English
Prime Minister Narendra Modi, after launching a war on demonetisation, decided to launch a war on the payment apps and wallets that are currently littering the Indian market. Since demonetisation, most Indians have switched to using their debit/credit cards or payment wallets for transactions. But the problem with wallets is the lack of security and also, not all merchant outlets support all apps. The user needs to download and create an account with the app the merchant supports. the process can be quite cumbersome. Last month (and now last year), Prime Minister Narendra Modi offered a solution to all the payment woes in the country and took another step towards demonetisation. The solution was in the form of a new payment app – one which is not a wallet and can be used by people even without a smartphone! The app called – BHIM.
BHIM or rather, Bharat Interface for Money app, which has been named after Dr. Babasahed Ambedkar, was launched as an Android app and within days of launch, the app has received thousands of rave reviews, taking it right to the top of the chart in Google Pl;ay store. It has beaten most other games and launches in popularity and there are nearly a 100,000 reviews of the app on the store. Most of rated it positive and have written good things about the app. However, while majority have given the app a whopping 5 stars, there are certain people who have rated the app below average and given it a measly single star. For most of those facing issues in the app,the problems are common – either their debit cards (which are older) are not supports or the banks they are associated with not in the list. For many, the app suddenly crashes or is unable to generate PIN.
Despite all these issues, BHIM app has managed to generate a lot of interest and if other users are to be believed, the app seems to be working smoothly and there are no issues or glitches. While currently, the app is restricted to only Android, it is soon expected to expand even to iOS or Apple devices and other operating systems. BHIM app is a free app and it is an app for customers as well as for merchants. Since the app is extremely simple to use, there is confusion. Also, as it uses an individual’s Aadhar number linked to bank accounts, there’s no fear of hacking too. In the near future, Narendra Modi has promised to update the app so all that is required is just the individual’s fingerprint and nothing else. The can be linked to only one bank account at a time but if you hold multiple accounts, you can interchange the accounts as per your convenience. As of today, the app has already been downloaded over 10 lakh times from the Google Play store. BHIM app has broken every record to climb to the top of Google Play charts. Prime Minister Narendra Modi launches Bharat Interface for Money (BHIM) app for digital India
Unlike wallets, which work as a credit card system, where you have to first transfer and store amount, the app works directly, without any need to store money in it. It is not a wallet but a UPI based app. Since the app is directly linked to your account, you can pay directly from your account without the need for any intermediary place to keep the cash. Apart from that, the app works pretty much the same as wallets. You open the app and choose the merchant’s number or scan the QR code to make a payment. but even if you do not have a smartphone, you can transfer money through your feature phone too – simply by pressing the code *99# and then choosing the correct option from the list of options. For now, the transaction limit is capped at Rs 10,000 per transaction and Rs 20,000 per day for BHIM users. However, the limit might be enhanced in the future, depending on the popularity of the app. But if Google ratings are anything to go by, the world is talking about BHIM and how!
