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Everything You Need To Know About The BHIM App

Mr. C.S. Sudheer | Updated On Thursday, January 12,2017, 02:46 PM
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Everything You Need To Know About The BHIM App

 

 

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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What is the BHIM App?

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.

How does the BHIM App work?

You can use the BHIM App, Anywhere….Anytime. All you need is a smart phone and a bank account linked to that phone number.

  • Just register your bank account with BHIM.
  • You then set a UPI PIN for the bank account.
  • Your mobile number is now your payment address (PA).

 

You can easily transact, using the BHIM app. Isn’t this REAL SIMPLE….

 

Send money to friends and family:

  • The BHIM app first verifies your mobile number. The BHIM app sends an SMS via the SIM in your phone. You need to have sufficient balance, so that this SMS can be sent.

 

  • BHIM then allows you to choose your preferred bank, after it has verified your mobile number. Make sure the mobile number you use, is the same one linked to your bank account.

 

  • The app asks you to set a passcode which is of 4 digits. You get to choose the passcode. You need to choose a passcode, you can easily remember. You will need this passcode, every time you open this app or authenticate a transaction.

 

  • The app then asks you to select the relevant bank from a list of banks. You then choose the bank where you have your account. If UPI has been activated, your relevant bank account will be automatically reflected. You will then see an option to:

            SEND      

            REQUEST          

            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.

 

  • You then just click on SEND MONEY. You then type in the mobile number or the payment address of the person (family/friend/beneficiary). The app will also verify the beneficiary to whom you are sending the money. To authenticate your transaction, you will have to enter the UPI PIN.

 

What if your friend doesn’t have UPI?

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.

How can you make payments using BHIM App?

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.

Which banks support the BHIM app?

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.

How much can you transact using 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.

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Article Author

Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. 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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