BHIM App: In and Out

Last week at the Digi Dhan programme in New Delhi, our Prime Minister Narendra Modi has announced a new payment mobile application called BHIM - Bharat Interface for Money - named after Bhim Rao Ambedkar. The e-wallet app is a part of cashless transaction drive and the 2016 demonetization of 500 and 1000 rupee currency banknotes. It aims at directing the nation towards a cashless economy, allowing the users to send and receive money through the digital platform.

Features:

Though there were several UPI-based apps are available in the market including, BHIM app stands out from the rest of the apps, with its own unique easy-to-use features.

• Easy Method of Payment - You can easily transfer the money to/from your friends and family using the UPI (Unified Payment Interface) address or through their mobile number. If you want to send the money to a non-UPI supported bank account, you can make use of the IFSC and MMID code to do your transaction.

• Scan QR Code - You can create your own QR code for a faster mode of payment address, which can be a huge advantage for the business transaction.

• Balance Check - You can check your current balance details and other transaction details on the go.

• Languages Supported - The app supports Hindi and English now. Other regional languages will be updated soon by the National Payment Corporation of India (NPCI).

• Additional Payment Address - Apart from the default format <mobile-number>@upi, you can customize your payment address by <desired-name>@upi (based on the availability).

• Multiple Bank Account - You can access multiple banks account using the BHIM app, but you can use only one account at a time.

Banks Supported:

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

Vijaya Bank

How to Download:

BHIM app is currently available only for the Android users as UPI system works on the Android platform. Though the iOS and Windows users can't access the app now, the app will be released shortly for the iOS platform. To download the app, you can visit the Google Play store or check out here.

Note: Beware of the fake apps. When searching on the Playstore, look for the official logo of BHIM and the author name - National Payments Corporation of India (NPCI)Finance

How it Works:

Once you’ve downloaded and installed the app, choose your preferred language and verify your mobile number. After you’ve entered your mobile number, your device will get verified via an SMS. It’s advisable to provide the same number as synced with your bank account. A 4-digit password has to be created to access the app in future. So choose the PIN you won’t forget!

Set your bank account. If your account is UPI activated, you can easily send the receive the money via IFSC code. In case, if your account is not UPI activated, you should enter your card number and the expiry date after which you can make the transaction.

To send money, you can either use the pay address or the mobile number. After verifying the payee, BHIM will let you type the amount and send it. If your payee account is not-UPI supported, you can enter their account details and IFSC code to send the money.

To collect money, you’ve to click on the ‘request’ option where you’ve to fill up the details of the person from whom you want the money and the amount you want. After sending the request, the payer will receive a notification asking him/her to accept or reject your request.

In addition, it aims at supporting the aadhaar-based payment where you can use your fingerprint impression to make the transaction. But this feature is yet to be rolled out.

Limitations:

Though BHIM offers simple and easy features to its users, there are a few limitations for the app. Here’s why:

• The transaction is limited to a maximum of Rs. 10,000 per transaction and Rs.20,000 within any 24 hours.

• The account can support only one account per mobile number. If you’ve two accounts with the same mobile number, you’ve to disable the current one and choose the bank selection once again.

• In recent times BHIM is filled with spam requests. The users have reported that unknown users are asking them to send money and asked NPCI to add block feature to avoid such request from the unknown pay address. Though NPCI has promised a fix, the issue still prevails.

If the bottlenecks prevailing in the transaction process are sorted out, this app is good to go among the masses. So, what’s your pick on BHIM? Do let us know in the comment below.