Introduction
Bharat Interface for Money (BHIM) is an interface app which helps an individual to make transactions, make payment easily and quickly, using the Unified Payments Interface (UPI). An individual can make direct payments to the other or to the bank using the Unified Payments Interface ID, or by scanning the QR with the help of the Bharat Interface for Money app (BHIM App). The Bharat Interface Money App is very useful for swift transactions. The Bharat Interface for Money App (BHIM App) is used widely by the android phone users.
Bharat Interface for Money (BHIM) app is a mobile app which is developed by the National Payments Corporation of India (NPCI), which was based on the Unified Payment Interface (UPI). This Bharat Interface for Money (BHIM) app was first launched by the Prime Minister of Government of India Narendra Modi. The Bharat Interface for Money app was launched at the DigiDhan Mela on the 30th of December, 2016.
The app was known to be named after Dr. Bhimrao R. Ambedkar. As the part of Indian Banknote Demonetisation of 2016, this app was launched in order to facilitate the electronic payments (e-payments) directly through the banks.
Details
The Bharat Interface for Money app (BHIM app), allows transferring money instantly. The banks which have got the platform of Immediate Payment Services infrastructure in it can easily allow the user of the application to have transactions between the bank accounts of any two individuals. The Bharat Interface for Money App (BHIM App), can be easily used in smartphones.
For the time being, the app does not charge any amount or service charges for the transactions ranging from one rupee to one lakh rupees (Rs.1 – Rs. 1,00,000). Some of the banks might charge some nominal amount to make the transaction successful.
The Bharat Interface for Money App (BHIM app) is known to support thirteen languages (13 languages) currently, although there are twenty-two languages (22 languages) in India excluding English. Bharat Interface for Money app is currently known to be used by one hundred and twenty-five lakh (125 lakh), Indian citizens.
Objectives of the Application:
The Bharat Interface for Money transfer is basically helping the citizens all over India to process cashless transactions. The Bharat Interface for Money app (BHIM app) is helping to make the transactions instantly, without having any face to face communication with the parties concerned in the transactions.
The objective of the application (Bharat Interface for Money app), is to process all the transaction throughout the country instantly, without causing any hindrances. The banks which support all the Immediate Payment Service can easily help the users of the application to make successful transactions.
Benefits of the Application:
The user of the Bharat Interface for Money App (BHIM App), can get transactions processed very easily with the help of the net banking or electronic banking systems. The transactions are fast, swift and instant. There are no additional costs for the transaction within one rupee to one lakh rupees (Rs. 1 – Rs. 1,00,000). Bharat Interface for Money transactions is nearly available for twenty-four hours (24 hours), each day including holidays and weekends. The transactions are highly instantaneous.
How to use the application:
The user will have to download and install Bharat Interface for Money app (BHIM app), from Google Play store or Apple App store. Then the user will have to select his or her preferred language and then select the SIM which has a mobile number that is registered with the user’s bank. Login by setting a four-digit (4 digits) application password. The user will then have to select and link his or her desired bank account. The user can set the UPI PIN by providing last 6 digits and expiry date of the debit card. And, then the account is registered and ready to use. After all these procedures the user can request for monetary transactions and also can go cashless.
Important links:
Properties of the scheme
The Bharat Interface for Money app (BHIM app), is actually an initiative to start for the security of the transactions.
This enables the secure, fast and reliable transfer of cash in a cashless manner. The user can sit at home and make the necessary payments for the day.
Money transactions are nearly available for twenty-four hours (24 hours), each day including holidays and weekends. The transactions are highly instantaneous.
The Bharat Interface for Money app (BHIM app), allows transferring money instantly. The banks which have got the platform of Immediate Payment Services infrastructure in it can easily allow the user of the application to have transactions between the bank accounts of any two individuals. The objective of the application (Bharat Interface for Money app), is to process all the transaction throughout the country instantly, without causing any hindrances. The banks which support all the Immediate Payment Service can easily help the users of the application to make successful transactions.
Conclusion:
The Bharat Interface for Money App (BHIM App), can be easily used in smartphones. Bharat Interface for Money app is currently known to be used by one hundred and twenty-five lakh (125 lakh), Indian citizens. The Bharat Interface for Money transfer is basically helping the citizens all over India to process cashless transactions. The Bharat Interface for Money app (BHIM app) is helping to make the transactions instantly, without having any face to face communication with the parties concerned in the transactions.
The banks which support all the Immediate Payment Service can easily help the users of the application to make successful transactions, hence there are fewer worries about any payments which are to be cleared immediately.
The Bharat Interface for Money app (BHIM app), is the app which provides the easy transaction where the user can control the transactions from any place of the city or country. The details of the party where the transaction is being processed are necessary to make it successful. Wrong information about the part may lead to faults in the transaction and unintentional loss of money can take place.
