Prime Minister Modi launched BHIM (Bharat Interface for Money) app on 30th December 2016. BHIM is developed by National Payment Corporation of India (NPCI) to facilitate fast and safe cash payments through mobile phones.
As the nation is facing cash crunch due to demonetization of Rs 1000 and Rs 500 notes, BHIM is launched with an intention to promote cashless economy and digital transactions.
Here is everything you want to know about the BHIM app;
What are the uses of BHIM app?
Using BHIM app users can send money to or receive money from friends, family, and customers through a mobile number or payment address. We can also collect money by sending a request and reverse payments if required. To transact money with non-UPI supported banks, one has to do it using MMID and IFSC.
No need to fill money
All the money transacted through the BHIM app comes from and goes directly from the bank accounts. Unlike mobile wallets, BHIM app users do not have to load money in the app, as the app is linked to their bank accounts directly.
There is no charges for making the transaction through Bharat Interface for Money. Your bank might, however, levy a nominal charge as UPI or IMPS transfer fee. The user has to check with their respective banks before making transactions.
BHIM app supports English and Hindi languages only. The government plans to launch it in other languages soon.
Know the banks supporting BHIM
Following are the banks that support the BHIM app:
Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, 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. This list is released by the government.
How to send money through BHIM app?
Users can send money using the Bharat Interface for Money app from their UPI enabled bank account. For this, they need to register and set a UPI PIN using the debit card details linked to the bank account. If the beneficiary's bank account is also linked to UPI, the user can simply use their mobile number or Payment Address to transfer. If not, they can use IFSC code, Bank account or MMID, Mobile number to send money.
How to request money from BHIM app?
For requesting money from BHIM app, user need to follow this steps from the BHIM home screen,
- Select Request Money
- Enter or select the receiver's mobile number or Payment Address (you can select from your contact list or enter it) or Adhaar number
- Enter the amount you want to request and click on send button.
This transaction will remain pending until the payment is received. You will be notified when the money is transferred to your account. You can also request money by sharing your QR code. For this, you have to,
- Go to the home screen and select Profile
- Choose account to get QR code
How many accounts can we link?
Bharat Interface for Money supports linking of one bank only. At the time of account set-up, you can link your preferred bank account as the default account. If you want to link another bank account,
- Go to Main menu
- Choose Bank Accounts
- Select your default account
Any money that is transferred to you using your mobile number or payment address will be credited to your default account.