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BHIM assignment vac

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29 views3 pages

BHIM assignment vac

Uploaded by

Sarthak Singhwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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BHIM

About BHIM
Bharat Interface for Money (BHIM) is a payment app that enables simple, quick, and
easy transactions using the Unified Payments Interface (UPI). With the BHIM app,
you can make direct bank payments to anyone on UPI using their UPI ID or by
scanning their QR code. You can also request money from a UPI ID through the app.

Pioneered and developed by the National Payments Corporation of India (NPCI),


BHIM was launched by the Hon'ble Prime Minister of India, Narendra Modi, on
December 30, 2016. The app aims to promote financial inclusion and make India a
digitally empowered society.

BHIM 2.0
The Ministry of Electronics and Information Technology (MeitY) has launched a new
version of of Bharat Interface for Money (BHIM) app i.e. BHIM 2.0.

BHIM app, that was developed by the National Payments Corporation of India
(NPCI), was launched in December, 2016.

It is a Unified Payment Interface (UPI) that allows real time fund transfer.

The new version of BHIM supports three additional languages -- Konkani, Bhojpuri

and Haryanvi -- over and above the existing 13.

Under BHIM 2.0, the existing cap of Rs. 20,000 has been increased to Rs. 1,00,000,

from verified merchants, applying in Initial Public Offering (IPO), gifting money, etc.

UPI Autopay
NPCI has launched the functionality of UPI AUTOPAY for recurring payments. With
this new facility introduced under UPI 2.0, customers can now enable recurring e-
mandate using any UPI application for recurring payments such as mobile bills,
electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual
funds among others.

Benefits of UPI Autopay


 Financial services
 Media
 Transit
 E-commerce
 Education
 Online delivery

IPO on UPI
When registering for an initial public offering (IPO) on the National Stock Exchange
(NSE) or the Bombay Stock Exchange (BSE), you can now pay with your UPI ID. Just
instruct your broker to complete the IPO application using your UPI ID as the
payment method.

UPI 2.0

Features/benefits of UPI 2.0


 Linking overdraft account on UPI- You can now link your over-draft
account to UPI which was not available until now.
 Signed intent and QR- With this option, while making payment using the
intent or through scanning QR, the user will get additional security in the
form of signed QR / intent. With the signed QR , issues related to tampering
QR as well as having non-verified entities shall be reduced.
 Mandate- With this feature you can pre-authorise (Mandate) a transaction,
for debit from your bank account later. UPI mandate is to be used in
scenarios where money is to be transferred later, however the commitment
towards that is to be done now.
 Invoice in the INBox (View & Pay)- Now prior to making the payment you
will be able to check the invoice being paid via a link and thereby verify the
details of the transaction before you pay for the same. This functionality is
only available for the invoices of verified merchants.

Contribution for a cause


Users can make donations directly through the BHIM app, supporting various social
and charitable causes efficiently.

Offers
BHIM provides cashback deals, discounts, and promotional offers for its users to encourage
adoption and frequent usage.

Get in touch
For assistance, users can reach out via the official website or app support. Multiple channels
ensure effective communication and resolution.

Conclusion
The BHIM UPI platform has revolutionized digital payments in India by promoting
secure, fast, and inclusive financial transactions. With the introduction of advanced
features like UPI Autopay, IPO on UPI, and enhancements in BHIM 2.0, it continues
to drive India's digital transformation. By offering convenient tools for recurring
payments, contributions to causes, and seamless integration for investments, BHIM
ensures user-centric functionality. It remains a cornerstone of NPCI's vision for a
digitally empowered and cashless society.

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