UPI vs BHIM

Learn the difference between UPI and BHIM.
Pay Now
UPI vs BHIM
Pay Now
5 minutes
09 Jul 2024

UPI vs BHIM

Unified Payments Interface (UPI) is a real-time payment system through which money can be transferred from one bank to another. Whereas BHIM (Bharat Interface for Money) is the mobile application through which the money transfer takes place.

Key features of UPI

User friendly interface: Compared to the old systems when money transfer was a hassle, UPI has reduced money transfer to just a click. Ease of navigation, simple approach and instant money transfer UPI is very popular and usually the first option for money transfers.

Bank agnostic approach: Irrespective of the bank, the users can just seamlessly link their bank accounts and signup to gain UPI and set a UPI PIN, thereby completing the process. A single user can link more than one bank account (different banks) for instant transactions.

Availability: Transfer money anywhere and anytime, there is no restriction or banking hours restricting your transactions.

Transaction options: UPI is the one-stop payment option from where you can carry person-to-person transfer, merchant payments, pay bills, and more.

Key features of BHIM

User-friendly interface: The interface is very user-friendly and self-explanatory as it takes from one step to another to process your transaction instantly. The design is so simple that even new users can process and master the way of digital transactions.

Language support: Supports multiple languages making it easy for its diverse user base and accessible across India.

Platforms: Available on both Android and iOS platforms, providing access to customer with different smartphones.

Transaction process: User can make their transactions either via UPI ID’s or QR codes.

Advantages of UPI

Instant transactions: UPI enables real-time transactions, allowing users to send and receive money instantly, enhancing the overall speed and efficiency of digital payments.

Simplified payments: With UPI, users can make payments using a single UPI ID, eliminating the need to remember complex bank details. This simplicity makes transactions more user-friendly.

24/7 availability: UPI transactions are feasible 24/7, providing users with the flexibility to make payments at any time, including weekends and holidays, contributing to a seamless payment experience.

Mobile number as an identifier: UPI uses mobile numbers as unique identifiers, making it easy for users to link their bank accounts and conduct transactions without the need for lengthy account numbers and complicated IFSC codes.

Interoperability: UPI is designed to be interoperable across various banks and financial institutions. Users can make transactions between different banks seamlessly, promoting inclusivity and accessibility in the digital payment ecosystem.

Advantages of BHIM

Security and reliability: Mandated by the NPCI BHIM adheres to strict security standards ensuring safety of user’s data (personal and financial).

Real- time transactions: BHIM allows real-time transactions that result in instant bank account transfers.

Wide acceptance: With the thriving digitalisation, BHIM is accepted widely accepted by merchants and services across various sectors all over India.

Key difference between UPI and BHIM

Development and purpose: BHIM is developed to be a standalone app, whereas UPI is the backbone that powers BHIM and several other apps to process transactions instantaneously.

Interface and experience: BHIM is designed to be simple and user-friendly such that users can carry out transactions easily. Whereas UPI works across a range of payment apps wit unique interfaces.

Supported transactions: Both UPI and BHIM offer seamless transactions, but BHIM is primarily focused on person-to-person transactions, whereas UPI caters across a wide range of payments including merchant transactions and bill payments.

Language support: BHIM supports multiple languages catering to diverse user base across the country whereas UPI supports languages depending on the respective app.

Now, you can do UPI transactions with enhanced security and convenience via the Bajaj Finserv BBPS Platform.

UPI apps like Bajaj Finserv are designed in a way that requires strong two-factor authentication to make sure that the users are safe from digital fraud. The Bajaj Pay UPI offered by Bajaj Finserv is undoubtedly the safest and most secure service. We ensure that our customers stay safe from financial fraud.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

Who owns BHIM UPI?

BHIM is developed and operated as per the guidelines from the National Payments Corporation of India (NPCI).

Is BHIM UPI good for transactions?

Yes, BHIM UPI is good for secure and seamless transactions. It is user-friendly, supports multiple banks, and offers quick payments with just a few taps on your smartphone.

Which UPI app is safest?

Most UPI apps, including Bajaj Finserv payment app, BHIM, and others are safe due to robust security measures like two-factor authentication and encryption. The safety depends on user practices and app security features.d

What is the full form of BHIM?

BHIM stands for Bharat Interface for Money. It is a digital payment application developed by the National Payments Corporation of India (NPCI) to facilitate quick and secure UPI-based transactions.

Is BHIM app owned by the government?

Yes, the BHIM app is owned by the Government of India and developed by the National Payments Corporation of India (NPCI) to promote digital transactions and financial inclusion across the country.