These days, we live in a digital era where most of our tasks are done online, be it shopping or bill payments, how can our investment options not go digital? Catching up to the digital era, investment companies have made it possible to invest in mutual funds online through UPI payments.
UPI or Unified Payment Interface is a popular method of payment these days and is most preferred when making any online payment. Now you can also use UPI for investing in mutual funds from the comfort of your home by only having a stable internet connection. By using UPI to invest, you don’t need to use your credit or debit card and the money transfer using UPI is easier without much hassle. If you use UPI payments commonly, you must be quite familiar with the term BHIM. But what exactly does BHIM mean?
BHIM apps or Bharat interface for money is an application through which the UPI payments are made. This app helps you to easily transfer money from one bank account to another by using a UPI ID and PIN which facilitates quicker transactions.
This BHIM or Bharat Interface for Money application which was launched in the year 2016, was developed by the National Payments Corporation of India or NPCI. The BHIM application also allows you to scan QR codes to make payments. This has made the online transactions of money much quicker and easier. Such apps are preferred by many as they also give certain benefits on each transaction, like cashback rewards, coupons, etc.
Using the Bharat Interface for Money or BHIM app is fairly easy. All you need to do is download the application on your mobile phone through Google play store or apple play store, select the preferred language, and put it in the bank account which is linked to your phone number.
BHIM or Bharat Interface for Money is becoming more and more popular these days as UPI payments are the preferred method of payment by many. This application allows easy and hassle free UPI payments by which you can easily transfer money from one bank account to another by various options like bank account number, mobile number or even QR scan codes. The BHIM app has some special features which are as follows:
You might have heard the term UPI 2.0, but have you wondered what this really means? Well, UPI 2.0 is a feature that can be used through the BHIM app and has the following benefits:
According to the set rules, the daily transaction limit through the Bharat Interface for Money or BHIM app is Rs 40,000 which is also the limit for a single transaction through the app; meaning you can only pay Rs 40000 per transaction. But some UPI apps have extended the limit up to Rs 1 lakh. The transactions are done free of cost which means the users aren’t charged a fee for the transactions that they make through the BHIM app.
So to conclude, the Bharat Interface for Money application or BHIM application has been proven to be a very effective format for online money transactions both in day-to-day life and for investments through mutual funds. The Unique Payment Interface or UPI method of payment is the most preferred as the investors can easily make their investments from the comfort of their home or office without having to use their credit cards or debit cards. Using such apps for your mutual fund investments ensures a simple and hassle-free method of payments towards your mutual fund investments.
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