PM Narendra Modi yesterday launched BHIM, described by him as a brand-new app that will amount to “a world wonder.” BHIM - Bharat Interface for Money , is meant to play a big role in the government’s push towards digital India and digital transaction.
"Be it a smartphone or a feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity," says PM Modi. "One only needs a thumb. There was a time when an illiterate was called 'angutha chhaap'. That has changed. Your thumb is your bank now”
BHIM will allow customers to transact electronically without using their credit or debit card, or by creating and storing a mobile wallet.
Facts about to BHIM:
-The app helps easy transfer of money or make a payment from your bank account using only your phone number.
-If the shopkeeper uses the BHIM app too, just open the app, choose “send money”, and type in the amount and the merchant's phone number to make the payment. The money will be debited from your account, and credited to the merchant's bank account which are linked to the BHIM app.
-BHIM is now available in an Android version to download, iOS will come soon .
Playstore link:
-The app also allows you to scan a QR code. The merchant can generate his QR code through the BHIM app. To pay him, you'd need to tap the Scan and Pay button in the app, and then scan the QR code.
-Using BHIM ,without smartphone also we can make payments need to dial *99# from any kind of mobile phone, and this will show a menu
- by typing in different nos we can choose to send money, check your balance, or see transaction history.
-Can work on any phone - even Rs. 1,000 feature phones - without an Internet connection.
-Shopkeepers can use the BHIM app and receive money from a smartphone, if the customer has linked a bank account and her Aadhaar ID, then the merchant can use Aadhaar Pay, an app that was soft-launched on 29thdec . For this, the merchant has to have a smartphone (even a basic Android phone will do) and a Rs. 2,000 fingerprint reader. This is currently being distributed free in Aadhaar Payments pilot projects around the country.On the shopkeeper's phone, the customer types in her Aadhaar number and chooses her bank. Then, the shopkeeper uses the fingerprint reader for instant confirmation to complete the payment.
-With BHIM and all UPI (United Payments Interface) apps, you can directly connect your phone to your bank account - like a debit card.
-Payments are happening directly from and to bank accounts, so merchants don't have to worry about transferring wallet earnings to the bank either.
-There is a Rs. 10,000 per transaction limit, and Rs. 20,000 per day for BHIM.
-All UPI-connected banks accept BHIM - this includes all major Indian banks including SBI, ICICI, Axis, and HDFC.
-Even banks not connected to UPI can receive money through BHIM through IFSC, an 11-digit code assigned to every bank branch by the Reserve Bank of India.
If i find the link to this app i will update this bog with links.
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Jai hind, signing off
Dikki
Dikki
*The article refered for this is of Ndtv. Thanks for that
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