BHIM app review

BHIM app review :

App for cashless payments launched by Prime Minister Narendra Modi

BHIM app review: App for cashless payments launched by Prime Minister Narendra Modi

Prime Minister Narendra Modi has launched the Bharat Interface for Money (BHIM) app for cashless payments. The application can be set up in a matter of seconds, and allows for safe, secure and simple cashless transactions. It is not a mobile wallet, the app is inter-operable with Unified Payments Interface (UPI), and it connects directly to your bank account. The application is developed by the National Payment Corporation of India (NPCI).

The setup is very fast and simple. The app verifies the phone number automatically. Note that the phone number used for the transactions has to be the same phone number registered with the bank for the account you intend to use. As of now, transactions are supported for only one account per user. The bank account menu allows users to change the bank account at any time.

There are three ways to transfer money, through a QR code, through a phone number, or through the UPI address. A QR code is available by default in the profile section. This can be saved to the phone as an image, or directly shared through instant messengers or email.

A phone number based UPI address is generated automatically, but users have the option of creating and saving additional UPI addresses. Security is through a UPI pin that has to be set up on start, and can be changed later on. Every time the app is launched, the pin is demanded, but not on screen unlock. IFSC and MMID transactions are supported for banks without UPI.

The application allows users to check the bank balance directly from the app. There is a limit of Rs 10,000 per transaction, and a 24-hour limit of Rs 20,000.

As of now, only English and Hindi languages are available, but support for more languages is on the way. A long list of banks are supported, and the transactions happen instantly. There is no requirement for having an Aadhaar card, or an Aadhaar-linked bank account to use this application.

The application is simpler to use than mobile wallets, the transactions take place directly with the bank account.

The charges for UPI transactions levied by banks are applicable. More information is available at the Bhim FAQ.

The application is available for free on Android, supported on OS versions 2.3.3 and up.

BHIM App Android Download, iOS Version, Supported Banks, Transaction Limits, and More You Need to Know

BHIM App Android Download, iOS Version, Supported Banks, Transaction Limits, and More You Need to Know

Prime Minister Narendra Modi on Friday launched a UPI (United Payments Interface) based app called BHIM, short for Bharat Interface for Money. The BHIM app is a straightforward UPI app, which would allow anyone to make simple digital payments directly from their bank account, and it is now available for download.

The UPI-based BHIM app allows anyone to pay or receive money through online banking, unlike a wallet where you have to first load the money before you can use it.

"Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity," says PM Modi. "One only needs a thumb. There was a time when an illiterate was called 'angutha chchap'. Now, time has changed. Your thumb is your bank now. It has become your identity now."

Let's take a closer look at everything you need to know about the BHIM app.

What is BHIM app?
With the BHIM app, anyone can send or request money through the app to make a digital payment. The app is linked to your bank account, so you don't have to load money in it unlike a wallet, and a merchant does not have to worry about transferring the money back to their bank account.

How to download BHIMP app?
Download the BHIM app by the National Payments Corporation of India (NPCI) on Google Play to start using the free Android app.

How to download BHIM app for iPhone?
BHIM app is presently now available on Android and will come to iPhone 'soon'.

How do I use BHIM app?
After you download the BHIM app, you'll have to register your bank account through the app, and set a UPI PIN. Your mobile number is your payment address, and you can start transacting. Through the app, you can send or receive money to a phone number, check balance, or scan a QR code to make a payment without sharing a phone number.

Using the BHIM app, money can also be sent to non-UPI banks through IFSC, like you do with normal net banking.

Does the BHIM app work on feature phones?
Apart from the Android app, the interface behind the BHIM app can be accessed using USSD (Unstructured Supplementary Service Data) from feature phones - you will need to dial *99# to access it. With this method, an Internet connection will not be required to use the core functionality behind the BHIM app.

What banks support the BHIM app?
All the major banks are supported by the BHIM app - as long as the bank supports UPI, you will be able to access your money through the BHIM app.

The list of banks supported by the BHIM app is as follows:

Allahabad BankAndhra BankAxis BankBank of BarodaBank of IndiaBank of MaharashtraCanara BankCatholic Syrian BankCentral Bank of IndiaDCB BankDena BankFederal BankHDFC BankICICI BankIDBI BankIDFC BankIndian BankIndian Overseas BankIndusInd BankKarnataka BankKarur Vysya BankKotak Mahindra BankOriental Bank of CommercePunjab National BankRBL BankSouth Indian BankStandard Chartered BankState Bank of IndiaSyndicate BankUnion Bank of IndiaUnited Bank of IndiaVijaya Bank

What are the BHIM app transaction limits?
There is a maximum of Rs. 10,000 per transaction permitted, and Rs. 20,000 within 24 hours.

Source : Gadgets 360

BHIM vs UPI

BHIM vs UPI: This App is Narendra Modi Government's Paytm With One Major Advantage 

Prime Minister Narendra Modi introduced BHIM (Bharat Interface for Money) to the entire nation as a new year’s gift. While it is a remarkable feat to drive digital payments, citizens are yet to understand what exactly it is and why is it important.

For those who are already aware of UPI (United Payments Interface), the easiest way to understand BHIM is by seeing it as our government’s very own version of Paytm, which is developed by National Payments Corporation of India (NPCI)—the umbrella organisation for all retail payments system in the country.

BHIM vs UPI apps

UPI is the platform while BHIM is a separate mobile wallet app, similar to Paytm, Mobikwik, Freecharge and others. The UPI platform has already enabled all major banks to offer the services that BHIM is now offering. However, for different banks, you will need to use separate UPI apps and VPAs (Virtual Payment Address), similar to unique email IDs.

So, if you have two accounts in ICICI and HDFC respectively, to enable UPI transactions on both the accounts, you will have to use separate UPI apps of ICICI and HDFC and generate unique VPAs.

For example, if your name is Asish, you have to get ‘asish@icici’ and ‘asish@hdfcbank’ as VPAs to transact between the ICICI and HDFC accounts instantly.

Coming to the BHIM app, it’s a unified app based on UPI which can be synced to any of the UPI-enabled bank accounts. However, only one UPI-enabled account can be added to BHIM and not multiple. There is an option to change accounts.

The BHIM app offers a very simple user interface and most importantly it enables users to create a VPA with a verified mobile number. For example, with BHIM you can get a VPA like‘9900000000@UPI’.

In reality, the BHIM app is an improved version of the existing bank UPI apps. The BHIM app offers the ease that other mobile wallets offer. This is something which existing UPI bank apps do not.

BHIM vs Paytm-like mobile wallets: The big difference

The BHIM app gives serious competition to existing mobile wallets. Given that it is directly synced to the bank account and is made by NPCI, the BHIM app will obviously appear as a more reliable option to the citizens.

While BHIM has all the benefits provided by other mobile wallets, the one big advantage is that the transactions happen directly from the bank accounts and there are no charges associated with transfers.

So, you will not have to recharge your BHIM wallet and of course, no commissions, hidden charges are involved.

One big challenge for BHIM

BHIM has the potential to demolish private mobile wallets. However, the biggest challenge for NPCI would be to spread the word about BHIM and get merchants on board. Unless BHIM is accepted at physical stores, public transport, etc, BHIM, as well as UPI, will find it difficult to make an impact.

List of banks on BHIM

Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, 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, Vijaya Bank.

Source : News18

BHIM App Launched, PM Narendra Modi Says World Will Google For It : 10 Facts

Here are the 10 latest developments in this big story

1. The BHIM app is being improved upon so that in time, "only your thumb will be needed to make a payment," said the PM, adding "you will eventually not be dependent on the internet, on smartphones, your thumb will be your bank."
2. The 50-day deadline to submit invalid 500 and 1,000-rupee notes ended on Friday. The Reserve Bank of India or RBI has asked banks to submit details of the deposits made in the outlawed currency. Nearly 90 per cent of the cancelled notes have been already deposited in banks, which means that the government's intention of removing black money may have missed its mark. PM Modi will address the country this evening to discuss the impact of his abrupt demonetisation drive.
3. The cash restrictions at ATMs and withdrawals from banks that were introduced after demonetisation will remain in place in the new year. Reserve Bank of India has however raised the daily withdrawal limit at ATMs from Rs. 2,500 to Rs. 4,500.
4. On November 8, PM Modi's shock announcement rendered 86 per cent of India's currency void, giving people until December 30 to swap their old 500 and 1,000-rupee bills for new ones.
5. The PM has been widely hailed for his assault on tax evasion but long queues outside banks, a cash crunch and policy flip-flops have led to a concerted attack from the opposition.
6. The risky gamble is expected to impact the election in Uttar Pradesh, which is expected to be held in February. Many top industrialists and financial experts have praised the PM's call to move towards a digital economy, but some industries have ground to a halt and laid off staff, highlighting India's huge dependence on cash.
7. As the almost two-month window draws to a close, serpentine queues outside banks have thinned down but a single 2,000 rupee note is still all that most ATMs dispense to customers.
8. Until March 31, old notes can be deposited with the Reserve Bank of India but December 30 was the last opportunity to do so at other banks. After the March deadline there will be a minimum 10,000 rupees penalty for holding old notes.
9. Analysts say the cash squeeze will seriously dent India's economic growth in the short term, a prediction challenged by Finance Minister Arun Jaitley. Ratings agency Fitch revised down its GDP forecast for the fourth quarter of 2016 to 6.9 per cent from 7.4 per cent.
10. Economists expect the economy to benefit in the long term due to an increase in tax revenues but only once there is a plentiful supply of those elusive new notes in circulation. Many Indians have said they didn't mind the hours of queuing if it forced the rich to pay taxes.
11. Source : NDTV