1. Six things you must know about Bharat Interface for Money

Six things you must know about Bharat Interface for Money

In a bid to push India towards a cashless or ‘less-cash’ economy, Prime Minister Narendra Modi today launched the BHIM App, which is available for Android OS. An iOS (Apple) App will be launched soon.

By: | New Delhi | Published: December 30, 2016 7:03 PM
The Aadhaar-based BHIM App will allow the users to make cashless payments using their mobile phones in a “fest, secure and reliable” way. (ANI) The Aadhaar-based BHIM App will allow the users to make cashless payments using their mobile phones in a “fest, secure and reliable” way. (ANI)

In a bid to push India towards a cashless or ‘less-cash’ economy, Prime Minister Narendra Modi today launched the BHIM App, which is available for Android OS. An iOS (Apple) App will be launched soon. The Aadhaar-based BHIM App will allow the users to make cashless payments using their mobile phones in a “fest, secure and reliable” way. Here are six things you must know about BHIM:

What is BHIM App?
Bharat Interface for Money is an app that lets you make easy and quick payment transactions using UPI and IMPS platforms. This App helps you link your payments to your bank account and the transaction can be completed within a few seconds.
It’s also easier than using M-wallets! You will not have to fill out those tedious bank account details again and again. You can easily make direct bank to bank payments and instantly collect money using just your mobile number or payment address.

What you need to access App
Android users can download the App from PlayStore while iPhone users can download it from iTunes. To start using Bharat Interface for Money, all you need is a smartphone, Internet access, an Indian bank account that supports UPI payments and a mobile number linked to the bank account. Link your bank account to UPI through the app.

How can BHIM be used?
You can set your UPI PIN by going to the Main Menu-Bank Accounts -Set UPI-PIN for the selected account. You will be prompted to enter the last 6 digits of your Debit/ATM card along with the expiry date. You will then receive an OTP which you will enter and set your UPI PIN. Note – UPI-PIN is not the same as MPIN provided by your bank for mobile banking.

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Number of banks registered under BHIM
Supported banks are Allahabad Bank, Andhra Bank, Axis 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, 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.

Can we link multiple accounts?
Currently, 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. In case you want to link another bank account, you can go to the Main Menu, choose Bank Accounts and 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.

Does BHIM incur any transactional cost?
There are no charges for making the transaction through Bharat Interface for Money.
Note: Your bank might, however, levy a nominal charge as UPI or IMPS transfer fee. Please check with your bank for more details.

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