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Bharat Interface for Money (BHIM) Prepares for a Digital Currency Launch

  • Posted on November 9, 2023
  • Technology
  • By Arijit Dutta
  • 413 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.

Bharat Interface for Money (BHIM) Prepares for a Digital Currency Launch Image Source -swarajyamag.com

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.

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Arijit Dutta

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