All You Need to Know About BHIM (Bharat Interface for Money)

Unified Payments Interface (UPI) based app mobile payment application, BHIM (Bharat Interface for Money), has been launched by Prime Minister Narendra Modi at the Digi Dhan Mela held in New Delhi. The app will make digital payments simpler, it is basically a rebranded version of USSD (Unstructured Supplementary Service Data) and UPI (Unified Payment Interface).

Features of BHIM App:

• BHIM app supports UPI and Aadhaar-based payments. It has been developed by the National Payment Corporation of India (NPCI) to make digital payments simpler.
• The app allows easy transfer of money, users can make payments from their bank account with the use of only phone number.
• The app supports USSD payments and works on all phones. The people with or without smartphones can use it.
• The app allows people to directly connect their mobile phone to bank account.
• If the user has UPI activated, he/she can ask for the VPA or virtual payment address, which is required to make a transaction. After the creation of the VPA, users can send, receive money or pay via scanning QR code.
• The app also allows merchants to generate QR code. Payments can be made via scanning QR code.
• Merchants have an option to use app for receiving money from a smartphone or from Aadhaar Pay if the customer has linked an Aadhaar ID and bank account.
• BHIM app also has options to transfer money via MMID, IFSC, as well for non-UPI banks.
• All UPI connected Indian banks accept money through BHIM app and non-connected banks can receive money through BHIM through IFSC assigned to banks.
• The app is not available for Apple iOS users for now.

Many banks are supporting BHIM app for UPI-based payments, including State Bank of India, Punjab National Bank, United Bank of India, Allahabad Bank, Bank of Baroda, Central Bank of India, Andhra Bank, Bank of Maharashtra, Canara Bank, Dena Bank, DCB Bank, Federal Bank, ICICI Bank, HDFC Bank, IDBI Bank, Indian Bank, IDFC Bank, Indian Overseas Bank, Karnataka Bank, IndusInd Bank, Karur Vysya Bank, Oriental Bank of Commerce, Kotak Mahindra Bank, South Indian Bank, RBL Bank, Standard Chartered Bank, Syndicate Bank, Union Bank of India, Vijaya Bank, Catholic Syrian Bank, and Axis Bank.