BHIM App: A better alternative to e-wallets

Here’s all you need to know about the BHIM App and how it’s a better alternative to e-wallets:

BHIM App: A better alternative to e-walletsBHIM App stands for Bharat Interface for Money. It is a UPI-based app developed by National Payments Corporation of India. This app has been yet another initiative of the Modi government to support the digital India campaign. Under the IMPS framework, it allows for simple, easy and quick transfers from one bank account to another.

You may regard it as a superior cousin of e-wallets like Paytm, Freecharge and the likes. BHIM App doesn’t require the initial loading of money in the wallet to conduct digital transactions. The thing becomes even simpler if you were already using the UPI app for conducting digital banking. For once you need to link your debit card with the App and it’s ready to use. BHIM App’s got user-friendly interface. It is faster than other e-wallets as it’s not got extra features which usually slow down the performance of the app.

Paytm & other e-wallets can be used only when both the parties have subscribed to it. But, the kind of flexibility BHIM App allows with a range of payment addresses is unbelievable. That too with fool-proof data security mechanisms which Paytm & other digital wallets lack. Unlike e-wallets, you may even check your banking transactions & balances using BHIM App. It can be looked upon as the combination of intellect with state-of-art technology in one package.

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In addition to sending money, you can also request the Payer to credit money in your account. Apart from that, this app can be used to pay for utilities, shopping, booking tickets at all the UPI enabled and other merchant establishments. You get the freedom to conduct fund transfer round the clock. Apart from a smartphone, BHIM App works even on the feature phones under *99# facility. The only thing required is to link your mobile phone number with the bank account.

Also read: All you need to know about Mobile Wallets & Payment Banks

Here, you don’t even need to enable your account for mobile banking separately. Just your mobile number should be registered at your bank branch.So, it implies that if you have got more than one phone numbers, then only the one registered at the bank would be usable for BHIM app.

Is BHIM app any different from UPI app?

You may regard it as the mother of all apps!

It has emerged as an app which overcomes the discrepancy of UPI app that was launched by the RBI.

Earlier, UPI app conducted fund transfer only via Virtual Payment Address (VPA). It meant that for fund transfer both accounts had to be UPI enabled. But BHIM app has transcended all the levels to include VPA, Aadhar number, QR code, MMID and IFSC as the payment addresses for fund transfer. So, it’s like you have got a VPA, but your friend hasn’t one, even then fund transfer may take place. Instead of a VPA, you may use his Aadhar number or simply the mobile number for fund transfer.

You need not keep a separate record of all the transactions in your mind conducted via BHIM app. The “Transaction History” section of the app does this for you. The Bank will record every transaction through your bank account, and you can view all your past transactions in the ‘Transaction History’ section on the BHIM App.

You may be holding more than one account with your bank. But, at present, you can link only one account with the BHIM app. It will act as your default account. Any amount transferred to you using your payment address would be credited to that default account.

Live Members of BHIM App

At present, 35 public and private sector banks which have become member of BHIM App are Indian Bank, Bank of Maharashtra, Punjab National Bank, Catholic Syrian Bank, KOTAK Bank, Canara Bank, Syndicate Bank, IDFC Bank, IndusInd Bank, Dena Bank, Andhra Bank, Axis Bank, Bank of Baroda, IDBI Bank, Central Bank of India, Union Bank of India, HDFC Bank, ICICI Bank, United Bank of India, Vijaya Bank, Karnataka Bank, South Indian Bank, State Bank of India, Indian Overseas Bank, Standard Chartered Bank, Allahabad Bank, RBL Bank, DCB Bank, Oriental Bank of Commerce, Karur Vysya Bank, Federal Bank, UCO, Bank of India, Yes Bank and TJSB.

How to Send Money using BHIM App

You can conveniently send money anytime and from anywhere with the help of BHIM App.

Just follow the steps given in the illustration below:

BHIM App: A better alternative to e-wallets

1. First-time users need to download “BHIM App” from Google Play store.
2. The app will attempt to verify your identity and mobile number by asking access to your data. Click on “Verify mobile number”.
3. Now you need to generate a 4 digit application passcode.
4. Use bank account option to link your bank account. Set UPI PIN using 6 digit debit card number & expiry date.
5. Click on “Send Money” option. It initiates a send request from your Smartphone.
6. Type Virtual Payment Address (VPA) of the beneficiary.
7. Click on “Verify Payee”. Recipient’s name is fetched from bank CBS thereby allowing you to check his name.
8. Enter the “Amount” and brief description under “Remarks”.
9. Click “Pay”.
10. Again enter UPI PIN to see notification of the transaction made.

How to Send Money using QR Code

BHIM App: A better alternative to e-wallets

1. Open BHIM App on your smartphone and enter your 4-digit passcode.
2. On the homepage of the app, click “Scan & Pay”.
3. It automatically opens the QR Scanner on your phone. Scan the QR code of the payee.
4. Upon scanning the QR code, details of the Payee are automatically fetched from his bank CBS.
5. Enter the “Amount” and brief description under “Remarks”.
6. Click “Pay”.
7. Again enter UPI PIN to see notification of the transaction made.

How to Collect Money using BHIM App

Now sending a request for money has become very uncomplicated.

You just need to follow the steps given in the illustration below:

BHIM App: A better alternative to e-wallets

1. First-time users need to download “BHIM App” from Google Play store.
2. The app will attempt to verify your identity and mobile number by asking access to your data. Click on “Verify mobile number”.
3. Now you need to generate a 4 digit application passcode.
4. Use bank account option to link your bank account. Set UPI PIN using 6 digit debit card number & expiry date.
5. Click on “Receive Money” option. It will initiate a request transaction.
6. Type Virtual Payment Address (VPA) of the Payer.
7. Click on “Verify Payer”. Payer’s name is fetched from bank CBS thereby allowing you to check his name.
8. Enter the “Amount” and brief description under “Remarks”.
9. Click “Request”.
10.You will be notified once the PAYER accepts the request for money

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Final Words

BHIM App is indeed a smart way to go cashless. Unlike e-wallets, it doesn’t require entering bank details repeatedly for each transaction. The whole process of fund transfer is possible by using the mobile number or VPA. In spite of having all the positives, the success of BHIM App lies in its extensive usage by the masses. Still, a lot needs to be done as regards creating awareness about the app.

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