After the decision of Demonetization, PM Modi has been extensively promoting the use of digital payment and cashless transaction. In the midst of making it a more successful effort, he has recently launched a new app- BHIM APP – in Digi Dhan Mela Event held at New Delhi’s Talkatora stadium.
The app is named after Dr. Babasaheb Ambedkar that can now transfer money in almost every bank account. The full form of BHIM is Bharat Interface for Money and it is an Adhar Card based mobile number app which can also be verified through a fingerprint. The app has been developed and powered by the National Payments Corporation of India.
Narendra Modi claimed that this app can be installed even in a smartphone or feature phone of Rs 1,000-1,200. He even said that there is no need to have Internet connectivity. Only our fingerprint is needed to verify the transaction.
What is the working mechanism of this app? Read below
- One has to register his bank account with the BHIM APP and set up his UPI PIN for the bank account. His mobile number will become his payment address and then he can simply start transacting
- You can transact (receive and send) money with your friends and family members through your mobile number. The transactions can also be done with non-UPI supported banks using IFSC and MMID codes. You can also request for money through the app and reverse payment facility is also embedded into the app.
- One can also check his bank balance and transaction in one go.
- Other than the mobile numbers as a payment address, one can also generate and scan a QR Code for faster transaction process without any mistake.
- However, unlike conventional banks, one can only make a transaction of maximum 10,000 at once and 20,000 is the daily limit for the transaction.
You can send, receive from friends, family, and customers through a mobile number or payment address. Money can also be sent to non-UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.
The app has been launched just for the Android platform and an iOS version is soon on its way. You can download this through this link – CLICK HERE.
So what are you waiting for? GO AHEAD and use the app. Please share your views in the comment section below.