Post big step of demonetisation in November 2016, the BHIM, a mobile payment application was developed under the National Payments Corporation of India (NPCI) later that year, with an aim to make payments in India cashless. This mobile application works on the Unified Payments Interface (UPI). Moreover, this application is affiliated with the Immediate Payment Service (IMPS) system, wherein one can transfer money from one bank to the other in real time. 

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Among the banks associated with the BHIM application is the largest public sector bank, the State Bank of India. SBI BHIM Pay enables SBI customers to make transactions, make day to day payments such as bills, recharge and also avail discount codes on their smartphones.

The interesting feature to the BHIM system is the Virtual Payment Address or the VPA. A VPA can be described as nothing but an authenticated identification which is required to be logged into every time the user accesses the BHIM application. In other words, it is very similar to having an email account and password.  Adding to this, if an individual has multiple accounts with SBI with the same registered number, then all those accounts are linked to the same VPA. 

For the security of the VPA, the user needs to enter a unique 6 digit pin number, so that the VPA account can be protected at all times. So, once you download the SBI BHIM Pay application on your smartphone, the application will require you to fill in your bank details, after which it will require you to enter the unique pin code. Please ensure that the pin cannot be easily deciphered.

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The VPA system also requires you to fill in the slot for a secret answer. You can choose the question to be asked once you register to the BHIM app. Similar to how we open an email account, this question is a personal question that is asked if the user has entered the pin wrong multiple times or has forgotten the password.   Additionally, this enables one to change the password when the app sends an OTP to your registered email id or alternate mobile number. 

But in serious cases, such as when you lose your smartphone, then the first and foremost thing that you need to do it block your mobile number. Additionally, transactions cannot be executed if the App pin and UPI pin is not known. The transactions are further protected by device binding. This will ensure that there is no unauthorized access to one's bank account. 

 


SBI too, send regular notification regarding frauds and misuse of pin number. It sends a notification to the user to make them aware about not sharing OTP and pin numbers with unknown people. Further, since the system is digitized, people who are not tech savvy are bound to make errors hence, the bank does its job to keep its customers aware.

 

(By Ruchika Goswamy)