BHIM App

The Bharat Interface for Money (BHIM) is an innovative payment system developed by the Government of India. BHIM provides an easy and secure mode of money transfer for users on a mobile platform. It provides the facility to easily send or receive money from other customers using the Unified Payment Interface (UPI). Some of the benefits provided by the Bharat Interface for Money (BHIM) to the users are mentioned below:

• Allows easy money transfer without the hassle of knowing the recipient’s bank or account number. The entire transaction can be done in under a minute.
• Instant money transfer at all times. It does not require prior beneficiary registration, unlike net-banking.
• Allows the use of Unstructured Supplementary Service Data (USSD)to access bank account details, since it is UPI-based. USSD does not require an internet connection.
• Customers who don’t have UPI accounts can also receive money via the Indian Financial System Code (IFSC) and Mobile Money Identifier (MMID) codes.
• It is available in English and Hindi, with other language interfaces in the pipeline.
• A fixed amount can be transferred by generating a QR code, in case the receiver does not want to share their phone number. Useful for merchants and vendors.
• A Virtual Payment Address is generated. Flexibility to transfer money either via the receiver’s mobile number, the VPA, or the UPI ID.
• Nearly all commercial banks support BHIM. Unlike e-wallets, money can be directly transferred to bank accounts via BHIM.
• Aadhaar based payments at the scan of a “thumb” (biometric authentication) are also possible by the app.

BHIM has the potential to demolish private mobile wallets owing to the various advantages over the latter. Nevertheless, the challenge of advertising and creating awareness about the app and getting the merchants on board prevails. It would be difficult to make an impact unless BHIM is accepted at physical stores, public transport, etc.