In January 2017, Prime Minister Narendra Modi announced a new digital payment app named BHIM — Bharat Interface for Money — after Babasaheb Dr Bhimrao Ambedkar. Now it is available only for android. The BHIM app is supposed to support Aadhaar-based payments, where transactions will be possible with just a fingerprint impression, but that facility is yet to start.
Digital payments increase our country economy and it will prevent from corruption and its help to people so much.
What is BHIM?
It operates much like a wallet, allowing transfer of money via input of mobile number or virtual address.
How to use it?
You need to have Aadhaar linked to your bank account to use BHIM. Once that is done, BHIM asks you to set a password. And, then you can select your bank. If you don’t have m-pin, entering last 6 digits of debit card and expiry can help.
How many people using it?
As per latest update, BHIM has 17 million downloads with 7 million active users.
What are the benefits?
i. Supported by NPCI, which operates IMPS and UPI, BHIM is safe.
ii. Moreover, unlike wallet, BHIM does not require frequent recharges.
iii. It also supports QR code much like PayTM.