Easy, Quick, and Cashless Transactions: 8 Things to Know about the New BHIM App Launched by PM Modi

Prime Minister Narendra Modi launched a mobile payment app named BHIM (Bharat Interface for Money) at a Digi Dhan programme in New Delhi on Friday. Launched in an attempt to encourage cashless payments, the app will enable easier, quicker, reliable, and 24/7 transactions using just a smartphone, internet access, and an Indian bank account.

The PM also said that a biometric payment system based on the Aadhaar platform will also be launched within two weeks, using which people will have to use just their thumbprints for transactions.

Here are a few things to know about the app:

1. The app is named after Dr. Bhim Rao Ambedhkar and is currently available on Android (version 8 and above) and iOS mobiles (version 5 and above). It will be available on other phones soon.

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Picture for representation only. Flickr

2. It will operate on Unified Payment Interface (UPI) and will help in retail banking operations such as transfer of money, checking balance, etc.

UPI was developed by the National Payments Council of India (NPCI) and was launched in February this year. It allows users to make payments using mobile phone as the primary device. Users just have to create a ‘virtual payment address’, which is the phone number.

3. BHIM app will be easier to use as compared to e-wallets because users can link their mobile numbers to their bank accounts.

They will not have to fill in their bank details for every transaction. They will be able to make instant bank-to-bank payments using the mobile number of the beneficiary.

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4. Users will need to set their UPI-PIN after downloading the app.

The set UTI-PIN option is found in the main menu of the app where a user has to enter the last six digits of the debit/ATM card with expiry date followed by the OTP.

5. In a 24-hour cycle, users can make a maximum transaction not exceeding Rs. 10,000 and there is an upper limit of Rs. 20,000 on transactions.

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6. If the beneficiary bank account is linked to UPI, the transaction can be done simply by entering the mobile number. If not, it can be done using IFSC code or bank account details.

7. While individual banks might charge users a UPI or IMPS transfer fee, the app is free of cost.

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8. Users don’t need mobile banking services for using the app. The only requirement is that their mobile number should be linked to their bank accounts. About 30 banks that are live on UPI have been listed in the app.

You can download the app here.

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