Indian Prime Minister, Narendra Modi has officially launched a new United Payment Interface (UPI) based application called as Bharat Interface for Money (BHIM). Using this app, people will now be able to make simple payments directly from the bank account, via digital means.
With this app, users will now be able to pay and receive money by online banking, unlike apps like Paytm that make you first load money in the wallet through your bank account, to make a payment.
The Prime Minister went on to say, “Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity. One only needs a thumb. There was a time when an illiterate was called ‘angutha chchap’. Now, time has changed. Your thumb is your bank now. It has become your identity now.”
What exactly is Bharat Interface for Money?
Bharat Interface for Money, also called as BHIM is an app, by which one can send and receive money or make payments. Users bank account would be linked to the app, without having to load money in the wallet like other apps.
How can it be used?
After downloading the app, users will be required to register the bank account with the app and set a UPI PIN. Once done, the mobile number would become the payment address, where in one would be able to commence with transactions. Users can also check their perspective account balance or scan a QR code without sharing the phone number. Consumer could also send money to non-UPI banks through IFSC, like it’s done in net banking.
How fast is the transaction and can it be used on Feature phones?
All payment done using this app get completed in seconds and in case of feature phones, the interface could be accessed using Unstructured Supplementary Service Data (USSD) service, in which the users will have to dial *99# to use the feature. Using this method, there will no need for internet connation.
What would be the transaction limit?
Users will be allowed a maximum transaction permit of Rs. 10,000 and Rs. 20, 000 within a time span of 24 hours.
Do all banks support this?
Most of the banks do support this facility, as long as the bank comes with UPI support. Banks that support this feature are as follows-
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
[Source:-Gizmodo]