This January, Prime Minister Narendra Modi announced a new digital payments app, named BHIM – Bharat Interface For Money. This BHIM app is now available only for Android users, not for IOS and Windows users.
So What is BHIM app?
BHIM app is a digital payment solution application based on the Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI) which is the root organisation for all retail payments systems in India. If you want to use BHIM app to carry out digital transactions, you have to sign up for the UPI-based payments on your bank which should be linked to your registered mobile number.
BHIM app is directly linked to your bank account. It will let you send and receive money to other UPI accounts or addresses. All the payee needs is a bank account. If this account is UPI activated, you can just ask for the payee’s VPA or virtual payment address, and make the payment to that account.
You can also send money via IFSC (Indian Financial System Code) and MMID (Mobile Money Identifier) Code to users who don’t have a UPI-based bank account. Also, there is an option of creating your own QR (Quick Response) code for a fixed amount of money, which the merchant can scan to make the deduction. Up to Rs 10,000 can be sent per transaction, and up to Rs 20,000 in any 24 hours.
How Does This BHIM app works?
After Verifying your Mobile number, BHIM lets you choose your preferred bank. So, it’s better to choose the same mobile number linked to your bank account. Ater that, BHIM asks you to set up a 4-digit passcode. Then, the app will ask you to select your bank. If your account is UPI activated, it will reflect the relevant number. You’ll see options to send and receive money, and transact via IFSC. If UPI is not activated, you can put in six digits of your debit card number, and the expiry date, after which the app will let you use it.
To send money, type in the mobile number or VPA address. BHIM app will verify the payee. Type in the amount, and hit pay. If the payee doesn’t have UPI, tap on the three dots above the send money option. The ACCOUNT + IFSC option will open up, where you can put in the details.
Right now, you can access only one account per mobile number. So if your number is linked to two accounts, you will have to disable the selected one and go back to the bank selection option.
List Of Banks Supporting BHIM App:
Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, 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, and Vijaya Bank.
Creating a VPA for UPI on your bank account:
First, make sure your mobile number is linked to your bank account, and then get to the bank’s official mobile banking app from the Google Play store. After installing the app, locate the tab about UPI payments. Then, create a UPI PIN which will be needed to complete a transaction in BHIM. Once your VPA is created, you’ll see options to send, receive money or pay by scanning QR code. VPA is all that you need to carry out for a transaction.
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How useful is this BHIM app?
Well, this app gives you a lot of options to transfer via IFSC and MMID as well as non-UPI banks. And, the government launched it as a single digital payments app for the nation. Right now, the majority of people are using it for their digital transactions. IOS users are left out for now, but soon it should be available for all platforms.
Also, the BHIM app is supposed to support Aadhaar-based payments, where transactions will be possible with just a fingerprint impression, but that facility is yet to start.
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