What's the difference between Indian payment apps BHIM and UPI www.deekpay.com

Digital payments have become a popular way of transferring money in India, with theUPIdominates the market. Many Indians will regularly use BHIM and UPI, two online payment methods, but don't know the difference between them and even confuse the two by using them interchangeably.

What is UPI?

UPI (Unified Payment Interface of India) is made up of NPCI(National Payments Corporation of India) developed the underlying payment system.UPI enables seamless fund transfers between different bank accounts.UPI has revolutionised the way individuals, businesses and organisations conduct digital transactions. With UPI, users can link multiple bank accounts to a single mobile application and manage their finances efficiently.

UPI's key features include:

No need to be associated with a bank: UPI is available through theVirtual Payment AddressmaybeUPI ID Send and receive funds without the need for traditional bank details. Users can link multiple bank accounts to a single UPI ID, eliminating the need to switch between multiple payment apps or remember various account details. This simplification greatly improves the ease of digital transactions. 24/7 Availability: UPI operates 24/7, enabling users to transact anytime, anywhere outside of traditional banking hours. Multiple Transaction Options: UPI offers a variety of transaction options such as person-to-person payments, bill payments, merchant payments and more.

The benefits of UPI are many, such as UPI simplifies money management by allowing users to link multiple bank accounts to a single UPI ID and easily switch between accounts.UPI sends instant payment notifications to users, providing transparency and ensuring that users receive real-time transaction updates.

Learn more:What is Pay UPI India?

What is BHIM?

BHIM (Bharat Interface for Money) isNational Payments Corporation of India(NPCI) has designed and built an innovative digital payment solution. It is part of the government's initiative to promote cashless transactions and digital payments in India.BHIM is built on the UPI platform and offers a simplified user interface for secure and convenient transactions.

Some of the key features of the BHIM application include:

Multi-language support: BHIM supports multiple languages, including Hindi, English, Tamil, Telugu, Malayalam, Bengali, and more. Cross-platform support: BHIM app is available for Android and Ios, allowing users to transact using their mobile number, UPI ID or QR code. Simplified Transaction Process: BHIM allows users to transact using their mobile number, UPI ID and QR code payment. Users can also view account balances, transaction history and pending requests on the app.

The BHIM application offers many benefits such as security, reliability, speed and national acceptance.The BHIM application adheres to NPCI security standards, ensuring that transactions are encrypted and authenticated. It enables real-time money transfers to any bank account and is widely accepted by merchants in retail, e-commerce, education, healthcare and other sectors. Users can enjoy discounts, cashbacks and rewards for transactions made through the BHIM app.

Learn more:What is BHIM?

Difference between UPI and BHIM

Development and purpose

BHIM was developed explicitly as a stand-alone payment application, while UPI is the underlying platform for BHIM and other UPI-enabled applications.BHIM focuses on digital payment applications, while UPI is a platform that allows multiple applications to access theUPI paymentsInfrastructure of the system.

user experience

In contrast to BHIM, which is quick and easy to operate and transact, UPI caters for a wider range of applications, each of which operates differently.

dealings

While BHIM main focuses primarily on person-to-person payments, UPI covers a wider range of transaction options, including bill payments and merchant transactions.

Language Support

BHIM supports multiple languages to make it accessible to users across India. Applications that support UPI may offer different levels of language support depending on the individual application.

trading limit

The single transaction limit for both BHIM and UPI is Rs. 10 lakhs. However, the daily maximum limit is different. For BHIM, the maximum daily limit for a single bank account linked to the app is Rs 10 lakh. In contrast, UPI allows bill payments and merchant transactions with a maximum limit of Rs 50 lakh.

Branding and Usability

BHIM is branded as a standalone app. In contrast, UPI is used by multiple apps with unique branding. As a result, UPI provides users with multiple options when it comes to digital payment applications.

concluding remarks

Digital transactions through platforms like BHIM and UPI have transformed the way India pays, providing convenience and security. In short, while UPI is the underlying infrastructure of India's digital economy, BHIM is the superstructure built on top of India's digital payments foundation, focusing more on being a specialised payments application.

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