12/31/2016

BHIM - Government's Paytm: Bye Bye Mobile Wallets

BHIM app seeks to ensure easy, fast and secure and reliable cashless digital transactions, entirely through mobile phones.

Acronym BHIM Explained

The acronym 'Bhim' stands for Bharat Interface for Money but reminds of BSP's pro-Dalit outfit "Jai Bhim" slogan. Slogan along with the name of Dalit icon B R Ambedkar getting invoked by Modi several times at the app launch event suggests a strong association with Dalit movements.

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What has Modi to say about BHIM?

  • * Use of a thumb impression for legal purposes was a sign of illiteracy earlier. 
  • * Thumb has now become one's identity. Banks are now at one's thumb. 
  • * Digitalisation can empower the poor -rather than disadvantage them, as maintained by some demonetisation critics.

BHIM - What you need to know?

  • * BHIM has been developed by NPCI (National Payments Corporation of India).  
  • * BHIM is inter-operable with other Unified Payment Interface (UPI) applications & Bank accounts. 
  • * UPI creates an alias for your bank account = A ‘Virtual Payment Address’ to simplify digital payments using your mobile phone. 
  • * Register your bank account with BHIM and set up an UPI PIN for your bank account. 
  • * Your primary address on the BHIM app would be either mobileNo@upi or specificID@upi.
  • * This virtual payment address can be used to send or request money through other linked IDs. Payments can be reversed if necessary. 
  • * Money can also be sent to non-UPI supported banks using IFSC and MMID codes. 

Features of BHIM 

Check Balance

BHIM user can check his/her bank balance and transaction details anywhere/anytime. 

QR Code scanner

Merchants can supply their payment addresses as printed QR Code for faster entry & transaction. BHIM users can scan and transact through the app much faster.

Transaction Limit:

Upper limit of Rs 20,000 worth of transactions in a 24-hour cycle with the maximum transaction not exceeding Rs 10,000.

Languages: 

Currently only English and Hindi are supported. NPCI promises to offer more regional languages very soon.

Charges: 

No transaction charges will be applied but your bank may add a nominal charge either as UPI or IMPS transfer fee.

Advantages of BHIM 

  • * UPI is an open payments platform as against mobile wallets which are semi-closed payment systems. 
  • * Money can directly be transferred from bank-to-bank without any switching charges. The fuss of pulling money from the bank account to the mobile wallet is hence removed. 
  • * All we can ask NaMo now is "Get Merchants on Board" and make this app a sure success. 

BHIM app Download 

Apk link - https://play.google.com/store/apps/details?id=in.org.npci.upiapp
iOS link - An iOS version will be launched soon. As BHIM is Aadhaar-enabled, this app should put an end to the fuss around other e-wallets.