To provide a structural support to the digital and cashless services, Prime Minister Narendra Modi today launched an Aadhar based mobile payment application called BHIM (Bharat Interface for Money), a refurbished version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) at the Digi Dhan Mela event in Talkatora stadium in New Delhi.
The Prime Minister said that the application can be used across handsets –including on feature phones and there is no need to have Internet connectivity, PM said launching the app.
The application which is available on Android Play Store is expected to curb the need for plastic cards and point of sale (PoS) machines, which are currently the dominant methods for online cash transactions.
The application also eliminates the external fee payment which is reserved for service providers such as MasterCard or Visa. A maximum of Rs. 10, 000 per transaction is permitted while you can transact Rs 20,000 within 24 hours.
The application will allow anyone (with smartphone) to send or receive money through its interface to make a digital payment. The application gets linked to your bank account which will carry on the transaction process, unlike your usual wallet service which will have identity.
BHIM application can be downloaded from your Google Play store and the app will arrive on iOS soon.
How to use the application?
After downloading the application you will be asked to provide your bank account details through the application, which would then generate UPI PIN. Your mobile number will be your primary payment address from which you can make cash transactions.
You can send or receive money to a phone number, check balance, or scan a QR code to make a payment without sharing a phone number. Money can also be sent to non-UPI banks using IFSC code, which is similar in your usual normal net banking system.
How will the app work on feature phones?
The interface can be accessed using USSD (Unstructured Supplementary Service Data) from feature phones – you will need to dial *99# to access it. With this method, Internet connection will not be required. All major banks which support UPI payment method will work in conjugation with this application service.
List of supported banks: Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, 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.