- BHIM enables instant bank transactions using Unified Payment Interface
- 28 lakh PoS machines in June 2017, from nearly 15 lakh in October 2016
- Government says UPI transaction rise points to developing digital economy
BHIM payments are made using the mobile number registered with the bank - this means you must use the mobile number registered at your bank. The payments support even accounts not enabled for mobile banking.
Mr Prasad also pointed out a significant increase in the number of PoS machines. The number of PoS machines installed has almost doubled to 28 lakh in June 2017 from nearly 15 lakh in October 2016, he said in another tweet. "Growth in UPI transactions is an indicator of India's developing digital economy," the minister wrote.
Digital payments will make India a clean economy. सभी देशवासी संकल्प लें कि डिजिटल इंडिया के माध्यम से नए भारत का निर्माण करेंगे। pic.twitter.com/UypFeGPBYQ— Ravi Shankar Prasad (@rsprasad) August 13, 2017
But how does the popular BHIM app work? Have you used it yet?
To start using the BHIM app to send/receive money and use its other features, you need to register on the app to set up a four-digit passcode and a UPI-PIN or UPI Personal Identification Number. UPI-PIN is a code/password a user creates during first time registration on the BHIM app. Quoting of this code is a must to authorise all bank transactions on the BHIM app.
Go to the app by entering your 'Passcode'. Under the 'Transfer Money' section, choose 'send' from the three options displayed.
On the app, one can send money to another BHIM user using his or her phone number.
Enter or select the receiver's mobile number, Payment Address or Aadhaar number.
By doing so, your bank account set as default gets selected at this stage.
Users can also send money by scanning a QR code and pay via the 'Scan & Pay' option.
Select 'Request Money' from the main menu of the BHIM app.
Enter or select the sender's mobile number, Payment Address or Aadhaar number.
Enter the amount and proceed.
This transaction will remain pending until the payment is received. You will be notified when the money is transferred to you. You may also request money by sharing your QR code. Goto Home Screen->Profile->Choose account to get QR code, according to the NPCI website.
Send money to non-BHIM user
The BHIM app also enables payments to those who are not on the BHIM network. Payment can be made via IFSC (Indian Financial System Code), account number or mobile number.