A slew of cashback offers by digital payment apps like Paytm and PhonePe is providing stiff competition to the government-owned BHIM app, forcing it to give higher cashback incentives.
According to reports, National Payments Corporation of India (NPCI) Managing Director and CEO Abhaya Prasad Hota said that the government is aware that cashback offers are needed to attract consumers. Government approval is expected by August 15.
The Bharat Interface for Money (BHIM) app was launched by the Modi government in 2016 and is run by NPCI. It currently offers cashbacks in the range of Rs 10 to Rs 25.
The BHIM app which operates on Unified Payments Interface (UPI), can handle multiple bank accounts and various banking features.
A new version of the app called Bhim 1.4 will be launched with exciting features to lure customers. Updates will include the Bharat Quick Response (QR) code which will enable shops to accept electronic payments through credit/debit cards or UPI through scanning a QR code.
Here you can know all about BHIM app.
The Objectives behind launching BHIM app is promoting India’s move towards becoming a cashless economy & cashless society.
If you compare BHIM to any wallets it is very simple, quick & easy to use. You will not have to fill-out those tedious bank account details again and again. One can easily do direct bank to bank payments and instantly collect money using just Mobile number or Payment address.
Thus, BHIM App is an app that lets you to make easy & quick payments/ transactions using UPI.
Apart from its easiness, simplicity, there is lot of things, which everyone must know. So, here, I am going to list down ten important key facts about BHIM.
1. BHIM App Launched By:
Launched by PM Modi at a Digi Dhan programme at Talkatora Stadium in New Delhi on December 30, 2016. BHIM app launched as part of the 2016 Indian banknote demonetisation & Cashless transaction drive,
2. BHIM Stands For:
BHIM stands for Bharat Interface for Money
3. BHIM Named After:
BHIM App has been named after Late Babasaheb Dr. Bhimrao Ambedkar, the father of Indian Constitution
4. BHIM App Developed By:
BHIM App developed by National Payments Corporation of India (NPCI) along with JUSPAY.
5. Android Version/ Available in Google Play Store::
6. 10 (TEN) Million Downloads:
BHIM app downloaded more than 10 million times on Play Store.
7. BHIM Supports all Mobile phones/ Feature Phone user can also use BHIM App:
BHIM app can be used on all mobile phones (smartphone & feature phone) with or without internet connection (first time internet required to download the app
A customer with a feature phone can now have access to UPI just by dialing the USSD short code *99# if the customer’s bank is already UPI enabled.
8. Banks Supporting BHIM App:
There are 35 banks which are live on UPI. Thus, the customers of 35 banks will have access to UPI irrespective of whether they have a smartphone or a feature phone. While smartphone based customers will use BHIM, other customers would dial *99#.
9. BHIM Transaction Limit:
There is a transaction limit for BHIM app. Maximum Limit per transaction is fixed at Rs. 10,000 and Rs. 20,000 per day for BHIM.
10. BHIM Supporting Languages:
Currently Hindi and English are supported in the BHIM app, with more languages coming soon.
BHIM Transactions Speed:
Transactions over BHIM app are very quick & fast. All payments are linked to your bank account and transaction can be completed within few seconds.