To Promote cashless transfer, government is promoting ‘Digi Dhan Mela’ camps in various cities to educate and promote and motivate cashless transactions. To encourage cashless payments and to make the cashless transfer simpler government had today announced BHIM App – Aadhaar-based digital payment app.
Today, PM Narendra Modi has launched an Aadhaar based mobile payment application called BHIM ( Bharat Interface for Money) – a rebranded version of Unified Payments Interface (UPI) app at the Digi Dhan Mela camp in Delhi. BHIM app is an initiative of National Payments Corporation of India (NPCI) to enable fast,secure, reliable cashless payment through Unified Payment Interface (UPI) platform and is available for Android smartphones via Google Play Store.
What you can do with BHIM App?
- One can Send / Receive Money from friends, family and customers through a mobile number or payment address ( UPI – Virtual Payment Address ). Money can also be sent to non UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.
- Check Balance: You can check your bank balance and transactions details on the go.
- Custom UPI Payment Address: You can create a custom payment address in addition to your phone number based UPI.
- QR Code: You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display.
Currently BHIM App Limits Transaction to Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours. if your mobile number is 9819001122, your default UPI address will be 9819001122@upi
UPI is built on top of Immediate Payment Service (IMPS), so the transaction takes place in seconds and the best part is 24×7. To start using BHIM app all you need is smartphone, Internet Access , Indian Bank connected to Aadhar that supports UPI payments and mobile number linked to your bank account.
BHIM app would eliminate the transaction fee payments for service providers like card companies such as Mastercard or Visa and more merchants are expected to adopt UPI based payment solutions in the future. Merchants need to download the Aadhaar cashless merchant app on their smartphones connected to a biometric reader, which is currently available for Rs 2,000. Solution is quite cheaper than the current existing digital transactions both in the short as well as in the long run.
Currently most of the digital transactions are either POS Terminal based or Mobile Wallet based which comes at a cost for the merchants. BHIM app – UPI based payment solution attempts to bring more affordable solution to move towards less cash economy especially it could be a game changer in the rural areas.