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Demonetization was done by the Government of India with the purpose of making India a clean country, financially. Through demonetisation, PM Modi sent a clear message to the corrupt of India. The message was so strong that people who accumulated wealth illegally are spending sleepless nights since the day the prime minister made the announcement. In a big country like India, there are millions who had accumulated black money. While demonetization was very successful, there are also people who are honest and live a simple life. They faced some challenges due to demonetization. PM Modi was aware of this issue. National Payments Corporation of India (NPCI), India's premier retail payment systems development, coordination, and management agency, has developed BHIM to alleviate the common man's problems and to take India one-step closer to a cashless country.
For the uninitiated, Bhima, based on whose name the app has been named, is a mythological character from Indian epic Mahabharata who had superhuman strength. The BHIM app is a based on
Unified Payment Interface. It is more flexible than mobile wallet apps. Different mobile wallet apps are not compatible with each other. You cannot send money from one mobile wallet app to another. BHIM is different because it utilizes Unified Payment Interface. When you send money from the BHIM app, the recipient needs a bank account only, they don't even need to have BHIM. It has been designed this way to ensure maximum convenience of the general masses during performing a digital transaction. In addition to supporting funds transfer to UPI-enabled accounts, BHIM allows a number of ways to transfer funds to non-UPI-enabled accounts. BHIM allows funds transfer through IFSC and MMID codes. In the case of UPI-enabled accounts, you need to know the VPA of the recipient. The VPA is Virtual Payment Address, also known as UPI ID. The VPA replaces bank account details and reduces the complexities of digital payments significantly as you don't need anything else to transfer the funds. To generate the VPA, the recipient needs to have the banking app from their bank. In that app, they can generate their VPA in the section for UPI payments. BHIM also has support for QR code-based payments. With BHIM, there is a limit of Rs. 10,000 per transaction and a limit of Rs. 20,000 per day. BHIM is available on Android at the moment, not on iOS and Windows smartphones, which should not be a major problem as Android has captured 97% smartphone market share in India (Q2 2016).
The banks supported by BHIM at the moment are, 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, & Vijaya Bank.
The app supports Hindi & English right now, with support for more languages coming in a few days. Follow BHIM on Twitter.
For the uninitiated, Bhima, based on whose name the app has been named, is a mythological character from Indian epic Mahabharata who had superhuman strength. The BHIM app is a based on
Unified Payment Interface. It is more flexible than mobile wallet apps. Different mobile wallet apps are not compatible with each other. You cannot send money from one mobile wallet app to another. BHIM is different because it utilizes Unified Payment Interface. When you send money from the BHIM app, the recipient needs a bank account only, they don't even need to have BHIM. It has been designed this way to ensure maximum convenience of the general masses during performing a digital transaction. In addition to supporting funds transfer to UPI-enabled accounts, BHIM allows a number of ways to transfer funds to non-UPI-enabled accounts. BHIM allows funds transfer through IFSC and MMID codes. In the case of UPI-enabled accounts, you need to know the VPA of the recipient. The VPA is Virtual Payment Address, also known as UPI ID. The VPA replaces bank account details and reduces the complexities of digital payments significantly as you don't need anything else to transfer the funds. To generate the VPA, the recipient needs to have the banking app from their bank. In that app, they can generate their VPA in the section for UPI payments. BHIM also has support for QR code-based payments. With BHIM, there is a limit of Rs. 10,000 per transaction and a limit of Rs. 20,000 per day. BHIM is available on Android at the moment, not on iOS and Windows smartphones, which should not be a major problem as Android has captured 97% smartphone market share in India (Q2 2016).
The banks supported by BHIM at the moment are, 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, & Vijaya Bank.
The app supports Hindi & English right now, with support for more languages coming in a few days. Follow BHIM on Twitter.
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