Bhim App released!

Details you need to know about this APP

What is BHIM?

BHIM stands for Bharat Interface for Money. It is an app that lets you make quick transactions using UPI. The payments are made directly from bank account to bank account using just mobile number or payment address. The app is actually has been built on top of UPI, that is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI-regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties bank accounts.

What do you need to use this android/ iOS app BHIM?

To use BHIM you need a bank account, working internet connection in your phone and  debit/ ATM card.

Also need a compatible Android phone or an iPhone. Almost all smartphones launched in last couple of years are compatible, according to the Google Play store where the app is available. 

How do you use BHIM?

To use BHIM, you will have to set up a UPI PIN. This you do by going into the BHIM app's main menu Then go to Bank Accounts > Set UPI-PIN for the selected account. You will be prompted to enter the last 6 digits of your Debit/ATM card along with the expiry date. Using this data, the app will pre-fetch details of your bank account. You will then receive an OTP which you will enter and set your UPI PIN. The UPI PIN is different from the PIN that you may have on your bank's app, which also uses UPI. User can download the app from play store of Google. The app will be available for iOS users but for now it is not listed on the iOS App Store. 

How do transactions happen?

From the Bharat Interface for Money app Home screen,

-- Click Send Money Option

-- Enter or select the receiver's mobile number or Payment Address (you can select from your contact list or enter it) or Aadhaar numberCashless Bharat App

-- Enter the amount you want to send

-- Your default bank a/c gets selected

-- Enter UPI PIN and send

Alternately, you can also scan a QR code and pay via the 'Scan & Pay' option.

Important to note:

-- Transactions happen instantly.

-- The government says there are no additional charges on BHIM transactions. Although, the participating banks may levy the UPI charge.  

-- Transactions happen 24 X 7. The BHIM app works even if you have not enabled mobile banking on your bank account.

-- There is a limit of 10,000 per transaction and Rs 20,000 within 24 hours in BHIM.

What happens if you lose your phone?

You money is safe. Or at least that is what the government says. If you lose your phone, the UPI-PIN required to authorise all transaction will not be known to third persons and hence they will not be able to use Bharat Interface for Money.

Which are the banks that support BHIM?

Most banks do.

 Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, Vijaya Bank. 

A word of caution!

Important to note that Tech based app will change frequently, so this is intended for general information.Check your own source for safety reasons before transactions.