UPI(Unified Payments Interface), BHIM ( Bharat Interface For Money) are commonly used online payment modes. People often confuse between UPI and BHIM using them interchangeably. Read more on this UPI Vs BHIM blog to get better idea about this technologies.
What is UPI?
The National Payment Corporation of India (NPCI) is the organization behind this government-backed programmed. It simplifies the process of instantly transferring funds between bank accounts using a mobile device. Like IMPS, UPI claims to be available around the clock. However, because it can only handle up to Rs 1 lakh in transactions at a time, it is ideal for smaller payments and regular bills.
What is BHIM ?
BHIM is one the applications that uses the underlying UPI technology to facilitate payments or monetary exchanges between its users. The UPI owns the technology, but it also the payment software and experience. NPCI also developed BHIM, which is the government of India response to the numerous UPI based payments apps on the market today, including google pay, Paytm, PhonePe and others.
UPI Vs BHIM : Which is better?
- Development and purpose: UPI is the underlying platform that powers BHIM and several other UPI enabled apps, BHIM is developed to be standalone apps
- User interface and experience: UPI work across a range of payment app with unique interface, while in BHIM provides simplified user interface with an intuitive design, making it easy for users to navigate and initiate transactions.
- Supported transactions: Both BHIM and UPI facilitate various types of transactions. UPI offers a broader range of transaction options, such as bill payments and merchant transactions. BHIM primarily focused on person to person transactions.
- Transaction limit: UPI and BHIM have a per transaction limit of up to Rs. 1 Lakh for individual transactions. For UPI, a maximum limit of Rs 5 Lakh is applicable for bill payment and merchant transactions. There is a maximum limit of Rs, 1 Lakh per day for a single bank account linked to BHIM,
- Language support: UPI is enabled apps may offer a different level of language support, depending on he individual apps implementations, but the BHIM support multiple languages, making it accessible to users across India.
- Branding and availability: UPI functions as the underlying infrastructure for various apps from different service providers, BHIM is branded as a standalone app.
Conclusions:
One cannot conclude that whether UPI is better than BHIM or whether BHIM is better than UPI. UPI is a payment model which is used to receive or send money using mobile apps, whereas BHIM is a separate mobile apps.
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