BHIM – Bharat Interface for Money

BHIM is an UPI (Unified Payments Interface) based mobile application that has been developed by the NPCI (National Payments Corporation of India) to make the money transfer process secure, simple and fast. It is named after Dr. Bhim Rao Ambedkar and was launched on 30th December, 2016 in New Delhi by Prime Minister Narendra Modi at a Digi Dhan Programme. This app is directly linked to the bank account, which makes it different from other e-wallets.

UPI:

Unified Payments Interface or UPI allows people to transfer money to others in seconds. The transfer happens through IMPS. When you use UPI to transfer money, you do not need to know the bank details of the recipient. You only need to know the receiver’s VPA (Virtual Payment Address). For example - xxxxx@UPI. Most of the banks in India that are under UPI have integrated UPI in their mobile apps or have their own UPI app.

Features and Benefits of BHIM:

• It can be used with any bank.
• It does not require you to add payees.
• The app supports Hindi and English at present. More languages will be added soon.
• The app has a very user-friendly interface.
• The maximum transaction limit is Rs.10,000 per transaction and Rs.20,000 per day.
• You can just enter the mobile number of the receiver to transfer money.
• It transfers money immediately.
• It lets you create a custom payment address.
• It is available for all Android phone users. It will soon be made available for other operating systems as well.
• It allows you to make payments by scanning QR codes.
• You can authorize transfers using UPI PIN or your finger print.
• The application will work on phone that do not have an internet connection.
• The application has a ‘Scan and Pay’ facility.
• BHIM allows you to check your account balance and transactions.
• BHIM does not take any transaction charge.

How Does BHIM Work?

• First, you have to download the BHIM app on your phone.
• Next, you have to enter your phone number, which the app will verify.
• You have to then select your bank name. The app will search and display the bank account that is associated with your mobile number. Select it if the account number is right to link it to the app.
• You will receive a VPA, which will look like this – yourphonenumber@UPI. You can also create a custom payment address.
• You have to also setup a UPI PIN for your account.

Once you are registered, you can send or receive payments. To send payments you can simply enter the mobile number or payment address of the receiver. You can also send money to banks that do not support UPI as well. You can do so using the MMID or IFSC code.

To make payments to any merchant, you can use the ‘Scan and Pay’ option to scan their QR code and make the payment.

If UPI is not activated for your bank account, then you will be asked to enter the expiry date and six digits of your debit card number.

How to Download?

To download the BHIM app, you have to open the google play store on your android mobile phone. Search for BHIM and click on install.

Banks That Support BHIM:

• Andhra Bank.
• Allahabad Bank.
• Axis Bank.
• Bank of India.
• Bank of Baroda.
• Canara Bank.
• Bank of Maharashtra.
• Catholic Syrian Bank.
• DCB Bank.
• Central Bank of India.
• Dena Bank.
• HDFC Bank.
• Federal Bank.
• IDBI Bank.
• ICICI Bank.
• IDFC Bank.
• Indian Overseas Bank.
• Indian Bank.
• Karnataka Bank.
• IndusInd Bank.
• Kotak Mahindra Bank.
• Karur Vyasa Bank.
• Punjab National Bank.
• Oriental Bank of Commerce.
• South Indian Bank.
• RBL Bank.
• Standard Chartered Bank.
• Syndicate Bank.
• State Bank of India.
• TJSB.
• Union Bank of India.
• UCO Bank.
• United Bank of India.
• Yes Bank Ltd.
• Vijaya Bank.