How Is UPI Different From IMPS?

IMPS facilitates transfer of money from sender to receiver and the transaction is initiated by the sender. It is worth noting that UPI facilitates transfer of money using both push & pull mechanism where the transaction can be initiated by sender as well as receiver. Multiple Banks account can be linked to a Single APP for money transfer. It has been secured by single click two factor authentication.

How is BHIM SBI Pay different from other payment solutions/app?

• BHIM SBI Pay provides the flexibility of making payments at your convenience 24X7 on all 365 days of the year.
• You can transfer funds using your BHIM SBI Pay app to your friend/relative by knowing only their Virtual Payment Address (VPA).
• The receiver of the money need not disclose his account number, IFSC code or any other such Banking details.
• You can also do online bill payments, recharges and shopping, etc. using your smartphones.

What is the upper transaction limit for sending or requesting money using BHIM SBI Pay?
For first transaction after setting/resetting UPI PIN maximum amount will be Rs.5,000/- and cumulative amount in a day will be Rs.5,000/- for the first 24 hours. After 24 hours per transaction and per day limit is Rs.1, 00,000/- in BHIM SBI Pay, at present. You can do a maximum number of 10 transactions in 24 hours per account within the Rs.1,00,000/- limit.

What are the different options available for transferring funds using BHIM SBI pay?
You can use three options given below:

• Transfer through VPA/UPI ID
• Account Number + IFSC
• Scanning QR Code