Using BHIM UPI you can send and receive digital payments with a UPI address linked to a bank account. You can also make payments to online as well as offline merchants that accept BHIM UPI as a payment mode.
Full form of BHIM is Bharat Interface for Money.
It has now come up with Paytm cashback offer to its new users. As the title says your first transaction can get you cashback of Rs 50 !
You need to have a Paytm account to avail this offer. If you are new to Paytm, sign up first for an account. You also need to be a resident of India and aged above 18 years.
How To Earn Cashback On UPI Transaction ?
* Install and open your Paytm app
* Register for UPI on Paytm app
* Add your bank account to your UPI address
* Complete verification when you get OTP
* Send Rs 50 to any of your friend’s UPI address
That’s it. You will now get Rs 50 Paytm cashback in 48 hours !
* You will need to complete your first transaction (sending money) on the same day you create a new UPI address with Paytm
* You need to send minimum Rs 50
* This offer is going to end on 3rd January 2018
* As already mentioned cashback will be given if it your first UPI transaction
More About UPI
A UPI address or VPA ( Virtual Payment Address ) is unique identifier which you create in order to accept/receive or send money. You need to map it against your bank account. You can share your UPI address like ( xyz@paytm ) and receive payments from any one. Any money sent to this address will be be added to your account. So you do not have to share your long numerical bank account details to any one !
To authenticating your UPI transactions you need to set a 4 or 6 digit UPI pin. Your PIN will be validated by your bank.
Your Paytm BHIM UPI Profile or your UPI address or VPA on Paytm will be created when you initiate registration for UPI as mentioned in the above steps through your Paytm app.
Follow the below steps to add your bank account to your UPI address.
Most importantly how to send money ?
* Open your Paytm app
* Go to ‘BHIM UPI’ on homescreen
* Now you need to tap on ‘Send Money’ icon
* Enter UPI address of the person you want to send money to
* Enter amount
* Enter your UPI PIN
* Confirm your payment
Similarly you can request for money from any one. If some one sends you payment request you can confirm and make the payment or you can simply decline if you want to.
You can send up to Rs one lakh in a single transaction.
You can also send money to some one to his/her Aadhaar number.
You can find more info about the transactions at https://paytm.com/offer/bhim-upi/ .
What is BHIM App ?
You can make online/digital cashless payments when you have this app on your mobile phone ! This app was developed in December 2016 based on the Unified Payment Interface (UPI) by the National Payments Corporation of India. It is already a very popular digital payments app with over one crore android users alone.
We posted about BHIM App refer and earn sometime ago.