What Is BHIM? How Does It Works?: All You Need To Know
Prime Minister Narendra Modi on Friday launched BHIM, an app that will take care of all the pain points related to digital transactions. It also kills, if it works as intended, apps like Paytm and MobiKwik because BHIM will directly connect to your bank account. The BHIM app is a straightforward UPI app, which would allow anyone to make simple digital payments directly from their bank account, and it is now available for download.
The app, which has the simplest user interface for any UPI-enabled app to date, is positioned as a substitute for plastic cards and point-of-sale terminals. It's a re-branded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data). Modi said the BHIM app was very simple to use and a thumb impression was enough to operate it.
"Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity. One only needs a thumb. There was a time when an illiterate was called 'angutha chchap'. Now, time has changed. Your thumb is your bank now. It has become your identity now," the Prime Minister said.
What is BHIM?
BHIM stands for Bharat Interface for Money. It is an app that lets you make quick transactions using UPI. The payments are made directly from bank account to bank account using just mobile number or payment address. The app is actually has been built on top of UPI, that is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI-regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties bank accounts.
What do you need to use BHIM?
To use BHIM you need a compatible Android phone or an iPhone. Almost all smartphones launched in last couple of years are compatible, according to the Google Play store where the app is available. Although there is some erroneous communication from the government over the Android support. It says Android above version 8 is required, while Android is still in version 7. But that seems to be some technical issue. India Today Tech has checked and the app is compatible with almost all recent Android phones.
How do you use BHIM?
To use BHIM, you will have to set up a UPI PIN. This you do by going into the BHIM app's main menu Then go to Bank Accounts > Set UPI-PIN for the selected account. You will be prompted to enter the last 6 digits of your Debit/ATM card along with the expiry date. Using this data, the app will pre-fetch details of your bank account. You will then receive an OTP which you will enter and set your UPI PIN. The UPI PIN is different from the PIN that you may have on your bank's app, which also uses UPI. User can download the app from Play Store. The app will be available for iOS users but for now it is not listed on the iOS App Store.
How do transactions happen?
BHIM also supports QR codes to make it easier for people such as merchants to enable people to pay online. A user can pay as much as Rs 20,000 ($300) in a day. "This app is destined to replace all cash transactions," said Modi at an event Friday. "BHIM app will revolutionize India and force people worldwide to take notice," he added.
Please Note:
Download BHIM from Play Store
Cheers!!!
The app, which has the simplest user interface for any UPI-enabled app to date, is positioned as a substitute for plastic cards and point-of-sale terminals. It's a re-branded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data). Modi said the BHIM app was very simple to use and a thumb impression was enough to operate it.
"Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity. One only needs a thumb. There was a time when an illiterate was called 'angutha chchap'. Now, time has changed. Your thumb is your bank now. It has become your identity now," the Prime Minister said.
What is BHIM?
BHIM stands for Bharat Interface for Money. It is an app that lets you make quick transactions using UPI. The payments are made directly from bank account to bank account using just mobile number or payment address. The app is actually has been built on top of UPI, that is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI-regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties bank accounts.
What do you need to use BHIM?
To use BHIM you need a compatible Android phone or an iPhone. Almost all smartphones launched in last couple of years are compatible, according to the Google Play store where the app is available. Although there is some erroneous communication from the government over the Android support. It says Android above version 8 is required, while Android is still in version 7. But that seems to be some technical issue. India Today Tech has checked and the app is compatible with almost all recent Android phones.
How do you use BHIM?
To use BHIM, you will have to set up a UPI PIN. This you do by going into the BHIM app's main menu Then go to Bank Accounts > Set UPI-PIN for the selected account. You will be prompted to enter the last 6 digits of your Debit/ATM card along with the expiry date. Using this data, the app will pre-fetch details of your bank account. You will then receive an OTP which you will enter and set your UPI PIN. The UPI PIN is different from the PIN that you may have on your bank's app, which also uses UPI. User can download the app from Play Store. The app will be available for iOS users but for now it is not listed on the iOS App Store.
How do transactions happen?
- From the Bharat Interface for Money app Home screen -> Click Send Money Option
- Enter or select the receiver's mobile number or Payment Address (you can select from your contact list or enter it) or Aadhaar number.
- Enter the amount you want to send
- Your default bank a/c gets selected
- Enter UPI PIN and send
BHIM also supports QR codes to make it easier for people such as merchants to enable people to pay online. A user can pay as much as Rs 20,000 ($300) in a day. "This app is destined to replace all cash transactions," said Modi at an event Friday. "BHIM app will revolutionize India and force people worldwide to take notice," he added.
Please Note:
- Instant Transfer: Transactions happen instantly.
- No Additional Charges: The government says there are no additional charges on BHIM transactions. Although, the participating banks may levy the UPI charge.
- Available 24x7: Transactions happen 24 X 7. The BHIM app works even if you have not enabled mobile banking on your bank account.
- Send and receive money: Send money to or receive money from friends, family and customers through a mobile number or payment address. Money can also be sent to non-UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.
- Transaction limits: Maximum of Rs 10,000 per transaction and Rs 20,000 within 24 hours.
- Language supported: Hindi and English. More languages coming soon!
- Supported banks: Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, Indusind Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, Vijaya Bank.
Download BHIM from Play Store
Cheers!!!
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