On Friday, Prime Minister Narendra Modi launched a UPI-based payment app BHIM (Bharat Interface for Money). This BHIM app is a simple UPI app that allows you to make digital payments directly from Bank accounts. This is a revolutionary step and shows how Government is interested in giving users an easy way to make digital payments.
If you are still confused or have no idea of how to use this app and why this app is revolutionary, you must read this article.
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What is BHIM App?
BHIM app is a simple straightforward UPI-based payment app to send or receive money. This app is linked to your bank account and use the Bank account as the wallet. So, you do not need to load money in the wallet to make payments and the merchant does not need to worry about transferring the money to bank account.
Where to download BHIM app?
The app is only available for Android platform and the iOS version will come soon. The app has been developed by National Payments Corporation of India (NPCI). If you are Android user, you can download it from Play Store. If you are the iOS user, you need to wait for few more days. We have no idea if the app will be available for Windows or other platforms.
How to avoid scams and be safe while downloading BHIM app?
After government launched BHIM app, we saw many other apps with the similar name in the play store. Many spam websites also started serving fake apps with the similar name. A Modi BHIM prank app already saw more than 1 million downloads on Google Play store. So, you need to know what app is real before you start using the app.
While downloading the app, you must check the developer’s name and it should be NPCI. I have also added the genuine download link in the article above.
What if you do not have a smartphone?
If you do not own a smartphone or the app is not available for your mobile platform, there is still an easy way to use the BHIM app. It can be accessed using USSD (Unstructured Supplementary Service Data) from feature phones. You just need to dial *99# to access it. This method does not need any active internet connection and does not cost a single penny.
How to use BHIM App?
BHIM App is almost similar to other digital wallet apps you have used. To use this app, you should first need to register your bank account through the app and set a UPI PIN. This PIN is used to make all transactions. Similar to Paytm, your mobile number is used to make payments. If you have multiple accounts linked with the same number, it asks you to choose your preferred bank after it has verified the mobile number.
BHIM app creates virtual payment address for the payment. It will be <mobile number@upi> or <preferred user id@upi>. Payments can be made either to the virtual payment address or mobile phone number.
You can send or receive money just by sharing your phone number. If you do not want to share the phone number, there is also an option to scan QR code for payments. Merchants can use this option to receive the payments. The merchant can generate his QR code through the BHIM app.
How BHIM app differs from mobile wallet apps?
BHIM app uses your bank account for all transactions. So, you do not need to load money in the wallet. You also do not need to wait for your money to be withdrawn from wallet to your bank account.
If both parties involved in the transaction have UPI activated, payments will be done instantly and money will be transferred. You do not need to remember the bank account number.
What banks support the BHIM app?
All major banks supporting UPI support the BHIM app and can be connected to your BHIM app account. This app links over 30 private and public sector banks.
What are the BHIM app transaction limits?
BHIM App also has transaction limits. You can only pay Rs. 10000 per transactions or Rs. 20,000 within 24 hours.
UPI is better than mobile wallets because it is quicker way of sending or receiving money. But people also get lots of offer for using wallet apps. This is the reason I see more potential on PhonePe that is the wallet app supporting UPI. After the BHIM app, Freecharge and Paytm will surely see a market competition. The only thing Government has to do is the promotion and release more training videos.
What do you think about the BHIM app? Share your views with us.