How to send money by BHIM and it’s use as a gift

How to send money by BHIM and it’s use as a gift. In 2018, the value of UPI transactions increased by more than 750 percent, while the volume increased 400 percent. The National Payments Corporation of India (NPCI) is also working on an updated BHIM app, and a new feature has started. In August 2018, NPCI announced the UPI 2.0, which brings features like overdraft account, one-time mandate, range of transactions and more.

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Now, the BHIM app’s recent update added the one-time Mandate feature. The new feature of upi system is very popular today and lets you schedule payments for a later date in future. Suppose that you pay the house rent of Rs 5,000 for the 15th of every month, you can set the time of payment anywhere before that date. Money will still be in your account, but blocked (meaning that you will not be able to use it). The good part of it is that you earn interest from your bank.

Feature can also be useful when shopping online. Suppose you are buying a product from an e-commerce site, then that particular amount will be blocked from the bank account. After the product is delivered, payment will be issued from the bank and deposited in a merchant account. It will give more assurance to customers online shopping without worry. Until now, the app only allows peer-to-peer UPI mandate option. Let’s look forward to how it works.

How to use the UPI Mandate feature on BHIM app

First step

Open the BHIM app and enter your 4-digit passcode to login. On the home screen, you will see a new “UPI mandate” option just below the bill pay option. There are four tabs – My Mandates, Creates, Scans and Gift My mandate will show all the mandates that you have created, while the scan option will allow you to make one using the recipient’s QR code.

Second stage

Tap on Create under UPI mandate and it will show you your recent UPI contacts which you have sent money to. Choose one of the contacts, or add a new UPI ID to the top bar.

Step Three

Enter the amount you want to schedule, and tap the bottom. This will ask you for the frequency, which happens once by default.

Step four

Here, you need to choose the validity (start and end date), add comment (what is the money), and proceed. All details will appear on the screen, and if it sounds correct, tap on confirmation.

This will ask you for your UIPI PIN code and after authentication, the amount will be blocked from your account, and a notice will be sent to the recipient. Once the recipient accepts, the money will be transferred to their bank account.

How to send money by BHIM and it’s use as a gift

First step

BHIM also allows you to send money in the form of a gift using the UPI mandate feature. To use it, tap “Gift” and select the contact (recipient) you want to send money to as gifts.

Second stage

Enter the amount in the upper half of the tap, and select the occasion (birthday, anniversary, diwali, and others). After this, choose end date (no more money can be claimed from this date), then add a personal message, and tap on Create.

Step Three

Check cross details (gift price, validity and message), and then tap on confirmation. Here you will be asked to enter your 4-digit PIN and after the authentication is successful, the gift amount will be sent to the recipient, which only needs to be taped and accepted.

Here are the things to note. Up to now, the UPI mandate feature only works with users who are on the BHIM app. In addition, the maximum transaction limit per mandate is Rs 20,000, while the maximum validity for mandate is 90 days.

How to send money by BHIM and it’s use as a gift

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