BHIM is India’s Top Money Transfer App

254
BHIM is India’s Top Money Transfer App

The trend in most countries is to go for a cashless economy – credit cards, online payments systems, and mobile money wallets have been increasingly used for money transactions all over the world. A new app was initiated in India, which allowed people to send money to other users and pay for goods and services.

The Bharat Interface for Money (BHIM) application was developed for iOS and Android smartphones allowing cashless transactions at several outlets. This app works with all other Unified Payments Interface (UPI) operators. It was also set up to work with bank accounts.

Getting the app to work is a straightforward process. Registration requires a bank account number, and a UPI Pin for the account. The user’s phone number becomes the payments address. Once these settings are done, the app can be used immediately.

Government Backing

The National Payment Corporation of India (NPCI) developed the BHIM on behalf of the government. The Prime Minister of India, Narendra Modi, was available to launch the app. There have been several meetings between government personnel and the citizenry, where the advantages of a cashless system are taught and debated.

“The simple way in which the app is designed has turned it into one of the most popular apps today”

The government announced the removal of the Rs. 500 and Rs. 1,000 notes from the economy and this have made people turn to cashless systems when dealing with amounts less than Rs. 1,000. There have been other apps in the past, such as PayTm, which have been used all over the country.

BHIM has been a stiff competitor to PayTm and others. PayTm is quite popular and can be found even in small shops and stalls. 21 different banks are now using UPI apps like BHIM. The app is specifically created for simplicity.

The user-interface is simple, and it is not cluttered with too much information as you would see on other apps. Other apps carry information on exchange rates, stocks markets amongst other information which would not be beneficial to most mobile users.

Usability of the App

The simple way in which the app is designed has turned it into one of the most popular apps today. Users can do some functions as shown below:

“Given the popularity of the BHIM app, several banks have joined in and allowed their customers to transact through the app”

  • Online cash transfers – this is the primary purpose of the app. Get and send money from friends and family through a mobile number or payment address. Unregistered users can also receive money sent from BHIM on their mobile number, Aadhar number or Account number + IFSC. Receive money and reverse payments instantly with the BHIM app
  • Check account balance – The BHIM app can also be used to check bank account balances
  • OR code capability – Users can now scan a QR code for fact entry to online payment facilities. If merchants create their QR codes, it will make payments that much faster.
  • Custom Payment Address – apart from the phone number, users can now create an additional custom digital payment address.
  • Payment to Aadhaar – BHIM allows for easy payment to Aadhaar numbers.
  • Block Spam – the app can block spammers who ask users to collect funds from illegal sources
  • Transaction limits – All transaction have to be below Rs. 10,000 and the maximum permitted per day is Rs. 20,000.

Supported Banks

Given the popularity of the BHIM app, several banks have joined in and allowed their customers to transact through the app. There are big name banks and smaller banks, but the list is impressive.

  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • City Union Bank
  • Corporation Bank
  • DBS Bank
  • DCB Bank Ltd.
  • Dena Bank
  • Federal Bank
  • HDFC Bank
  • HSBC
  • ICICI Bank
  • IDBI Bank
  • IDFC Bank
  • Indian Bank
  • Indian Overseas Bank
  • IndusInd Bank
  • Jammu & Kashmir Bank
  • Karnataka Bank
  • Karur Vysya Bank
  • Kotak Mahindra Bank
  • Lakshmi Vilas Bank
  • Oriental Bank of Commerce
  • Punjab National Bank
  • Punjab & Sind Bank
  • RBL Bank
  • Saraswat Bank
  • South Indian Bank
  • Standard Chartered Bank
  • State Bank of India (SBI) & Associate Banks
  • Syndicate Bank
  • TJSB
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank
  • Yes Bank Ltd

There are some banks that are waiting to be added to the app. The list of banks will probably include all banks in India within the near future.

BHIM Offers Several Rewards

BHIM app has been offering rewards to its users. A user can get rewarded simply for referring a friend. When the referred person downloads the app, he or she gets to enter a referral code that is associated with your number. The new entrants get Rs.25, and the referee gets Rs.10.

BHIM app is also giving cash back rewards from certain merchants. This is an effort to make merchants and shoppers increase the use of cashless transactions. These rewards are making people come to BHIM more than any other app when it comes to transacting on mobile devices.

Public Appeal

The BHIM app has been lauded for fast and easy transactions on mobile phones. An updated version is now available on Google Play Store and Apple App Store. The update adds more languages to the app and addresses some security issues, such a spam reports.

The MD&CEO of NPCI, Mr A.P. Hota has said that he was pleased with the launching of the new update, which has enhanced security features and gives a better user experience than any other app in the industry. All transactions are safer and easier using the new update.

In the End

The BHIM app has made it easy for people to make transactions on their mobile devices, in a safe and secure environment. The app can be used to send money to registered and unregistered users. The versatility of the app has made it very popular with people in India. The fact that The Prime Minister was available to launch the app shows how much attention it has got. Download it now and enjoy the benefits it has to offer.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Time limit is exhausted. Please reload CAPTCHA.