Prime Minister Narendra Modi on Friday launched Bharat Interface for Money – BHIM – an app that lets users make payments using Unified Payment Interface.
Only available on Android for now, the app lets users pay and receive money with no processing fee. A transaction cost, however, may be levied by the user’s bank. For now, the app lists 30 banks including SBI, HDFC, ICICI, Union Bank of India, South India Bank, and Standard Chartered, among others. To find the app on the Play Store, search for BHIM UPI or click here to download the app.
For a transaction to happen, both, the sender and the receiver must have an account with a bank that has UPI enabled. The account holder does not need to have mobile banking activated as the App automatically fetches user data, but the user’s mobile number must be registered with the bank.
The app comes with features such as the ability to send and receive money, linking accounts, saving user profiles, changing languages, recording beneficiary details and providing balance enquiry. Banks, which currently have individual UPI apps, can reportedly either endorse the common app or allow customers to use in-house apps that may be loaded with more features.
Once users links UPI-based payment service with their respective bank accounts using smartphones or feature phones, they can use BHIM app for transactions. The app is topping the charts on Google's Play Store in India with a rating of 4.1. "Bhim App - 3 million download since launch, No 1 on Playstore in India amongst all apps, over 500,000 transactions since launch. #MakeinIndia," Kant said in a tweet.
#Bhim App - 3Mln download since launch, No1 on Playstore in India amongst all Apps, over 500,000 transactions since launch. #MakeinIndia— Amitabh Kant (@amitabhk87) January 2, 2017
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