Prime Minister Shri Narendra Modi today (30th December, 2016) has launched an Aadhaar based mobile payment application called BHIM (Bharat Interface for Money) – a modified version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data), at the Digi Dhan Mela event in Talkatora stadium in New Delhi.
BHIM is a real-time cashless transaction platform wherein the payments can be made through use of bio-metric finger prints. The payments done through this app is expected to start over the next 2 weeks. As of now, the new APP can be downloaded from Android app store.
This latest app has been named in the honor of Bhimrao Ambedkar (Dr Babasaheb Ambedkar), the man who gave Indian Constitution.
What is BHIM App?
BHIM is a mobile based application interface to send or receive money. One can also make digital payments (e-payments) through this app. You have to register your bank account to the app and set a UPI PIN. Your mobile number will then be your payment address and you can perform financial transactions using the app. You can also check balance or scan a QR code to make a payment.
As of now, the maximum amount that can be transacted is Rs 10,000 per transaction and Rs 20,000 in a day.
How BHIM App works at Retail Outlets?
- The shop-keepers (merchants) need to download the Aadhar based cashless merchant app (BHIM) on their smartphones.
- The smartphone has to be connected to biometric reader (cost of biometric reader is around Rs 2,000)
- The customer will then feed his or her Aadhar number into the app.
- He/she then has to select the bank through which the transaction can be done.
- The customer has to scan his/her thumb impression, which is authenticated by the biometric reader. (Almost 40 crore Aadhaar numbers already stand linked to bank accounts – that is half the adults in India. )
Benefits of BHIM App
- BHIM app can be used on any smartphone even without the internet (one time download is required).
- There is no need for a buyer/customer to have a mobile phone. It is a very simple application and your (customer) fingerprint is enough.
- This app can eliminate the requirement of PoS (Point of Sale) terminals.
- No bank and merchant transaction fee is applicable. (Generally 1 to 3% charges are levied on the transactions by Card companies like Visa or Mastercard).
- You can also use BHIM interface to transfer money. It lets you make easy and quick payment transactions using UPI. You can easily make direct bank to bank payments and instantly collect money using just Mobile number or Payment address.
Which banks support the BHIM app?
Following are the banks that support the BHIM app. The list is as released by the government:
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.
FAQs on BHIM APP
Kindly click on the below image to go through the list of FAQs on BHIM app.
Kindly note that this post is based on limited available information, more details will be updated soon….
(Image courtesy of stockimages at FreeDigitalPhotos.net) (Post published on 30-December-2016)