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 mobiles
- 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).
- The app was developed by the National Payments Corporation of India (NPCI).
- 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
- UPI payment addresses by dialling star99hash(*99#)
- Account number with IFSC(Indian Financial System Code) code or MMID (Mobile Money Identifier) Code
- QR (Quick Response) code for a fixed amount of money
- ‘Pay to Aadhaar Number’ – can transfer money to the Aadhaar number linked with beneficiaries’ bank account.
- 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.
- 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.