What is the Bharat Interface for Money (BHIM)?

Bharat Interface for Money (BHIM) App

Bharat Interface for Money (BHIM) is a movement to enable quick, secure, tried and true cashless payments through your Phone. BHIM is interoperable with other Unified Payment Interface (UPI) applications, and budgetary parities. BHIM is delivered by the National Payment Corporation of India (NPCI). BHIM is made in India and committed to the administration of the Digital India.

Bharat Interface for Money (BHIM)

ADDITIONAL INFORMATION: BHIM APk download (BHIM app is about 2MB in size.)

PM, Modi said that BHIM will be the world’s greatest wonder. The application goes up against any semblance of Paytm, Mobikwik, Freecharge and other versatile payment applications which have turned out to be tremendously well known since the legislature reported prohibiting of Rs 500 and Rs 1000 notes on November 8. While propelling the application, PM made payment to Khaadi.

India Interface for Money (BHIM): After Demonetization the E-wallet application PayTm use has turned out to be high all over the place. Indeed, even at little slows down, the PayTm has broadly appeared. The Government has made arrangements for computerized exchanges and cashless economy. Likewise to energize the computerized installment framework the Government has as of late presented the money prizes for exchanges on different cards like RuPay card, USSD, and different cards.

Banks Existing on Bharat Interface for Money (BHIM)app are 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, TJSB,UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank and Yes Bank Ltd.

Customers of these banks can use the Bharat Interface for Money (BHIM) app. There are 35 banks.

How Does it Work?

 Register your financial balance with BHIM, and set an UPI PIN for the ledger. Your cell number is your payment address (PA), and you can just begin executing. Yes! It’s that So Simple.

PM Narendra Modi Launches “BHIM” App against the Competing “PayTm”

Send/Receive Money: Make Cashless Payments or get cash from companions, family and clients through a versatile number or payment address. Cash can likewise be sent to an unregistered client utilizing Mobile number, Account number +IFSC and Aadhaar Number. You can likewise gather cash by sending a demand and invert payment right away if required.

Check Balance: You can check your bank adjust and exchanges subtle elements in a hurry.

Custom Payment Address: You can make a custom computerized payment deliver notwithstanding your telephone number.

QR Code: You can check a QR code for quicker section of payment locations. Vendors can without much of a stretch print their QR Code for show.

Piece/Spam: You can Block/Spam clients who are sending you gather demands from unlawful sources.

Exchange Limits: Per exchange most extreme farthest point of Rs. 10,000

Every day most extreme exchange farthest point of Rs. 20,000

Language supported: English, Hindi, Malayalam, Tamil, Telugu, Kannada, Bengali, Gujarati and Odia.

NOTE: Compatible with android gadgets that have android rendition 4.2 or more introduced.

WHAT’S NEW

  1. New Languages Supported: Bengali, Gujarati, Kannada, Malayalam, Oriya, Tamil, Telugu
  2. Improved privacy settings with an option to disable mobile-number@upi
  3. Mobile registration retry through OTP / USSD

Introduce New Features: Bharat Interface for Money (BHIM)

– Modification SIM for dual-SIM phones

– Easy to Restore forgotten password

– Report issues to banks and view the status of resolve

– Reverse a payment received

How fast is a transaction over Bharat Interface for Money (BHIM)?

It is quick. You can finish the entire exchange in 20 seconds. You would get an SMS of credit and charge quickly.

Are there any charges?

There are no charges for exchange through BHIM or any UPI application. However bank can charge ostensible UPI or IMPS exchange expense. Unwind! Banks are not charging any such expenses yet.

Limitations of BHIM

There are sure restrictions of BHIM. These can be an inconvenience for a few people, but since of these impediments BHIM application is exceptionally straightforward.

  • You can add only one bank account at a time.
  • You can have only two Virtual payment address. The first would be default containing your mobile number while you can set the second VPA.

Thanks 🙂

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