Opposition parties protested heavily against the lack of government service for an online payment option, as all other payment services are private companies such as paytm etc. This problem was put to an end by Prime Minister Narendra Modi this past Saturday as he launched the BHIM app.
BHIM stands for Bharat Interface for money, it is an UPI application (unified payment interface) made by the National payment coorporation of India NPCI, by this many of Indias biggest banks have been brought together through a single software application.
The banks to provide service under BHIM make up a long list, the list is given below.Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, and Vijaya Bank.
The application is available at google playstore.
8 important facts about BHIM.
1) At the moment BHIM is only available in hindi and english, but the government assures that it will be also available in many other local languages shortly.
2) The BHIM is directly linked to your Adhar card which means there will be no need of any intermediate wallet service like paytm, giving you direct transaction from the bank.
3) By using BHIM you can also transfer money to those accounts that are not currently linked to BHIM as well.
4) By QR codes and latest anti-theft technology safe and super fast transactions are possible.
5) By using BHIM one can make transactions of upto 10,000 rupees at once and upto 20,000 rupees per day.
6) BHIM as proposed by the government is tax free.
7) The application is internet dependent and cannot be used without the net, however an USSD gateway is made for emergency transaction at *99#
8) BHIM has three layers of security unmatched by any other security feature on a software application.