Prime Minister Narendra Modi rolled out the BHIM app (Bharat Interface for Money) on Friday. This initiative is to enable fast, secure, and reliable cashless payments through mobile phones. What is most noteworthy is BHIM is inter-operable with other Unified Payment Interface (UPI) applications and bank accounts. The National Payments Corporation of India (NPCI) developed this app. The Android app is already available on the Google Play Store. To experience BHIM App, download it from here – https://goo.gl/1TOuk0
Experience BHIM App, Receive Your First Payment from bounty
At bounty, we are enthusiastic about digital transactions. So also, we are promoting BHIM, which is one of the simplest UPI based apps out there! We are keen to have you, our user, try out BHIM app.
- Redeem 1 bounty point to receive Rs. 1/- from bounty. This is to enable you to experience BHIM app. To start with, we are hoping to initiate a BHIM transaction with 20, 000 users. It is possible that we may extend the numbers later.
- Use same mobile number on both BHIM and bounty. If you want to change the phone number on bounty, simply ping us on bounty’s chat.
- BHIM payments are instant, however kindly allow 24 hrs for the transaction. We may need more time for operational reasons.
- If you are new to bounty, you can download app from https://goo.gl/VGbxli
Intro to UPI
Firstly, UPI allows you to make payments using your mobile phone as the primary device for transactions. This is achieved 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>. You can use this user id to send or request money through other ids linked to it.
What Can BHIM Do?
BHIM is UPI-based, as a result links directly to a bank account. All the payee needs is a bank account that is UPI activated. You can ask for the payee’s VPA or virtual payment address, and make the payment to that account.
You can send or receive money from customers, family or friends through the mobile number. Interestingly, you can also send money to non-UPI supported banks using IFSC and MMID codes. You will also be able to collect money by sending requests. Furthermore, you can also reverse a payment if required.
All these banks support BHIM on their system: 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 and Vijaya Bank.
There are no transaction charges through BHIM. It is possible that your bank may levy a nominal charge as UPI or IMPS transfer fee.