours.
- BHIM is an abstract layer of UPI.
- This BHIM uses three-factor authentication for every transaction.
- This BHIM also combines the convenience of the Mobile Wallet with the security of Net banking.
Benefits of BHIM:-
- It enables fast and secure transactions through the Mobile app.
- This app encourages the cashless transactions across India and here you can send and receive money by using this app instantly.
- Through Paytm, Mobikwik, mPesa, Airtel Money apps which holds the money and through BHIM app we can transfer money to different bank accounts.
- Here you can also check the current balance in your bank and also how many transactions are made by you.
UPI:-
UPI is one of the instant real-time payment system, which facilitates inter-bank transactions. This interface which regulated by the Reserve Bank of India and which it works by instantly transferring funds between two bank accounts on a mobile platform.
As of now, there were about 142 banks which have UPI with the monthly volume of 799.54 transactions and value of INR 1.334 trillion.
- UPI ID sends (or) request money from the bank account which is mapped using VPA(Virtual Payment Address.
- It sends money to the bank account using the account number and IFSC Code.
- Using the Adhar Card which is mapped through the bank account we can send money.
- Even using QR Code which has enclosed with the VPA, Account number and IFSC Code (or) Mobile number transactions can be made.
