BHIM App is the new revolutionary mobile app released by Indian Prime Minister Narendra Modi. BHIM is referred to as Bharat Interface for Money. It is an android application which simplifies money transfer across India. So this app provides fast, stable and secure cashless transactions. The app has by NPCI (National Payment Corporation of India ). This app is interoperable with other UPI (Unified Payment Interface) apps including bank accounts.
Steps to get your Download BHIM App Ready for use:
- Register the bank account with BHIM App
- Set a UPI PIN for this bank account
- Payment Address is your mobile number
- And you can now start to buy and sell.
BHIM APK is simple App for sending and receiving money customers, friends, family, etc. Mobile number is used as the payments address. So you can transfer money to any mobile number.
Banks Supported by BHIM App
- Federal Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India.
- Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra,
- Central Bank of India, Canara Bank, Catholic Syrian Bank,
- DCB Bank, Dena Bank,
- IDBI Bank, Indian Overseas Bank, IDFC Bank, Indian Bank, IndusInd Bank,
- Karnataka Bank, Mahindra Bank, Karur Vysya Bank, Kotak
- Oriental Bank of Commerce,
- Punjab National Bank,
- RBL Bank,
- South Indian Bank, Syndicate Bank, Standard Chartered Bank,
- United Bank of India, Union Bank of India, Vijaya Bank.
Detailed Features of BHIM App:
Send / Receive Money Digitally: You can send and receive money from family, friends, customers, etc. with a mobile number or a virtual payment address (VPA). Those banks that don’t support UPI till now can also receive money via IFSC and MMID methods. Payments can also be requested and reversed if required with your BHIM App.
Checking balance in your Account: Account balance at your bank can also be verified with details of transaction made previously.
Custom payment address: If you don’t want to provide your phone number than a custom payment address can also be given to make payments in your account.
QR Code: Payment address can also be made optional as a phone number with your QR code. You can produce your QR code, and payee can scan it with BHIM App to pay money instantly.
Limits of Transaction: Right now the limit has been set to Rs 10,000 per transaction, and in 24 hours you can transact up to Rs 24,000.
Supported Languages: Hindi and English are initially launched and later with updates in the app you can get more languages on your BHIM App.
Aadhaar Enabled: BHIM App is an Aadhar enabled app, which means e-wallets like PayTM and others will suffer due to a launch of this app.
iOS and Windows App version of BHIM App:
Right now only Android version of App has been initiated, and as per sources, an iOS version will be launched soon.
Charges of BHIM App
There is no transaction fee or charges taken by BHIM App, but your bank may take nominal charge for a UPI or IMPS transaction. Although nothing official has been announced UPI transaction will be around 50 paise per transaction.
Why will Mobile Wallets be affected by BHIM App?
The positive and the best thing about BHIM App is that it’s launched by the government and it’s highly secure. It allows you to transfer money from bank account directly, no wallet system is there or required.
E-wallets give you an added security layer, but like the ease of use a bank to bank transfers are easier than merchant to merchant transmission. Paytm has also started a new system of auto withdrawal of money to your bank account after every 24 hours, which is probably due to BHIM App launch.
More interesting facts about BHIM App
- After more improvements in BHIM App, it will connect with Aadhaar system, which means you will not need any mobile number, internet to transfer payments, it will be done with the use of your thumb impression.
- More Digi Dhan Melas would be showcased in different parts of India, where people can learn how to transact digitally from your mobile phone.