Dear Readers, Here we have given the Important Information about BHIM APP and UPI which was most essential Banking Awareness Topic for Upcoming IBPS, SBI, RBI, and all other Banking Exams, candidates who are preparing for competitive exams can use this.
Bharat Interface for Money (BHIM App) is a mobile app developed by National Payments Corporation of India (NPCI). It was based on the Unified Payment Interface (UPI). The BHIM app supports all Indian banks which use that platform, which is built over the IMPS infrastructure and allows the user to instantly transfer money between bank accounts of any two persons. It can be used on all smart mobile phones.
Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank transactions. It has been developed for all payments in the country to make the transfer of money easy and simple.
UPI is built over Immediate Payment Service (IMPS) for transferring funds. Being a digital payment system it is available 24*7 and across public holidays. The UPI was launched on 11th April 2016 in Mumbai. It is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing, and merchant payments into a single platform.
UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. At the initial, ten major banks have integrated the interface with their mobile apps and they are State Bank of India, Canara Bank, BOI, ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, HSBC, and Citi Bank.
This post was last modified on February 24, 2021 5:16 pm