PM Narendra Modi on 30th
Dec launched UPI (United Payments Interface) based app called BHIM, short for Bharat Interface for Money.
The BHIM app is a straightforward UPI app, which would allow anyone to make simple digital payments directly from their bank account, and it is now available for download.
The UPI-based BHIM app allows anyone to pay or receive money through online banking, unlike a wallet where you have to first load the money before you can use it.
Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity.
With the BHIM app, anyone can send or request money through the app to make a digital payment.
The app is linked to your bank account, so you don't have to load money in it unlike a wallet, and a merchant does not have to worry about transferring the money back to their bank account.
It can be downloaded by the National Payments Corporation of India (NPCI) on Google Play to start using the free Android app.
BHIM app is presently now available on Android and will come to iPhone 'soon'.
All the major banks are supported by the BHIM app - as long as the bank supports UPI, you will be able to access your money through the BHIM app.
The list of banks supported by the BHIM app is as follows:Banks Accepting BHIM1.
Bank of India2.
United Bank of India4.
Union Bank of India5.
State Bank of India7.
Standard Chartered Bank8.
South Indian Bank9.
Bank of Maharashtra10.
Punjab National Bank12.
Oriental Bank of Commerce13.
Kotak Mahindra Bank14.
Karur Vysya Bank16.
Indian Overseas Bank19.
Catholic Syrian Bank25.
Central Bank of India29.
Bank of Baroda30.
Allahabad BankKnow More About BHIM
- There is a maximum of INR. 10,000 per transaction permitted, and INR. 20,000 within 24 hours.
- The BHIM app comes with basic features such as the ability to send or receive money, linking of accounts, saving profile of the user, changing the language, recording beneficiary details and providing balance enquiry.
- Banks that currently have individual UPI apps can either endorse the common BHIM app or only allow their customers to use the in-house app which may be loaded with more features.