BHIM, the unified app for UPI-based payments has crossed 3 million downloads in just five days since it was launched with over 500,000 transactions done since launch. The numbers were put out in a tweet by Amitabh Kant, who is the CEO of Niti Aayog. Kant also confirmed the app will be arriving on iOS in another ten days and multilingual versions of the app will also be introduced in the same time span. Currently the BHIM app supports Hindi and English and is only available on Android.
BHIM app was launched by the Prime Minister Narendra Modi on December 30, and it stands for Bharat Interface for Money, and it is named BHIM after Babasaheb Dr Bhimrao Ambedkar. The app is already topping the Google Play Store charts in India just days after the launch. It has been developed by the National Payments Corporation of India (NPCI). The fact that the government is bringing the iOS version soon is welcome news.
BHIM is an app that allows payments via United Payments Interface (UPI), which ensures that the money is credited or debited straight to a user’s bank account. It also supports transfers via IFSC code and MMID for those who don’t have UPI on their bank accounts. UPI payments require only a Virtual Payee Address (VPA) and a user doesn’t have to share his bank details, etc.
BHIM binds with the user’s device and mobile number and requires that a user set up a pin to login into the app every time. Another pin, this one is the UPI Pin is required to conduct transactions on BHIM.
The BHIM app comes with three factors of authentication; one it binds with the device and mobile number, second it requires a login pin, and finally a separate authentication pin is needed. Even regenerating the UPI Pin requires access to a user’s debit card.
The government has also extended the UPI payments integration to USSD platform where a user can dial *99# via their feature phone or even smartphone and conduct UPI based transactions without always relying on the internet. Interestingly mobile wallet Paytm is also supporting UPI in order to let users load the wallet. UPI is a direct bank-to-bank payment method, although BHIM app has a daily limit of Rs 20,000.
BHIM will also support Aadhaar-based payments in the future, but that is yet to happen.
Online Source:The Indian Express
