In an attempt to push our economy towards cashless transactions, the Government of India launched the BHIM (Bharat Interface for Money) app on 31st December. Developed and maintained by National Payment Corporation of India (NPCI), BHIM app uses the UPI (Unified Payment Interface) method which allows users to do faster, easier and secure online payments through a smartphone.
With BHIM app, a user can directly transfer money from a bank account to another user, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords. It can also be used by customers to pay different merchants without sharing their credit-debit cards or bank details.
Just after two days, the BHIM app made its way to the Google Play store, it has already surpassed other popular apps including Whatsapp, Facebook, MyJio and reserved the top seat for itself. Currently, the BHIM app is placed on the top of free apps on Google Play store with 3 million downloads in just 3 days.
Apart from being no. 1 app on Google Play store in India amongst all apps, the app has also recorded a massive amount of 5 lakhs transactions since its launch. Amitabh Kant, CEO of NITI Aayog, posted these stats on Twitter saying the app will also available in iOS version and with multilingual support. Currently, the app supports only Hindi and English languages.
— Amitabh Kant (@amitabhk87) January 2, 2017
Named after Dr Bhim Rao Ambedkar, the BHIM app is supported by all the major banks including but not limited to State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, Axis Bank, Bank of India, Canara Bank, Kotak Mahindra Bank, Oriental Bank of Commerce and much more. The money can also be sent to non-UPI supported banks as well using IFSC and MMID.
With BHIM app, your registered mobile number with the bank becomes your payment address through which you can receive payments. There’s a Rs 10,000 per transaction limit and a maximum amount of Rs 20,000 can be transferred in a day. For larger transactions, you have to use the conventional methods such as Debit/Credit cards, Net Banking via IFSC.