As we all know, with demonetization, the government started promoting a cashless economy. Online payment services like PayTM, MobiKwik, and Freecharge saw an insignificant increase in usage. People started using a mobile wallet in India like never before. Meanwhile, the government of India has taken another step towards cashless transactions. On the new years eve, the Indian Prime Minister, Narendra Modi, launched an app called BHIM. In this post, we will share how to send and receive money using the BHIM app
How to Send and Receive money using the BHIM app
BHIM, after three days, became number 1 on the PlayStore and has hit 3 Million downloads. BHIM, which stands for Bharat Interface for Money, makes use of Aadhar authentication to make cashless transactions. Before you start comparing it with PayTM you should know that BHIM is very different from PayTM, BHIM is mostly focusing on making and receiving payments and can’t be considered a wallet as it directly links to your bank account.
The app has a straightforward UI and is perfect even for the first time users. The best part is, the app doesn’t distract users with hundreds of services. It just has three options – Send money, Receive money, and Scan and Pay. As soon as you start the app, it will ask you to provide your phone number. Remember you should give the phone number which is linked to your bank account. As soon as it verifies, it will show you all your bank accounts associated with your mobile number.
Send / Receive Money
Send money to or receive money from friends, family, and customers through a mobile number or payment address. Money can also be sent to accounts which are not part of the UPI banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.
- Check Balance: You can check your bank balance and transactions details on the go.
- Custom Payment Address: You can create a custom payment address in addition to your phone number.
- QR Code: You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display.
- Transaction Limits: Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.
- Language supported: Hindi and English.
Sending, Receiving, Scanning
As said earlier, it has three main functions, Send Money, Receive Money and Scan and Pay. Send Money lets you send money by just typing in the UPI address, which is “phone [email protected]”
You can change UPI address anytime you want. To do this, open the “My Profile” section in the app, click on “Add Payment address,” you can enter your new UPI address and add the same. You can have multiple UPI address and can select any one as your primary address.
Similarly, receiving Money via BHIM is also very easy. You can request the money from a user by typing in their UPI address in the “Request Tab” and Bam!
Users can also scan the QR code of the merchant to send/receive money, just like how it works with PayTM. According to me is the easiest of all as it eliminates the process of entering UPI code.
Just like how you see PayTM QR code at merchants counter for transactions, merchants can have their QR code generated using BHIM app and then display it in the payment counter. Once this is done, you can scan the QR code using your smartphone and have hassle free transaction.
How to change UPI PIN
UPI PIN is a four-digit number that is needed to authenticate the transactions, similar to the four-digit ATM PIN. Changing UPI is very easy; you need to head over to Bank accounts and select “Reset UPI PIN.” Once you click it, you will have to enter the last six digits of your Debit or ATM card, doing that you will receive an OTP. Enter it, and you can change your UPI PIN. Note that the UPI PIN is standard for all the UPI apps.
List of supported banks:
– Andhra Bank
– Axis Bank
– Bank of Baroda
– Bank of Maharashtra
– Canara Bank
– Catholic Syrian Bank
– Central Bank of India
– DCB Bank
– Dena Bank
– Federal Bank
– HDFC Bank
– ICICI Bank
– IDBI Bank
– IDFC Bank
– Indian Bank
– Indian Overseas Bank
– IndusInd Bank
– Karnataka Bank
– Karur Vysya Bank
– Kotak Mahindra Bank
– Oriental Bank of Commerce
– Punjab National Bank
– RBL Bank
– South Indian Bank
– Standard Chartered Bank
– State Bank of India
– Syndicate Bank
– Union Bank of India
– United Bank of India
– Vijaya Bank
UPI indeed is an excellent step from the government of India to make India a cashless economy. The app, however, needs some improvements as it refuses to go back a few times. The app provides an option to set a passcode to protect your personal data, which is a welcome step. It also gives this app an upper hand over PayTM, as PayTM doesn’t provide you an option to set a passcode.