India is one of the fastest-growing digital economies of the world and is most likely to become the global capital of fintech and payments hubs. On similar lines, there has been an increased push towards developing a digital India by the government and this primarily affects the financial sector. Ministry of electronics and information technology underscored the fact that India has the potential to create $1 trillion digital economic value by 2025.
After demonetization and especially the pandemic the push towards going for contactless modes of payment has been strong. Digital transactions are on the rise as the pandemic saw the value of UPI transactions crossing the 200 crore mark. With the introduction of BHIM 2.0 in three other additional languages like Haryanvi, Konkani, and Bhojpuri in addition to the existing 13 – so it is evident that governments it to reach out to more people.
The application of the NPV formula on the BHIM project clearly shows its success.
What is Bhim and UPI?
Many people are consistently using Bhim a UPI but are still wondering what is BHIM UPI? Well, we will simplify it here. BHIM or Bharat Interface for Money is a mobile-based payments application that is based on NPCI’s Unified Payments Interface. With it, you can make direct real-time payments to any of the bank accounts on UPI using UPI ID, PIN, QR Code, phone, VPAs, Aadhar numbers, account numbers, etc
It was developed by the National Payments Corporation of India which is the umbrella organization for all retail payments in India
UPI is one of the biggest NPCI operated systems which include:
· National Automated Clearing House NACH,
· Immediate Payment Service IMPS
· Aadhar enabled Payment system
What is the UPI
Unified Payments Interface (UPI) is a real-time payment system that allows instant real-time fund transfer between any two bank accounts.
The difference between UPI and BHIM can be confusing to many however, it is rather simple. While UPI is the platform, on the other hand, BHIM is a distinct mobile wallet app. UPI is the real-time payment system using which funds can be transferred anytime. However, BHIM is the application or the interface through which the transfer is done. Hence UPI is the technology facilitating the transfer through BHIM UPI.
In order to ensure better adoption of the BHIM app government is gradually resolving all problems associated with it. One of the key ways to do it is by providing faster complaint resolution for failed BHIM UPI transactions for better customer service.
There are two ways to raise a complaint on the BHIM UPI app:
1. Report on the app or use the toll-free customer support number.
If you are using the app and find some problems associated with payment, you can search for the ‘raise a complaint’ option in the menu. Within this option, you can select the transaction for which you can raise a complaint. From here on you can opt for one of the following two choices:
· Raise a concern on the app: In the online complaint form, you can mention the issue and submit it.
· Second call the bank: The ‘call bank’ will connect you to the toll-free number 1800 120 1740.
2. Report through the ‘Get in Touch’ platform
This special platform allows you to resolve all your problems associated with registration, transactions, PIN or bank account. You can access the ‘ Get In Touch’ Service on the app or the website. Once you find it as customers you can do three things:
You can use the complaint section to report a failed BHIM UPI transaction. To do this:
1. Choose the type of complaint
2. Fill in the information including the date of transaction, Mobile, email
You will get the response in your mail
