India launches BHIM App to Boost Digital Transactions
Prime Minister of India Narendra Modi on Friday launched BHIM mobile application to promote and make digital transactions easier. BHIM, which stands from Bharat Interface for Money, lets one make quick payments using a Unified Payment Interface (UPI). All payments made using BHIM are linked to one’s bank account and a payment can be transacted within a few seconds. One can easily make direct bank-to-bank payments and instantly collect money simply using one’s mobile number or payment address.
“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. One only needs a thumb. There was a time when an illiterate was called ‘angutha chchap’. Now, time has changed. Your thumb is your bank now. It has become your identity now,” the PM said at the event.
Users also have the option create a custom payment address. The biggest selling point for the app is it works across all banks and users do not need to use separate apps in case they have multiple accounts in different banks.
BHIM also supports QR codes to make it easier for people such as merchants to enable people to pay online. A user can pay as much as Rs 20,000 ($300) in a day.
UPI apps went live earlier this year in August with 21 banks. However, the payments interface was integrated into the banking apps with other features too. The BHIM app, on the other hand, comes with a simple interface and is built for ease of use. The app is about 2MB in size. As UPI is built on top of Immediate Payment Service (IMPS), the transaction takes place in seconds. The best part is – the payment system works 24 hours a day, 7 days a week and 365 days.
Several transactions can be executed using BHIM. These include request or send money via payment address, send money to Aadhaar mumber, request or send money to mobile number, send money through MMID, mobile number, send money through IFSC code, account number, use the scan and pay option for merchant payments.
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