Table of Contents
What Is Bhim UPI?
Taken after the name of Dr. BR Ambedkar, the architect and founder of the Indian Constitution. The Bhim app is simply a program of UPI services provided by several banks. It was developed by National Payments Corporations of India and is at the forefront of creating an infrastructure that is digital. It is also useful for making all financial transactions throughout the country.
What is required to operate BHIM
To operate BHIM, all you will require is a smartphone. All you have to do is register your mobile number with your bank details and generate your VPA. Once the registration process is done, you can use the ID to make all payments through IMPS between two bank accounts using your phone. The transactions can be done online or on the internet or via text messages.
What are the top benefits of using the BHIM UPI QR Code?
Easy to make payments
All UPI based payments are supported by Bharat QR Code, which means that you can easily make all the payments whenever you want. It can also be roped with several accounts since the BHIM app can add and keep a track of various banks and bank account details.
Available in different banks
The best part about using BHIM is that they are available in several banks. Almost 14 banks are a part of BHIM right now. The banks include all important banks such as Bank of Baroda, Bank of India, IDBI Bank, HDFC Bank, ICICI Bank, Union Bank of India, RBL Bank, Vijaya Bank, Development Credit Bank and more. Several other banks are expected to join BHIM this year.
All payments are secure
Making all payments using Bharat QR code is a lot more secure because the customer will not be sharing any kind of detail with the merchant. With PoS terminals, there are some risks since card details can easily be copied using skimming technology. You can eliminate this risk in the case of Bharat QR because all you will have to do is pay and scan.
Other Benefits
- You can finally go cashless, stop wasting paper and become digital India.
- It can consolidate all of your payments and receivable within one single app
- It helps transfer and receives money straight into your bank account
- You can create a VPA using your mobile number and name and you won’t even have to share any account details
- All your transactions will be secure and safe
- You can transactions at all times of the year since the banking hours are independent.
Static payment method
BHIM UPI follows the static form of making all payments. In case you are a new customer who uses PayZapp to make payments, you have to open the app first, scan the code within the app and then you can enter the amount that can be paid. After this, you will get an authorization request from your bank once it’s done. After the identity has been verified, you will also get a PIN from the bank that should be entered so that you can finish the payment process. Therefore, the official bank app you have with the account must be installed for all using the QR code for payments.
Makes all payments
Dynamic payment is one of the best forms of payment that can be done in BHIM. With this method, for every transaction, the merchant will get a new QR code every time they use it. At the same time, the customer won’t have to feed the amount in but he will just have to scan the QR code, add the authorization code and then complete the payment process.
Without a doubt, the QR code is one of the best achievements the Government of India has promoted so far. It has encouraged cashless payments within the economy too. The future success of such schemes will have to depend on the awareness factor among people who have used the Bharat QR code. You can also see how wallet companies such as PayTM take care of this. If there are two rates of transactions offered to merchants, life can be challenging for the wallet companies and machine providers.
