The BHIM app is a very popular money transfer service to do UPI transactions. Considering its popularity it is highly likely that you have already done some transactions with this app.
BHIM app is a very popular money transfer service to do UPI transactions.
If so, are you familiar with everything it offers, its limitations and the features available? If not then this article will solve your problem. The answer to BHIM app is much simpler than some of the advanced questions of accounting like what is the debit note. Click here to know about debit notes in detail.
What is the meaning of BHIM?
To put it simply BHIM is an app for sending and receiving money from other people. This payment app lets you make payments easily by transferring money from one bank account to another using a UPI ID and PIN or by scanning a QR code.
Similarly, you can receive money as well. Bharat Interface for Money App makes it easy to send and receive money by facilitating real-time bank transfers. This is made possible through the Unified Payments Interface.
A quick step by step guide to help you use the BHIM app on android or ios:
- Visit the Apple play store Google play store and install the app on the phone
- Choose a language of your choice. You can change your selected choice later as well
- Choose the sim card that has the mobile number which is linked to your bank account
- Set a 4 digit pin which will be used later for authentication as a password
- Use the pin to log into the app
- Enter the last 6 digits of your debit card and its expiry date to set up your UPI PIN
That’s it! After this your registration in the app is complete and you can use it to send or receive money between bank accounts using the app anytime, anywhere.
What are some of the most outstanding features of the BHIM app?
BHIM app is loaded with features hence if you are not aware of all of them you are really missing out on many things. A few of the most prominent features of the app are:
- Scan and Pay using the QR code
- Bank account details can be checked anytime. You get updates associated with your bank account
- Send and receive money by using a virtual payment address, account number or QR code
- Transaction records allow you to keep track of the transaction history and things like expected payments etc.
Is there a transaction limit?
Yes, in accordance with the most recent regulations there are two limits:
- The per transaction limit has been set at Rs. 40,000
- The UPI transaction limit per day has been set at Rs. 40,000
However, there are other apps which you can use to make a transaction of up to Rs. 1 lakh. Moreover, the person to person charges is free however, if the payments are to be made between NPCI and the service providers then additional charges may apply.
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