Indian Currency Interface BHIM www.deekpay.com

What is Indian Currency Interface BHIM

The Bharat Hashim Interface (BHIM) provides a fast, secure and reliable medium to use through mobile apps UPI(Unified Payment Interface for India) platform and *99# services use the USSD (Unstructured Supplementary Service Data) platform for digital payments.

BHIM was launched on 30 December 2016 and within 10 days, the BHIM app reached 10 million downloads on the Andriod Play Store and 10 million downloads on UPI (Unified Payment Interface of India) and USSD (Unstructured Supplementary Services Data) platforms with over 2 million transactions.BHIM is interoperable with other UPI applications and bank accounts.BHIM is operated by theNational Payments Corporation of India (NPCI), a not-for-profit corporation, developed theReserve Bank of Indiaguidance to provide retail payment systems within India.

Designed for fast and secure user adoption, with a best-in-class and intuitive user interface that makes digital transactions seamless, BHIM brings great benefits to merchants who can now accept payments directly from their bank accounts. All users (including merchants) are given a ready-to-use VPA(virtual payment address) and an exclusive ready-to-print QR code.

Android users with Internet access can install BHIM via the Play Store (https://play.google.com/store/apps/details?id=in.org.npci.upiapp). BHIM requires an individual's phone and SMS permissions to validate the phone number.

Users who do not have access to internet/data services can experience BHIM by dialling *99# on their mobile phones.

How does Indian Currency Interface BHIM work?

After downloading the application, grant necessary permissions and verify the mobile number associated with the bank account. Register the individual's bank account with BHIM and set up the bank account using the last 6 digits of the debit card and the validity period UPI PINThe mobile phone number is the payment address (PA). The mobile phone number is the payment address (PA).

Send/receive money: Send money to or receive money from friends, family and customers via mobile phone number or payment address. It is also possible to use IFSC and MMID Send money to banks that do not support UPI. Users can also receive money by sending a request and revoking the payment (if required). Check Balance: Users can check their bank balance and transaction details anytime, anywhere. Customised Payment Addresses: In addition to phone numbers, users can create customised payment addresses. QR Code: Users can scan QR codes to enter payment addresses faster. Merchants can easily print their QR codes for display. Transaction Limit: Maximum Rs. 1,000. 10,000 per transaction, Rs. 20,000 within 24 hours. Rs. 10,000 per transaction and Rs. 20,000 within 24 hours. USSD limit is currently set at Rs. 5,000 per day. Transaction Fee: Zero change in BHIM application or back office infrastructure.

Recommended Reading:What is a UPI PIN?

Benefits of using BHIM

The main purpose of the BHIM application is to provide a unified UPI experience and to support banks that have not yet developed any UPI application for their customers, the benefits of which are mainly:

1 digital payment app for all bank accounts. Funds remain in your bank account and can earn interest. There are no fees to use the BHIM application and the bank has minimal UPI charges for conducting transactions. Simple, secure and lightweight. BHIM Framework *99# Works without Internet. Transactions from ₹ 1/- to ₹ 10,000. The daily transaction limit is ₹ 20,000.

Key features of BHIM

The BHIM application was launched in December 2016 by theNPCILaunched. The Ministry of Electronics and Information Technology (MoEIT) launched a new version of the Bharat Money Interface (BHIM), BHIM 2.0, under which the existing limit of Rs 20,000 from verified merchants has been raised to Rs 1,00,000.

The BHIM app replaces existing mobile wallets and can be used as a relatively reliable alternative to bank transfers, unlike other e-wallets. There is no need to top up the wallet as the transactions come directly from the bank account and there are no commissions/hidden charges for using the app. With the BHIM UPI app, there is a cap of Rs. 10,000 for a single transaction and Rs. 20,000 can be transferred within 24 hours.

Some of the key features of BHIM are listed below:

The BHIM application is tied to the mobile phone number and device ID. Therefore, using the application on a different mobile phone will require a separate authentication process. Three-point authentication via mobile number, device ID and UPI PIN. Authentication via Aadhaar Performing fingerprint-based biometric verification of transactions will prevent fraudulent transactions. A UPI PIN is required to open the application and conduct transactions. Resetting the UPI PIN requires debit card details and OTP SMS for authentication.

Advantages of BHIM

Bharat Money Interface (BHIM) is an innovative payment system developed by the Government of India.BHIM provides a simple and secure way to send money to users on mobile platforms. It provides the ability to easily send or receive money to other customers using the Unified Payments Interface (UPI) of India. Some of the benefits that Bharat Money Interface (BHIM) offers to its users are as follows:

Transfers can be made easily without having to know the recipient's bank or account number. The entire transaction can be completed in less than a minute. Transfer money instantly at any time. Unlike online banking, it does not require prior enrolment of beneficiaries. Allows access to bank account details using Unstructured Supplementary Service Data (USSD) as it is UPI based.USSD does not require an internet connection. Customers who do not have a UPI account can also receive money through Indian Financial System Code (IFSC) and Mobile Money Identifier (MMID) codes. It is available in English and Hindi, with other language interfaces in the pipeline. If the payee doesn't want to share their phone number, they can transfer a fixed amount by generating a QR code. Useful for merchants and vendors. Generate virtual payment address. Flexibility to transfer funds via payee's mobile number, VPA or UPI ID. BHIM is supported by almost all commercial banks and unlike an e-wallet, funds can be transferred directly to a bank account via BHIM. The application also enables Aadhaar-based payments through scanning of 'thumbs' (biometric authentication).

BHIM has the potential to destroy private mobile wallets because of the various advantages it offers over the latter. However, the challenges of advertising and raising awareness of the app and getting merchants on board remain. Unless brick-and-mortar shops, public transport, etc. accept BHIM, it will be difficult to make an impact.

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