BHIM app with its advanced version 1.3 has come up with many safety and security features. The updated version is faster and has also become a reliable means of doing cashless transactions.
It is a digital payment solution app which is based on the Unified Payments Interface (UPI) from the National Payments Corporation of India. It allows customers to send and receive money to other UPI accounts or virtual addresses. However, one can also send money via IFSC (Indian Financial System Code) and MMID (Mobile Money Identifier) Code to other customers who don’t have a UPI-based bank account.
Unlike Paytm, Mobikwik or other banks e-wallets, BHIM app can be linked directly to multiple bank accounts. Once your bank account is UPI activated, you need to ask for the payee’s VPA (Virtual payment address) and make the payment.
You may also watch:
Here’re the main findings of a Brickworks Media report:
- With 10 million+ user base across India (U+R), BHIM app has only 35.7% awareness in rural India
- 16.2% of the respondents have downloaded the app which reflects the low user base in rural India
- 9% of the respondents who have BHIM app are completely aware of usage process
- 9.2% of the rural respondents have used BHIM app for any purpose till date
- Approx. 15% of the rural respondents have found easy using the BHIM app
- Approx. 20% of the respondents feel that BHIM app is a safe and secure way for money transactions
The Brickworks Media research report shares insights from 5478 rural respondents, including awareness about the app, penetration in rural India and competition analysis. It shows that with so much stiff competition with other digital payment apps, BHIM has already crossed 10 million plus users, which shows the sign of reliability among the users. It is growing in urban areas along with rural areas simultaneously. It was launched in December and within 4-5 months, the app has reached its penetration in rural areas at around 36%, which is a sign that people are getting aware of the application. However, rural areas need more awareness programs to increase its penetration and make India completely digital.
You may also watch:
A positive sign about the app’s penetration in rural areas is that 81.1% of farmers have bank accounts, 36.2% of farmers have smartphones and 53.8% farmers have a featured phone. It shows that only 10% farmers do not have a phone, whose accountability is very low. These figures reveal the fact that apart from taking initiatives to introduce BHIM app awareness programs, specifically there is also a lot of scope for increasing the awareness of USSD feature of BHIM in rural areas.