All you need to know about BHIM

All you need to know about BHIM

Platforms supporting BHIM

* Android versions 8 and above: available in Google Play

* iOS mobiles (Version 5 and above)

* Windows: not available yet

* USSD: on any phone

Banks supporting BHIM app

Allahabad Bank	Dena Bank	Karur Vysya Bank
Andhra Bank	Federal Bank	Kotak Mahindra Bank
Axis Bank	HDFC Bank	Oriental Bank of Commerce
Bank of Baroda	ICICI Bank	Punjab National Bank
Bank of India	IDBI Bank	RBL Bank
Bank of Maharashtra	IDFC Bank	South Indian Bank
Canara Bank	Indian Bank	Standard Chartered Bank
Catholic Syrian Bank	Indian Overseas Bank	State Bank of India
Central Bank of India	Induslnd Bank	Syndicate Bank
DCB Bank	Karnataka Bank	Union Bank of India
United Bank of India	Vijaya Bank

Type of transactions that can be done

• Send or request money via Payment address
• Send money via Aadhaar number.
• Send or request money via mobile numbers
• Send money via MMID and mobile number
• Send money via IFSC code and account number'
• Send or receive money by scanning the QR code.

What is BHIM?

PM Modi launched the BHIM (Bharat Interface for Money) as a New Year gift to people troubled with demonetization. National Payment Corporation of India (NCPI) developed this app to enable easier and faster digital payment for people learning to live cashless. It is far easier than E-wallets and lets you make digital transactions using your Mobile Numbers or Payment address.

Difference between BHIM and UPI

United Payment Interface (UPI) is used by people for digital transactions and they are similar to BHIM in many ways. UPI is just a platform which BHIM is a mobile wallet app developed by the umbrella organization for all retail payments in India - NPCI. BHIM is similar to PayTm, Freecharge, Mobikwik, etc. but comes with more reliability.

With UPI one needed various accounts for accounts in different banks. BHIM lets you create a single unified account that is set as default. You can link another bank account to the same app using the same ID.

The transactions using BHIM are done directly from your bank accounts and hence come with no transfer charges that are usually levied in UPI transactions. There are no hidden charges and commissions involved.

Mobile banking

Not everyone has mobile banking enabled, and are hence unable to make UPI payments. With BHIM, you can easily link your bank account to UPI. All you need is your mobile number registered with the Bank and you are good to go with the app.

Transferring funds

You can transfer funds with BHIM from the bank account that has UPI enabled. You will create a UPI PIN usingh debit card details of the same bank account. The interface is secure and no information is shared or stored. If you have the beneficiary account added, you can transfer fund easily, if not you can still transfer funds with IFCS code, Bank account number or MMID and mobile number.

The transactions can be done at any time, even after banking hours. The fund is transferred instantly and there is no waiting to confirm unlike mobile banking transfer.

Requesting funds

Unlike any other wallet, you can request money by entering someone’s mobile number or payment address or Aadhaar number or by sharing your QR code.

Precautions

There are prank apps doing rounds on Google play. Some of them that should be avoided are:

• BHIM payment updater 2017
• Modi BHIM.
• *99# BHIM UPI Bank No Internet

NPCI has issued warnings to avoid the duplicate apps that calls for tutorials on the BHIM app. Do not download apps from third party app stores or the ones that appear on page advertisements. They can possibly be malicious and involved in phishing activities.

Apps claiming to be developed by “gov.in” or with this name anywhere in between the description are clearly fake.

Stick to the app developed by NPCI only.

The fake apps have managed to cross 100,000 downloads and have four star ratings which is very disturbing. Help people around you identify the real BHIM app from the fake ones.