After the demonetization, there was huge lack of cash in India. To solve that problem and also to put a step forward to the digital India, The prime minister took a great step by launching the UPI (Unified Payment Interface). With the help of it, any bank account holder can pay money online or offline using their smartphones without having the needs of details like IFSC code, net banking id or password, or the credit card details. They just have to create their own VPA (Virtual Payment Address) and link it with their bank. The VPA will then act as their financial address. Now, the Indian government has launched a tool named BHIM (Bharat Interface for Money) to get the digital transactions done by using the UPI. You will get the app at Google Play Store or the iOS.
30 private banks like State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, etc. are linked with the BHIM app. Right now it is one of the most used apps in the country according to the NITI Aayog CEO Amitabh Kant. The transactions will be safe and secure. You can also do the Aadhaar based transactions using your fingerprint through this app.
Set Up Process of BHIM:
- First of all, you need to download the BHIM app from Google Play Store or the iOS.
- After that, open the app and select a language suitable for you. Click on Next.
- The app will then ask for your permission to send an SMS. This is to verify that the phone number is registered with the bank account.
- The verification will be done by the app automatically.
- After verification, you need to set a 4 digit PIN for future transactions.
- You will now see the list of banks linked with the number. Click on the bank. You will be able to see the details of it.
- Now your setup is finished and you will be able to send or receive payment using the BHIM app.
Send Money Using the BHIM app:
- First of all, click on the send icon in the app.
- You have to enter the mobile number or the VPA of the recipient.
- Now you can enter the amount and also remarks if any.
- At last, enter the UPI PIN and continue. Your money will be sent.
- On the right top corner, you will see the three dot menu. You can also send money using the IFSC code from there to the bank account.
Receive Money Using the BHIM app:
- First of all, click on the receive icon in the app.
- You have to enter the mobile number or the VPA of the person whom you want money from.
- Now you can enter the amount and also the remarks to let him or her know.
- The payer will get a notification about your need.
- Now it’s up to the payer that he accepts or rejects your request for payment.