Bharat Interface for Money (BHIM) Prepares for a Digital Currency Launch
- Posted on November 9, 2023
- Technology
- By Arijit Dutta
- 414 Views
In today's digital era, the Unified Payments Interface (UPI) has become the predominant method for conducting financial transactions. The convenience of going cashless and using smartphones for payments has made it a global trend. India, in particular, leads the way, accounting for approximately 40 percent of all worldwide digital transactions. UPI's user-friendly platform seamlessly connects bank accounts with mobile numbers, making it a go-to solution for users.
In
today's digital era, the Unified Payments Interface (UPI) has become the predominant
method for conducting financial transactions. The convenience of going cashless
and using smartphones for payments has made it a global trend. India, in
particular, leads the way, accounting for approximately 40 percent of all
worldwide digital transactions. UPI's user-friendly platform seamlessly
connects bank accounts with mobile numbers, making it a go-to solution for
users.
Making
payments through UPI is straightforward, involving credit and debit cards, QR
code scanning, and single-click app transfers. However, many individuals still
face challenges in linking their cards to the UPI app. This article aims to
guide users in connecting their in-house UPI app with Bharat Interface for
Money (BHIM).
BHIM, in the meanwhile, has ambitious plans to introduce a new digital currency for Jiomart and other digital platforms under the Reliance Retail umbrella.
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For
those wondering how to link their credit card to the BHIM UPI app, the process
is relatively simple. Start by registering your bank account linked to your
mobile number within the BHIM UPI app. Next, set up a secure 4-digit passcode
to safeguard all transactions. After completing these steps, launch the BHIM
UPI app and tap on the 'Bank Account' icon located at the top left. To add your
credit card, tap on the + icon at the bottom-right corner and select the
'Credit Card' option. Enter the relevant credit card bank account details and
follow the remaining steps. Finally, an OTP will be sent to your linked mobile
number for verification, allowing you to fully utilize the BHIM UPI app for
your digital transactions.
With
these simplified steps, the BHIM UPI app aims to continue revolutionizing
digital payments and play a crucial role in India's transition to a cashless
society.