BHIM

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BHIM (Bharat Interface for Money) is a mobile app developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI). It was launched by Narendra Modi, the Prime Minister of India, at a Digi Dhan mela at Talkatora Stadium in New Delhi on 30 December 2016. It was named after Dr. Bhimrao R. Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions.

The app supports all Indian banks which use that platform, which is built over the Immediate Payment Service infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices.

Video BHIM

Benefits

BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts (by scanning a QR code with account number and IFSC code or MMID (Mobile Money Identifier) Code).

Unlike mobile wallets (PayTM, MobiKwik, mPesa, Airtel Money etc) which hold money, the BHIM app is only a mechanism which transfers money between different bank accounts. Transactions on BHIM are nearly instantaneous and can be done 24/7 including weekends and bank holidays.

BHIM also allows users to check the current balance in their bank accounts and to choose which account to use for conducting transactions, although only one can be active at any time.

Users can create their own QR code for a fixed amount of money, which is helpful in merchant-seller-buyer transactions. Users can also have more than one payment address.

If the 12-digit Aadhaar number is listed as a payment ID, the BHIM app will not require any biometric authentication or prior registration with the bank or Unified Payment Interface (UPI).

Version 1.3 allows users to use mobile numbers from their contact book to send money and also save payment addresses for future use without needing to type the address again. User can also check the transaction history, which only shows transactions through BHIM.

Maps BHIM

Transaction fees and limits

At present, there is no charge for transactions from INR1 to INR1 lakh.

If a debit card with a daily transaction limit is linked to the BHIM app (usually INR10,000 or INR20,000 for many no-frills accounts), transfers through the BHIM app are also subject to the same limit. Debit card limits can be changed by the issuing bank.

Indian banks have proposed transaction charges on UPI transactions, but there is no information on whether transactions through BHIM will also be charged.

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Language

BHIM app currently supports 13 languages (including English), though there are 22 official languages of India (excluding English) under 8th Schedule of Constitution of India. In near future BHIM app is expected to support all 22 official languages of India along with other regional languages which were spoken widely next to the scheduled languages.

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Reception

During the Union Budget 2017, Union Finance minister Arun Jaitley said that BHIM is currently being used by over 125 lakh Indian citizens. He said that the government will launch two new schemes to promote the use of the BHIM app. One will be referral payments for individuals, and the other will be cashback for merchants who accept payments from BHIM.

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See also

• NUUP or *99# USSD UPI Service

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References

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External links

• Official website
• NPCI portal

Source of the article : Wikipedia