BHIM or the Bharat Interface for Money was rolled out by Prime Minister Narendra Modi on Friday which is an initiative to enable fast, secure and reliable cashless payments through your mobile phones. BHIM is inter-operable with other Unified Payment Interface (UPI) applications and bank accounts, and has been developed by the National Payments Corporation of India (NPCI).
In nutshell, you just need to register with your bank account with BHIM app, and set a UPI PIN for the bank account. Your mobile number is your payment address (PA), and you can simply start transacting. Going deep, the merchants just need to download the Aadhaar cashless merchant app on their smartphones connected to a biometric reader, which is currently available for Rs 2,000.
The customer will then feed his or her Aadhar number into the app, select the bank through which the transaction will take place, and the biometric scan will work as a password for the transaction to be authenticated.
The user can send or receive money from customers, family or friends through the mobile number. Interestingly, money can also be sent to non-UPI supported banks using IFSC and MMID codes. The user will also be able to collect money by sending requests and can also reverse a payment if required.
BHIM app is not a mobile wallet. In case of mobile wallets like PayTM or MobiKwik you store a limited amount of money on the app that can only be sent to someone who is using the same wallet. So if you have a PayTM account it won’t be possible for me to send money to someone on MobiKwik or other money-paying apps.
But BHIM is different from this. It is actually based on UPI and thus linked directly to a bank account. Your friend, relative or even a merchant who you’re trying to pay doesn’t necessarily need to be on the BHIM app. All they need is a bank account to receive the payment.
BHIM APP FEATURES
Send and Receive Money: Via BHIM app, you can 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.
Check Balance: You can check your bank balance and transactions details on the go via the all new BHIM app.
Custom Payment Address: You can create a custom payment address in addition to your phone number for your BHIM app.
QR Code: You can scan a QR code for any of the faster entry of payment addresses. Merchants can easily print their QR Code for display and even send it to others to receive payments.
Transaction Limits: The BHIM app allows you to transact a maximum amount of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.
Language supported: This app is available to use in languages like Hindi and English. Also, more languages will be coming soon with the updates of BHIM app.
Now you might be wondering about how to download the BHIM app for Android? Let’s get you a walkthrough.
- First, you have to download the app from Google play store.
- You can download BHIM app from HERE.
- Once installed, follow the said procedure to activate the app.
- Then it will show a screen with options – Send, Request and Scan and Pay.
- This means you have successfully set up the app and it is now ready to use.