The Prime Minister Narendra Modi, has launched a new digital payments app called BHIM. Why the name BHIM? BHIM which stands for Bharat Interface for Money is named after Dr B.R. Ambedkar. BHIM is the latest weapon in the arsenal of the Government, to encourage citizens to go the cashless way. BHIM is currently available only for Android smart phones. It will soon be available on Apple iOS, maybe within 10 more days. You can download BHIM app from Google Play Store
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BHIM which stands for Bharat Interface for Money is an app, which allows you to make quick and easy transactions using UPI (Unified Payments Interface). You can download BHIM for free. Yes…The BHIM App is absolutely free to download.
It’s the number one app on Google Play Top Free List. The CEO of the NITI Aayog, Amitabh Kant, claims this app has been downloaded 30 Lakh times and it has already seen 5 lakh transactions. BHIM will soon support Aadhaar based payments. You will be able to make transactions, just by using your fingerprints. Your THUMB will soon be your BANK. This facility could take some time to be launched.
You can use the BHIM App, Anywhere….Anytime. All you need is a smart phone and a bank account linked to that phone number.
You can easily transact, using the BHIM app. Isn’t this REAL SIMPLE….
SCAN AND PAY
If UPI is not activated, you will have to fill in the 6 digits of your debit card and its expiry date. You then create a UPI pin. Now you can transact, just as if the UPI app had been activated.
Above the SEND MONEY Option, you will see three dots. If you tap on this you will see, ACCOUNT + IFSC Option.
You can send money by typing in the Beneficiary Name, Account Number (You might have to confirm account number) and the Bank IFSC. You then click SEND and money is sent to your family or friends.
You want to pay the shopkeeper using the BHIM App? You open the BHIM App on your smart phone. You then choose SEND MONEY option. You then type in the amount and the shopkeeper’s phone number to make the payment. The money gets debited from your bank account and is credited to the shopkeeper’s bank account.
You can also scan a QR code using the BHIM app. The shopkeeper will generate his QR code, using the BHIM app. If you want to pay the shopkeeper, all you need to do is Tap the SCAN AND PAY button in the App. You then scan the QR code and make the payment.
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 and Vijaya Bank, support the BHIM app.
You are permitted INR 10,000 per transaction and INR 20,000 within 24 hours.
Interesting times are here. Great times are here. Your thumb is your identity. It will soon be your bank. The BHIM app is being upgraded, where soon you won’t require a smart phone or even an internet connection, to use the BHIM app. You will just have to dial *99# using a feature phone and send money to friends and family in seconds. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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