What is BHIM?
On Friday 30th December 2015, Prime Minister Narendra Modi launched BHIM app. The acronym stands for Bharat Interface for Money and the app, which is available for Android devices at present and will soon be launched for iOS, can be used to make cashless monetary transactions. “I am giving the nation my gift for the new year in the form of BHIM,” Modi said at the Digi Dhan Mela in New Delhi. And at first instance it looks like a pretty cool app.
The great bit about the BHIM app is its simplicity and how, in one fell swoop, it makes the cashless transactions very easy. In apps like Paytm and MobiKwik you have to recharge your e-wallet to use them. There is no such thing here in BHIM. It directly connects to your bank account — one account that you can specify — and then you can use it to make payments, receive money and make transfers. It uses UPI through which all the major banks in India are now connected. The transactions are instant, although there is a limit of Rs 10,000 per transaction. Also you can’t make transaction worth more than Rs 20,000 in 24 hours.
The security of the app still needs some scrutiny but if it all works as intended, BHIM is going to be big. Like really big for India. It won’t be the Chhota Bhim.
On Friday 30th December 2015, Prime Minister Narendra Modi launched BHIM app. The acronym stands for Bharat Interface for Money and the app, which is available for Android devices at present and will soon be launched for iOS, can be used to make cashless monetary transactions. “I am giving the nation my gift for the new year in the form of BHIM,” Modi said at the Digi Dhan Mela in New Delhi. And at first instance it looks like a pretty cool app.
The great bit about the BHIM app is its simplicity and how, in one fell swoop, it makes the cashless transactions very easy. In apps like Paytm and MobiKwik you have to recharge your e-wallet to use them. There is no such thing here in BHIM. It directly connects to your bank account — one account that you can specify — and then you can use it to make payments, receive money and make transfers. It uses UPI through which all the major banks in India are now connected. The transactions are instant, although there is a limit of Rs 10,000 per transaction. Also you can’t make transaction worth more than Rs 20,000 in 24 hours.
The security of the app still needs some scrutiny but if it all works as intended, BHIM is going to be big. Like really big for India. It won’t be the Chhota Bhim.
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