Hello and welcome to this new series of blog. Since this is first blog of the series so I am starting it with blog post about The Bharat Interface for Money (BHIM) was rolled out by Prime Minister Narendra Modi of India.
BHIM is inter-operable with other Unified Payment Interface (UPI) applications and bank accounts, and has been developed by the National Payments Corporation of India (NPCI). Also it will make use of Aadhar card authentication to make cashless transactions. As of now, the app is only available for Android but soon we can expect the same to go live for iOS and other platforms as well.
You can download application from the play store. Click on the link BHIM
BHIM is inter-operable with other Unified Payment Interface (UPI) applications and bank accounts, and has been developed by the National Payments Corporation of India (NPCI). Also it will make use of Aadhar card authentication to make cashless transactions. As of now, the app is only available for Android but soon we can expect the same to go live for iOS and other platforms as well.
You can download application from the play store. Click on the link BHIM
So, what is UPI?
Launched in February this year by the National Payment Corporation of India (NPCI), the UPI allows you to make payments using your mobile phone as the primary device for transactions, through the creation of a ‘virtual payment address’, which is an alias for your bank account.
On the BHIM app, it would be <mobile number@upi> or <preferred user id@upi>. This user id would be your primary address, which can be used to send or request money through other ids linked to it.
BHIM app is very easy to use. The app links up with your bank account with just your phone number. You just have to punch in your phone number and all my bank accounts associated with the mobile number cropped up. In the background, the app will request for an OTP and authenticate the same before letting you access. That said, you don’t need any bank account credentials and just a cell phone number will suffice. So you don't need to go and setting up bank accounts. Once all the accounts associated with your mobile numbers are displayed, you can select primary account and that will be used for the transaction. There is no facility to use multiple accounts as of now, so to change the account you have to remove current one and use the new account again.
The BHIM UI is very simple and is made up of three primary functions.
- Send Money
- Request Money
- Scan and Pay
Send Money, lets you send money by typing in the UPI address which is the “phone number@UPI” Similarly one can request the money from a user by punching in their UPI address in the “Request Tab”. Additionally one can also scan the QR code of the merchant in order to send/receive the money, just like how it works with PayTM and other mobile wallets. Along with this it also allow you to check your account balance through the application.
So in a way it's convenient application to do transactions. I guess everyone should check it once.
