Bharat Interface For Money (BHIM) | What is Bharat Interface For Money ? | PRATHAM SHARMA |

Bharat Interface For Money 

Narendra Damodardas Modi 

Prime Minister Narendra Modi at the DigiDhan Mela at Talkatora Stadium in New Delhi on 30 December 2016  announced a new digital payments app named BHIM- Bharat Interface for Money after Babasaheb Dr. Bhimrao  Ambedkar. It is for now available only on Android so iOS and Windows mobile users are left out.

Where BHIM is ahead :- 

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• BHIM works on feature phones too, including on Iow-budget ones that lack Net connectivity. Just dial *99# and follow instmctions. Currently, Free Charge, Oxigen and Paytm allow feature phone users to use their services, while Mobinik is working on a similarfeature.

• Since the app is UPI based and linked directly to bank account, one does not need the same app for making payments. In order to receive money from a BHIM app user, all one needs is a Unified Payments Interface (UPI) activated bank account.

• Allows users to track debit card transactions on the app unlike other mobile wallets. The others only help you ttack expenses you have done using the wallet.

• Allows you to transact directly from your bank account, unlike other wallets, in which users need to add money first.

• While in cases of Paytm and other wallets, you need to transfer the wallet money to your bank manually, BHIM ensures that the money you receive from others in your wallet is transferred directly to your bank account.

Where BHIM Lags :-

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• Allows users to link only one bank at a time to the Phone.

•Works only on the mobile number registered with your bank account.

• Unlike the existing mobile wallets that also support some local languages, BHIM Works only in Hindi and English. The app will, however, be launched in regional languages soon.

• BHIM can be currently downloaded onIy tram Googlo Play store, NPCI has released the iOSversion of the BHIM app. All other wallets are already available on iOS.

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• While other bank wallets, incIudlng SBI  Buddy and PNB Kitty, allow users to view statement of transaction details of both credit and debit cards. BHIM allows you only debit card transactions.

Some details about money transaction.

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PRATHAM SHARMA.