PM Modi Launches BHIM App
In December 2016, Prime Minister Narendra Modi launched UPI based mobile payment application called BHIM (Bharat Interface for Money) – a rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data). This App has been dedicated to Dr. Bhimrao Ambedkar
Objective of Launching BHIM App:
- To enable fast, secure and reliable payments system that uses Smartphone for cashless transactions
- It will help in reducing dependency on the use of plastic cards
- The app will eliminate fee payments for service providers like MasterCard and Visa, which has been a stumbling block in people switching to digital payments
How does the BHIM App it works?
- Firstly the BHIM app is to be downloaded from Android app store
- Thereafter you have to register your bank account with BHIM, and set a UPI PIN for the bank account
- Your mobile number is your payment address (PA), and you can simply start transacting
- You can send, receive 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
- You can check your bank balance and transactions details on the go
- You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display
- The app supports Hindi and English, and more languages will be added in coming times.
Transaction Limits on BHIM App:
- Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours is allowed under BHIM App
Benefits of Using BHIM App:
- Unlike other UPI apps where you have a cluttered interface, BHIM is a no-frills UPI app
- You also get an option to create your customized UPI address, which could be your nickname or full name
- If you have an account in two or three different banks, you can easily switch between banks in just a few clicks.
- As UPI is built on top of Immediate Payment Service (IMPS), the transaction takes place in seconds
- The best part is – the payment system works 24 hours a day, 7 days a week and 365 days