How to Transfer Money on BHIM app?
With major steps like demonetization, digital India and many more, Prime Minister of India Narendra Modi came up with an initiative called as BHIM app. This app was designed and launched in India to make India cashless and digital.
Like various other apps, this app allows you to transfer and receive money from anywhere and anytime in India. There are certain terms and conditions which need to be followed for doing the same.
The name of the app BHIM stands for Bharat Interface for Money. The app works with the help of Unified Payment Interface or UPI. It helps one to make quick payments using the app.
The app is named after Babasaheb Dr Bhimrao Ambedkar. The app is available only for Android ( Bhim for Android ) so Windows and iOS users have to wait for it as it is to be released next week.
Things BHIM can do
The app is designed to send and receive money to and from accounts that are linked with UPI. One can also send money through IFSC (Indian Financial System Code) or through MMID (Mobile Money Identifier) code for those users who don’t have a bank account with UPI.
A Quick Response code can also be created which will help you to scan for a fixed amount of money to make any deduction.
You can also store money to a certain amount in the BHIM wallet just like MobiKwik or Freecharge. But, in these apps you can send money to those who have the same app but in BHIM all you need is a bank account which is UPI based and activated.
You just need to ask for the payee’s Virtual Payment Address or VPA and can make the payment in no time.
Necessities for using the app
To use the app one needs to have a smartphone and internet connections. To use this app, you don’t have to have mobile banking as well. You can simply link your mobile number with the bank account and you are ready to go.
Steps to Transfer Money on BHIM App: How it works ?
- First choose your preferred bank and verify your mobile number.
- You receive an SMS on the number.
- You will be asked to set a 4-digit passcode. You will need it to open the app.
- Then select your bank. If your account is UPI activated then the relevant number will be reflected.
- If not, you can put six digits of your debit card and the expiry date and you can use it.
- Then comes the send and receive options and transact through IFSC.
- Then send money by typing the mobile number or the VPA.
- The payee will be verified and if the payee doesn’t have the app then you can send money with the ACCOUNT + IFSC option.
With this BHIM app you can send money to anyone from anywhere at any time in India. One problem with BHIM app is that you can link only one bank account per mobile number. Apart from that, the app is a smart initiative and can make India digital and cashless.
Check : BHIM App for iOS Release Date updated
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