PM Modi Launches BHIM App PM Modi Launches BHIM App
PM Modi Launches BHIM App     In December 2016, Prime Minister Narendra Modi launched UPI based mobile payment application called BHIM (Bharat Interface... PM Modi Launches BHIM App

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

 

Also Read:

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>>> GK – Study Material & Quizzes

 

Thank You

Team EntranceGeek

 

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