In efforts to push India towards the digital economy, Prime Minister Narendra Modi launched a new e-wallet payment app BHIM. This is the aadhar based mobile payment system that makes digital payments directly from their bank accounts. The BHIM is dubbed as Bharat Interface for Money.
Actually, the app is rebranded version of UPI (Unified Payment Interface) that built on IMPS (Immediate Payment Service).
Working of BHIM:
The user needs to register his/her bank account once downloaded and set up a UPI pin. For setting UPI pin, go to Main Menu -Bank Accounts -Set UPI-PIN for the selected account. Then you need to provide last 6 digits of your ATM or credit number with expiry date. By entering OTP, you will get your UPI pin. Thus, the user’s mobile number becomes the payment address.
PM Modi said, “Only your thumb will be needed to make a payment. You will eventually not be dependent on the internet, on smartphones, your thumb will be your bank.”
“The BHIM app had been named after Babasaheb Ambedkar. The launch of app is significant. In addition to his role in making of the Constitution, Dr. Ambedkar was also a great economist,” he added.
This new e-wallet payment app is the treasury of the poor to digital payments.
“Technology is not the treasure of the wealthy, but power given to the poor,” he said.
Features of BHIM:
- Developed by National Payments Corporation of India (NPCI).
- The new way to profit through real estate.
- 2MB in size.
- Maximum transaction limit is Rs 20,000 per day.
- Available for download on Google Play store.
- Link only one bank account.
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Modi said, “The day is not far when the entire country’s trade will be done through this BHIM app. BHIM app will be made so strong in the next two weeks that you won’t even need a mobile phone or smartphone, just your thumbprint.“