Wednesday, January 4, 2017
Prime Minister Narendra Modi has on December 30, 2016 in an effort to promote digital economy has launched the Bharat Interface for Money (BHIM) application. The app is named in honour of Dr.B.R.Ambedkar.
The app was developed by National Payment Corporation of India (NPCI) and is re-branded version of the Unified Payment Interface and is aimed to eliminate fee payments for card companies.
The BHIM app can be used to instantly transfer money 24X7 and currently supports the linking of only one bank account. Money can also be received and sent using a QR code, which needs to be scanned. The app is available for Android users and can be downloaded for free from Google play store. Then users needs to verify their mobile number and make a 4-digit UPI pin, which will be used as a security key while conducting transactions. The UPI pin is generated when the user registers their Debit/ATM card along with the expiry date on the app. A list of 31 banks can be chosen to register with. However, currently the maximum transaction limit is Rs 20,000 for a day and Rs 10,000 for a single transaction.
Officials said, the app is tested for security reasons. It will be regulated under UIDIA (Transaction of Business and Meetings) regulations, 2016, Aadhaar (Enrolment and Update) Regulations, 2016 Aadhaar (Authentication) Regulations, 2016, Aadhaar (Data Security) Regulations, 2016, Aadhaar (Sharing of Information) Regulations, 2016.