What is the full form of BHIM?
The BHIM full form is Bharat Interface for Money. It is a mobile payment application created by the National Payments Corporation of India (NPCI). It focuses on the UPI (Unified Payments Interface), which allows for quick, simple, and rapid money transfers. You can create transactions between two banks and pay the money using a mobile number or Virtual Private Network (VPN) (Virtual Payment Address). BHIM was introduced in 2016 to facilitate online transactions.
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Advantages of BHIM
- It enables them to transfer funds using a VPA Account Number and IFSC code, an Aadhar Number, or a QR code.
- Through a Virtual Payment Address, customers can also receive funds.
- Payments can be made by scanning a QR code, and QR codes can be used to take payments.
- It allows users to search the transaction history and outstanding UPI collection requests.
- If a payment is declined, you can make a complaint by tapping the Report issue button.
- The static QR code and payment addresses can be shown, and the QR code can be shared via email, WhatsApp, etc.
- The linked bank accounts can be viewed, and the UPI PIN can be set or modified. However, users can change the bank account, see its status, and do much more.
- To enhance the consumer experience, this application now supports 20 regional languages.
- Users can blacklist those who consistently submit collection requests.
Steps for using BHIM Application or installing it
- Download and install the BHIM application from the Google Play Store or the Apple App Store. Launch the application and select the desired language.
- Enable the program to control SMS and phone calls.
- Individuals with dual-SIM phones should be required to authenticate the mobile number associated with their bank account. Sending an SMS is required for auto-confirmation.
- Generate a unique four-digit password for logging into the program and reentering the passcode to confirm it.
- Choose your UPI-activated bank from the list of banks offered.
- Set your UPI PIN by entering the last six numbers of your debit card and its expiration date. Therefore, the bank account will be promptly retrieved and registered when debit card information is provided.
- After the account has been successfully added, the BHIM app’s homepage will display.
- The account has already been created and will be immediately accessible.
