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BHIM – Bharat Interface for Money Application

By
AC Team 1
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The Bharat Interface for Money (BHIM) mobile app was launched by Narendra Modi on 30 December 2016 in New Delhi.The BHIM app is dedicated to Dr. Bhimrao R. Ambedkar

Platfotm: Android, iOS and Window mobilesBHIM - Bharat Interface for Money Application

  • The app is based on the Unified Payments Interface (UPI) . It is an open platform and not a mobile wallet
  • Bank-to-bank payments and Pay and collect money using just Mobile number or Virtual Payment Address (VPA). 

Developer:

  • The app was developed by the National Payments Corporation of India (NPCI).

Available Languages:

  • Currently BHIM is available in 20 languages inclusive of English. 

Process of Transaction:

We can send or receive money to different bank accounts with ZERO Transaction charges by using

  1. UPI payment addresses by dialling star99hash(*99#)
  2. Account number with IFSC(Indian Financial System Code) code or MMID (Mobile Money Identifier) Code
  3. QR (Quick Response) code for a fixed amount of money
  4. ‘Pay to Aadhaar Number’ – can transfer money to the Aadhaar number linked with beneficiaries’ bank account.

Limits:

  • Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours. The limit for USSD has currently been set at ₹5,000 per day.
  • A user can send upto Rs 40,000 per transaction and a maximum of Rs 40,000 per day for one bank account. This limit is available per bank account linked on BHIM.
  • The BHIM app enforces a limit of 20 transactions per account per bank in a day.
  • When it comes to UPI transaction charges, person-to-person (P2P) transactions are free-of-charge. However, there may be transaction charges for the transactions between NPCI and service providers.

Remarks:

  • The BHIM app has ‘SPAM Report’ for collect requests to block unknown persons requesting for money.
  • BHIM app has recorded 18 million downloads till March 2017

BHIM 2.0: BHIM 2.0 includes a ‘Donation’ gateway, increased transaction limits for high value transactions, linking multiple bank accounts, offers from merchants, option of applying in IPO, gifting money.