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.
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.
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.
4. BHIM requirements
A smartphone with internet access, a phone number associated with the bank account and a UPI supported bank account.
5. The app is available for Android and iOS
The app is available for Android 2.3 Gingerbread and iOS5 and their succeeding versions.
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.
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.
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.
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.
Click here to watch the launch of BHIM app by Prime Minister Narendra Modi.