Unified Payment Interface or UPI is one of the most preferred methods of payments nowadays as we are all opting to go digital with our payments. UPI payments are easier and can be less time consuming as compared to other methods of digital payments. This is one of the factors why such payments are also highly preferred by mutual fund investors.
Yes, you read that right! Many mutual fund companies have made it possible for their clients to make payments towards the mutual fund investment by using UPI payment methods. Through this payment method you can easily complete your investment transactions and it is much quicker than using a debit or credit card. All you need to have is a UPI payment application like BHIM or Bharat Interface for Money through which these UPI payments can be done.
Through this article, let us go through the UPI registration process and why it has become the need of the hour to have a UPI registration. To understand this better, we would also need to have a brief look at the BHIM app.
What is BHIM?
As the UPI method of payments is becoming popular, more and more UPI payment apps are being launched. One of the popular ones is the Bharat Interface for Money application or as it is popularly called the BHIM application. This is India’s UPI payment app which was launched in the year 2016 and was developed by the National Payments Corporation of India (NCPI).
Through the BHIM app, you can transfer or request money just by using a mobile number. This makes it possible to have instant transactions of money. These transactions can take place easily only by using a Virtual Payment Address or VPA which can be your mobile number, bank account number, and IFSC code of the bank or QR scan code. In addition, you would also require the UPI ID or PIN which would be set by you at the time of registration.
The BHIM application has a lot of features that help the users to make easier and quicker transactions.
How do you register?
To use the UPI method of payment, it is necessary for you to register on the UPI payment application like the BHIM application. To register on this application you first need to download it on your mobile phone and install it. After which you have to follow a few steps to complete the UPI registration.
You need to select your preferred language in which you would use the app, after that you would be asked to select the mobile number which is linked to your bank account. Then you need to set a 4 digit password which you would use every time you log in to the application. The next step is to select your bank account and link it to the application, after which you would be asked to set a 6 digit UPI PIN. This is the final step in the registration process on completing which you are registered and free to use the application.
How do you send money via BHIM UPI?
Once you are registered with the UPI payment application you are free to use it for your transactions. Now comes the question— how do you send money through this application? The process is fairly simple.
You simply have to log in to the app using the 4 digit application number, and then you can make the transaction using the Virtual payment address or VPA of the receiver. The VPA can be a mobile number, a combination of bank account and IFSC code or a QR scan code. After entering the VPA details, you would need to choose the registered bank account through which you want to make the payment and then enter the 6 digit UPI PIN. This is a very easy and quick process of sending money.
Why should you register yourself on BHIM?
Bharat Interface for Money application or BHIM application has a lot of benefits like easy transfer of money from one bank account to another and it also has payment options like scan and pay which is a great method for instant transfer of money.
Also, the UPI method of payments has become popular and plays an important role in the digital India movement, so to avail the benefits of this application and to practice cashless payments as much as possible; getting yourself registered on the BHIM application is the first step.
How to request money via BHIM UPI?
To request money via BHIM UPI, you can follow these simple steps:
- Open your BHIM UPI app and log in using your PIN or fingerprint.
- Select the option to ‘Request Money’ from the home screen.
- Enter the mobile number or UPI ID of the person you want to request money from.
- Enter the amount you want to request and add a note (optional).
- Click on the ‘Send’ or ‘Request’ button.
- Your request will be sent to the person you selected.
- Once they receive your request, they can choose to approve or decline it.
- If they approve your request, the requested amount will be transferred to your bank account linked with BHIM UPI.
It’s important to ensure that the mobile number or UPI ID of the person you are requesting money from is correct to avoid any errors or delays in the transaction. Additionally, make sure that your own bank account is linked with BHIM UPI and has sufficient balance to receive the requested amount.
Conclusion
BHIM payments are not only beneficial in your daily transactions but they are also beneficial for those who invest in mutual funds as now you can even make the transactions towards your mutual fund investments by using the UPI method of payment through the BHIM application.
Fisdom is one application through which you can invest in mutual funds using the UPI payment methods through the BHIM application. All you need to have is a Virtual Payment Address or VPA for your registered bank account which you would have to enter once you choose UPI as your preferred method of payment on the Fisdom app.
FAQs
The user authentication after you set the 6 digit UPI PIN is done through your debit card details. Hence, it is mandatory to have a debit card for UPI registration
Bharat Interface for Money or BHIM is a UPI payment application that was launched in the year 2016. This is India’s application for UPI payments which is developed by the National Payments Corporation of India (NCPI).
The daily transaction limit on the BHIM application is 40,000 rupees which is also the single transaction limit on the app. The transaction limit also sometimes differs according to the bank through which the transaction takes place.
There is a complete process for user authentication when registering on the BHIM application and no one can log in to your application without using the 4 digit password. Also before every payment you need to enter the 6 digit UPI PIN which ensures complete safety.
