Acronym BHIM ExplainedThe acronym 'Bhim' stands for Bharat Interface for Money but reminds of BSP's pro-Dalit outfit "Jai Bhim" slogan. Slogan along with the name of Dalit icon B R Ambedkar getting invoked by Modi several times at the app launch event suggests a strong association with Dalit movements.
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What has Modi to say about BHIM?
- * Use of a thumb impression for legal purposes was a sign of illiteracy earlier.
- * Thumb has now become one's identity. Banks are now at one's thumb.
- * Digitalisation can empower the poor -rather than disadvantage them, as maintained by some demonetisation critics.
BHIM - What you need to know?
- * BHIM has been developed by NPCI (National Payments Corporation of India).
- * BHIM is inter-operable with other Unified Payment Interface (UPI) applications & Bank accounts.
- * UPI creates an alias for your bank account = A ‘Virtual Payment Address’ to simplify digital payments using your mobile phone.
- * Register your bank account with BHIM and set up an UPI PIN for your bank account.
- * Your primary address on the BHIM app would be either mobileNo@upi or specificID@upi.
- * This virtual payment address can be used to send or request money through other linked IDs. Payments can be reversed if necessary.
- * Money can also be sent to non-UPI supported banks using IFSC and MMID codes.
Features of BHIM
Check BalanceBHIM user can check his/her bank balance and transaction details anywhere/anytime.
QR Code scannerMerchants can supply their payment addresses as printed QR Code for faster entry & transaction. BHIM users can scan and transact through the app much faster.
Transaction Limit:Upper limit of Rs 20,000 worth of transactions in a 24-hour cycle with the maximum transaction not exceeding Rs 10,000.
Languages:Currently only English and Hindi are supported. NPCI promises to offer more regional languages very soon.
Charges:No transaction charges will be applied but your bank may add a nominal charge either as UPI or IMPS transfer fee.
Advantages of BHIM
- * UPI is an open payments platform as against mobile wallets which are semi-closed payment systems.
- * Money can directly be transferred from bank-to-bank without any switching charges. The fuss of pulling money from the bank account to the mobile wallet is hence removed.
- * All we can ask NaMo now is "Get Merchants on Board" and make this app a sure success.
BHIM app DownloadApk link - https://play.google.com/store/apps/details?id=in.org.npci.upiapp
iOS link - An iOS version will be launched soon. As BHIM is Aadhaar-enabled, this app should put an end to the fuss around other e-wallets.