What is the full form of BHIM
BHIM: Bharat Interface for Money
BHIM stands for Bharat Interface for Money. It is a mobile payment app which is developed by the National Payments Corporation of India (NPCI). It is based on the Unified Payments Interface (UPI) that allows you to make simple, easy, and quick payment transactions using UPI. You can make bank-to-bank money transfers and pay money through a mobile number or Virtual Payment Address (VPA). BHIM was introduced in the year 2016 to promote digital payments.
BHIM is a special payment method that works even without an internet connection. You can access the same BHIM services on your smartphone screen by dialling *99# from any phone. You can sign up for BHIM by dialling *99# as well.
The Ministry of Electronics and Information Technology has introduced BHIM 2.0, a new and improved version of Bharat Interface for Money (BHIM). The current cap of Rs. 20,000 has been extended to Rs. 1,000,000 from verified merchants under BHIM 2.0.
In contrast to other e-wallets, the BHIM software can replace the current mobile wallets and look like a more dependable choice for bank-to-bank transfers. There is no need to recharge the wallet because transactions are made directly from bank accounts, and using the software does not incur any commissions or additional fees. The maximum single transaction amount with the BHIM UPI app is Rs. 10,000, while the 24-hour transfer limit is Rs. 20,000.
Features/ Benefits of BHIM:
- Send and Request Money: It allows you to send money through a Virtual Payment Address (VPA), Account Number & IFSC code, Aadhar Number, or QR code. You can also receive money by entering your Virtual Payment Address (VPA).
- Scan & Pay: You can pay by scanning the QR code and can also generate a QR code to receive payments.
- Transactions: It allows you to check transaction history and pending UPI collect requests. You can also raise a complaint if a transaction declines by clicking on Report issue.
- Profile: You can view the static QR code and payment addresses and share the QR code through various messenger applications like WhatsApp, Email, etc.
- Bank Account: You can see the linked Bank accounts and set or change the UPI PIN. You can also change the bank account, check balance, and more.
- Language: This app is available in regional languages to improve user experience.
- Block User: You can block users who are frequently sending collect requests.
- Privacy: If a second UPI ID is created, provide users with the option to disable and enable [email protected] in the profile (QR for the disabled UPI ID is also disabled).
- Scan: Use the BHIM app to scan any QR code sticker with the UPI and BHARAT QR logos. To make it simpler for other people to pay you, you may also create a QR code.
- IPO through BHIM: To apply for an IPO, fill out the IPO application with your BHIM UPI ID, and then continue by approving on the BHIM app.
- Bill Payments on BHIM: In-app utility bill payments are supported by the BHIM app, which enables users to pay bills while on the go via BHIM BillPay.
- UPI AUTOPAY: With any UPI-enabled app, you can now enable periodic e-mandates for expenses like mobile bills, power bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds, and more.
Steps to use or download BHIM APP:
- From the Google Play store download and install the BHIM app
- Open the app and select your language
- Allow app to manage SMS & Phone calls
- If you have a dual Sim phone, you will be asked to verify your mobile number registered with your bank account. SMS will be sent for auto-verification. The SIM of your registered number should be on your mobile phone.
- Create a unique four-digit Passcode to log into the app and re-enter the passcode to confirm it
- Select your UPI-enabled bank from the given list of banks
- Your bank account will be automatically fetched and register yourself by providing your debit card details
- After adding the account successfully, the BHIM app home page will be displayed
- Your account is now registered and is ready to use.