The honorable PM of India Mr. Narendra Modi has clearly shown his views towards cashless transactions and took a further step to introduce a new app for digital payments named BHIM(Bharat Interface for Money)- after Babasaheb Dr Bhimrao Ambedkar.
BHIM APP introduction and supported Banks
BHIM is a digital payment app based on UPI system from National Payments Corporation of India to make all retail payments through a single platform in India.
BHIM app is supposed to support aadhar based payments with thumb impression, but that facility is yet to get started. Android users can download this app from play store while this app is not available for iOS and windows phone. After downloading the app there are three options send, request and scan/pay. In BHIM you also get the option to transfer funds via IFSC and MMID(for non-UPI banks also). This step clearly indicates that government has decided to go with one single app that will enable all digital transactions through UPI.
Via BHIM you can make fund transfer maximum of 10,000 rs per transaction and 20,000 rs within 24 hrs. BHIM is available in Hindi and English languages and other languages are coming soon.
For this transactions also it is important to know that whether your bank is supported by BHIM or not. Allahabad bank, Axis bank, Andhra 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, Induslnd Bank, Karnataka Bank, Kotak Mahindra bank, Oriental Bank of commerce, Punjab National Bank, RBI Bank, South Indian Bank, Syndicate Bank, Union Bank of India, SBI, UCO Bank are the names of few banks which supports the UPI system.
Atlast, its a long way ahead for BHIM to become India’s default payment app as internet is not spotty everywhere and aadhar based payments are not rolled out fully.