By Regina Dias
As
an aftermath of the invalidation of most cash circulated last month, Prime
Minister Narendra Modi announced the launch of a new app named Bharat Interface
for Money – BHIM. The app works on the Country’s Mobile UPI mobile banking platform
while the mobile number is used as a payment address. This app aims at
substituting the plastic currency and point-of-sale-terminals.
Source: Google Play
How to use the BHIM app?
- Download the app
- Register your bank account with the app
- Thereafter set a UPI Pin for the account (follow the instructions)
- Use your mobile number as payment address. You can also create a custom payment address.
The greatest
advantage of the app is that it works across all banks and there is no
need to use separate apps in case of multiple bank accounts. The app enables
payments of up to ₹20000
($300) a day and also supports QR codes which makes it easier for merchants to
let customers pay online. UPI aims at facilitating person-to-person and e-commerce
transactions.
While it’s only been a week
since the launch of the app, customers say that they aren’t finding avenues to
use the app. This is mainly because merchants specially the ones operating
online are taking time to warm up to the new system.
Well well! We hope these
issues can be dealt with asap, so that commoners like you and me can benefit
from the uses of the app.
Source: Mashable
India , The
Economic Times
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