Banking

PM launches BHIM, a new digital payments app

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Promising a whole new way of making digital payments, Prime Minister Narendra Modi recently launched BHIM— Bharat Interface for Money — named after Babasaheb Dr Bhimrao Ambedkar.

The application as of now has been launched only for Android users. iOS and Windows users would have to wait for experiencing the benefits of the app, an Indian Express report said.

The BHIM app has been launched to support Aadhaar based payment. With the help of this app, the users would be able to do transactions just by fingerprint impressions.

BHIM, created by National Payments Corporation of India (NPCI), is a digital payment solution based on the Unified Payments Interface (UPI).

Users, who have signed for UPI-based payments for their bank accounts, would be able to use the BHIM app to perform their digital transactions.

BHIM will help the users send and receive money to other UPI accounts or addresses.

One can also send money via IFSC (Indian Financial System Code) and MMID (Mobile Money Identifier) Code to users who don’t have a UPI-based bank account.

Options of creating a personal QR (Quick Response) code for a fixed amount of money will also be available. Merchants can scan the QR code to make the deduction.

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