It is just been a week since the launch of the Aadhaar based mobile payment app called BHIM but it has now become the most popular android app on Google Play. The app developed by National Payments Corporation of India (NPCI) stands for Bharat Interface for Money. It is not an e-wallet it is an app to make payments, transfers and receive money.
BHIM is supported by banks such as Axis bank, State Bank of India, ICICI Bank, HDFC Bank, Canara Bank, Kotak Mahindra Bank, Punjab National Bank and Oriental Bank of Commerce, etc.
Benefits of BHIM app:
- Unless other e-wallet options, BHIM doesn’t charge any commissions or hidden charges.
- Users do not have to recharge the BHIM wallet. Other e-wallets need to be recharged and money users’ transfer to the card is their balance. The user needs to spend the entire money available in the card as the money remains idle in the wallet and even the providers do not pay any interest.
- Transaction using the BHIM app is hassle-free as it does not require any code. All you need to do is use the BHIM id which is ‘cellnumber@upi’ and transfer the money.
- Where other wallets only allow users to check expenses made using their app, users can check the available balance and transactions using the BHIM app.
- Currently the app works only in English and Hindi. Other regional languages will be available on the app soon.
- The app does not require smart phones to operate, the app works on feature phones and without internet connection. Users need to dial *99# from the phone and follow the instructions.
How to use the app:
- Users need to link their bank account with contact number.
- Once you download the app from Google Play Store it will automatically use the contact number to sync the account. The app allows you to link only one account in a phone.
- Rs 10,000 per transaction and Rs 20,000 per day is the limitation for the app.
With just a week in the market it will be too soon to comment on the app, but so far what we can say is that it is the simplest way for online payments.