The expansion of BHIM is – Bharat Interface for Money. Through this BHIM app, user can make payment or money transfer from one bank account to another. It helps in simple and quick transactions through a Unified Payment Interface – UPI. The payments can be done using a virtual payment ID or through a mobile number.
(UPI is a real time payment transaction done from one bank account to another through a mobile platform. It has been developed by the National Payments Corporation of India. A virtual payment address is a similar concept and it identifies a bank account with a unique tag).
Install the BHIM APK on the mobile smartphone and start transferring funds to other bank accounts or make payments to merchants and vendors. It is technology at its best and facilitating easy transaction.
As of now there are almost 134 million Android users having BHIM App downloads in the country. A total of 132 banks are on live with BHIM and 14 million number of transactions have happened so far. In terms of financial volume, it has come to INR 5488 Crores. BHIM App installs is also compatible on IOS phones and there are equal number of users in Apple devices.
The stats above are set to increase in a big way as payment transfer through mobile phones and QR scan based payments at retail outlets is becoming the common way of life.
The buzz word is fintech and it is taking over every aspect of life through downloads of Apps like BHIM.
Features of BHM App –
Make the payment for every transaction through the virtual payment address, QR Scan and the account number of the receiver. It all happens in a matter of seconds. No need to carry hard cash with you.
Similarly, you can receive payments from others in a matter of seconds. The only requirement is that BHIM App installation should be linked to the mobile number. The Bank account has to be linked to the BHIM app as well.
Details of every transaction is given in the App. Users can go ahead and complaint for any failed transaction (it happens very rarely) by clicking on the – report issue. This comes under transactions.
The users can view all the static QR code and the payment addresses linked to their account. The QR code can also be shard via other third party applications.
It is possible to link multiple bank accounts to the BHIM App. At the same users can also change the UPI Pin number.
Utility payment reminders can be scheduled so that important payments like electricity, gas and telephone is not missed out.
It is possible to split the bill with different UPI users.
Note: Minimum requirement to install BHIM app id Android 5.0 and above.