BHIM UPI- Instant Money Transfer, Benefits, How To Register

Managing lots of cash is a tough task now a days. It is better to do online instant transactions and BHIM UPI will help you to do this in a secured way. There are so many benefits of Using UPI in digital transaction such as single click access, better security etc.

  • By :
  • -
  • | Views:2931

I know most of you like to prefer digital payment methods and why not? It reduces our task to managing the cash. We all use Different payment applications but you can not use several banking features from different banks at the same time, which might create problems for you. But what if I say that, you can use Multiple bank accounts in a single Mobile application! well, it is possible through UPI. Let me tell you about it in detail.

What Is UPI

The full form of UPI is Unified Payment Interface.This interface allows you to use several bank accounts into a single payment application.You can use it, it works as a unique identifier for bank transactions. If you want fast and safe bank transactions, then UPI is the answer for you. You do not need to enter your bank account and credit card details to complete the payment. You just have to use the mobile number that is connected to your bank account and UPI will automatically fetch the required details to complete the payment.

Features Of UPI

  • Easy Mobile transfer through your mobile anytime.
  • You need only one application to access your all bank accounts.
  • You can transfer your money just by a single click, and still, it is secured.
  • It has Push and Pull features to fetch the virtual address of the customers for transactions.
  • You can share your bills with friends.
  • You can also pay your Cash On delivery bills using UPI.
  • Easy Merchant Payments, just by a single click.
  • You can raise the complaints from your mobile app.


How To register For UPI

Here are the steps are written below that you have to follow for UPI registration.

  • Download "BHIM" Application.
  • Select Prefered Language.
  • Create Your Profile On application.
  • Select your bank from the list.
  • Create Your UPI-PIN.
  • Get your virtual address and QR code.
  • That's it! Now you can start transactions using UPI




How To Perform Transaction Using UPI

a) Sending Money Using Virtual Address

1- Log In to UPI based payment application.

2- Click On Send Money option on the application.

3- In the next step, fill up the required details like Virtual Address of receiver, Amount, Bank account etc.

4- Click On "Next".

5- Now, check the all the details again on this next page.

6- Click On "Next".

7- Now, Enter your UPI Pin to complete the payment.

8- That's it! you have successfully Sent the money.

b) Requesting Money Using UPI

1- Log in to UPI Based Mobile application.

2- Click on "Request Money"

3- Now fill the details in the form. For example- virtual id, amount etc.

4- Select the bank account.

5-Click on "next".

6- Recheck all the details on the confirmation page.

7-Click On "Next".

8- Now, the payer has to enter the UPI-PIN.

9- Click On "Submit". 


Benefits Of Using UPI Based Applications

a) For End Users

  • 24*7 Transaction availability.
  • Using the virtual address is more secure than sharing credit/debit card credentials every time.
  • The user can access all his bank accounts through one mobile application.
  • The user has single click authentication.
  • The user can raise the complaint directly from Mobile application.

b) For Merchants

  • Resolved the COD issues for the merchants.
  • In-App Payments, No need to carry/manage cash.
  • Customers who do not have credit/debit cards can pay through the app.
  • No risk of storing customer's Credit/debit/bank details.

c) For Banks

  • Single Click and secured authentication.
  • Single application for several transactions.
  • Safer, Secured and fast transactions.
  • Enable Seamless merchant transactions.



How To Enable UPI On Mobile Wallet

Apart from BHIM, there are some other Mobile wallets that have integrated BHIM UPI. You can also use those App wallets but for that, you have to enable the UPI to your digital wallet. Integrating UPI to other wallets is a one time process and once you successfully done that you will be able to do transactions in a more secure way. So, the steps are written below to add BHIM UPI to your Payment app wallet.

  • Download Paytm/PhonePe/Freecharge Or any other UPI based payment app.
  • Create an account.
  • Now you will get an option of BHIM UPI at the top of every application(If it supports UPI).
  • Click On the Icon/Option(In Quick Links).
  • Select the bank account that you want to attach with UPI.
  • Click On "Verify".
  • The application will automatically detect if your mobile number is linked to your bank account or not.
  • Once the verification is done, you will get a verification SMS on your mobile.
  • After verification, the Virtual id will be generated for your Profile.
  • Now, set your M-Pin/UPI-PIN (You will need that for every transaction).
  • That is it! You are all set to complete the Transactions using UPI based Mobile application.

NOTE- Every UPI based App wallet have the almost same process to Add the UPI Feature. This is a Generalised Method For integration Of UPI.