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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