Unified Payment Interface (UPI) allows all bank account holders to pay money from their smartphones, both online and offline, without the need to enter credit card details, IFSC code, or net banking userID/passwords.
After the lack of supply of cash in India following its Prime Minister step to remove high-denomination banknotes from circulation in November 2016, the country is moving a step closer towards becoming a cashless economy with the launch of Unified Payment Interface (UPI).
After the activation of BHIM (Bharat Interface for Money) app, one question will come in your mind that how to use BHIM app and transfer or receive money. BHIM app is based on UPI (Unified Payment Interface), BHIM UPI app works like an ATM Machine with which you can transfer money from any UPI supported bank to other UPI supported bank.
Features of BHIM app:
- You can transfer fund to any bank account.
- You don’t need to register the payee beforehand.
- BHIM transfers money immediately.
- Transfer money anytime, even on holidays or night.
- You don’t need to know the bank account number of the payee.
- There is no need of ‘internet banking activated’ to use this app.
- This app would also work on feature phone without internet.
- There is ‘Scan and Pay’ facility. It makes the payment transfer fast, specially at a shop.
- You can also check bank balance of the account. It is not limited to the parent bank of the app.
- There is a extensive FAQ about the app. It makes BHIM app very helpful to the users.
How to send payments via BHIM app:
- To send money, you have to click on the send money link.
- In the next step you have to enter the mobile number of payee. You can also enter the virtual payment address of the payee. You would not get any other option to pay. Other apps such as Baroda MPay give the liberty to pay money to bank account or Adhaar number as well.
- Enter the amount and remarks to send money.
- Finally, enter the UPI PIN. It is the same PIN which is used as MPIN with other apps. Once, you enter the UPI PIN, the money gets transferred to the bank account of the payee. You would instantly get notification about that.
How to receive payments via BHIM app:
- To collect money Click on ‘Request’ on dashboard.
- Again you have to enter the mobile number or VPA of the person from whom you want the money. Enter the amount and remarks and submit. As you submit the request, the payer would get a notification in his smartphone. By following the notification, the person can accept or reject the payment.
- You can also generate the QR code to request payment. To generate QR code you have to only enter amount and remarks. The payer would scan this QR code and accept the payment.
Alternatively, you can follow this procedure:
- Fill Payment address where from you want to receive fund or money and tap on verify option.
- On next fill Amount & select Valid Upto date and click on REQUEST button.
- After this a request from your UPI will be sent to requested UPI Address. And They can easily pay you with one touch Accept payment button.