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Bhim App: Everything You Need to KnowMoney

Bhim App: Everything You Need to Know

Bhim or Bharat Interface for Money is a digital payment app developed by National Payments Corporation of India (NPCI). The app was announced on December 30 by Prime Minister Narendra Modi to facilitate e-payments directly through the bank. Here is everything you need to know about the app.

Finding the real app
The Bhim app is currently only available for Android and the iOS version is under development. However, you have to be careful when looking for the app in the Google PlayStore since there are many copy cat and fake apps with similar names trying to take advantage of the people. You can download the Bhim app from this link . In other cases make sure you are downloading the app developed by the National Payments Corporation of India. It can be found under the name of the app in PlayStore.

Setting up the app

Setting up the app is very simple. As soon as you open it up it will identify your phone number and will ask you to choose the language. Following that you have to set up a 4-digit passcode, and you will be guided to choose your bank.

Adding bank account
The best part of the Bhim app is that it has already identified the accounts linked to your number as soon as you open your bank from the list. All you have to do is choose your account if you have more than one with the same bank.

Making payments
Once you are in your account you can send money to other UPI accounts or addresses, or you can scan the QR code and make a payment. Additionally, the app allows you to send money through IFSC (Indian Financial System Code) and MMID (Mobile Money Identifier) to those who don't have a UPI-based bank account.

Switching bank account
If you have more than one bank account, finding a way to switch between accounts is not that easy in Bhim. But don't worry, we are here to help you. First one has to go to the Bank Account tab. On that page, you can find the option to change the account under the three-dot menu button. It will then take you back to the list of banks.

How is it different from PayTM and other mobile wallets
In order to use an app like PayTM or MobiKwik you have to first transfer money from your credit/debit card or through net banking to the app. This amount is called PayTM credit, or Ola Money, depending on the app. And you can only send to another person who is using the same app

With Bhim, the transactions are directly linked to bank accounts. That means all the payer and recipient need is bank accounts of their own. If the account is connected to UPI, then you can use the virtual payment address that can be found under the Profile tab in the app.

UPADATE (27-01-2017) : The app has been updated to version 1.2 and it offers enhanced security features and superior user experience which makes digital transactions much more safe and secure.

The key features of the latest version 1.2 includes addition of seven new languages apart from existing English and Hindi. "Pay to Aadhaar Number" has been introduced as a payment option wherein customer can transfer money to the Aadhaar number linked with beneficiaries' bank account.

( Also read : 5 Things You Need To Understand About Mobile Payments )

(Header Image Credit: IndiaTimes)

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