PM Narendra Modi is proving to be one of the most active and dynamic leader. From ‘Digital India’ to ‘Demonetization’, his efforts are being praised all around the world. Recently, PM Modi came up with the idea of easy transaction known as BHIM (Bharat Interface For Money). Moreover, with the changing needs and growing technology, BHIM is what India needs now. Here’s everything you need to know about it:-

“This is the treasury of the poor to digital payments” -Narendra Modi

 

1. BHIM (Bharat Interface For Money)

BHIM is a new app based on UPI (Unified Payments Interface). In fact, it is useful for faster and easier transactions. Moreover, bank account numbers will not have to be used every time during a transaction. A mobile number or payment address is more than enough for instant payments.

BHIM (Bharat Interface For Money): Facts

2. Transactions are quicker than you think

The new BHIM app lets the users transfer money within a few seconds to your bank account. Also, this is the fastest ever transaction possible.

BHIM (Bharat Interface For Money): Facts

3. The app is free

You heard that right! An extremely useful app like BHIM is free of any charges. However, user’s bank might charge for UPI.

BHIM (Bharat Interface For Money): Facts

4. BHIM requirements

A smartphone with internet access, a phone number associated with the bank account and a UPI supported bank account.

BHIM (Bharat Interface For Money): Facts

5. The app is available for Android and iOS

The app is available for Android 2.3 Gingerbread and iOS5 and their succeeding versions.

BHIM (Bharat Interface For Money): Facts

6. It has a transaction limit of Rs. 20,000

Although, the app is simple, it comes with a drawback of a limitation on the transaction amount. A maximum of Rs. 10,000 can be sent or received in one transaction. Additionally, Rs. 20,000 is the highest amount that can be transacted in 24 hours.

BHIM (Bharat Interface For Money): Facts

7. Payments are transferrable to Non-UPI supported banks

Now that’s some good news! Payments can be done using IFSC and MMID codes of a Non-UPI supported bank.

BHIM (Bharat Interface For Money): Facts

8. It is not a mobile wallet

Consequently, with the usage of UPI association with banks, BHIM is different from that of mobile wallets. Unified Payments Interface is a unique user identifier code associated with the bank account. Whereas, transactions using mobile wallets is only possible when the sender and receiver both use the same mobile wallet.

BHIM (Bharat Interface For Money): Facts

 

9. BHIM will soon roll out fingerprint impression feature

Interesting! The app is yet to roll out Aadhaar based transactions where a single fingerprint would be sufficient to send and receive money.

BHIM (Bharat Interface For Money): Facts

Click here to watch the launch of BHIM app by Prime Minister Narendra Modi.