The Cloud of BHIM

Following the theme of digitalization and cashless economy, PM has launched Aadhar based mobile payment application BHIM (Bharat Interface for money). BHIM Being UPI (unified Payment Interface) brings a lot more benefits in comparison to E-wallets applications like Paytm, Freecharge, Mobikwek etc.

Unified Payment Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between bank accounts.

Following are the features provided by this application.

  • You can transfer fund to any bank account.
  • You don’t need to register payee beforehand.
  • BHIM provides IMPS facility. This allows transfer of money anytime, even on holidays or night.
  • Only payee ID is needed while transferring the amount.
  • Internet access is not needed for using this application, this feature makes it more accessible.

BHIM Application is one of the top trending apps on Google play store with over 3 million downloads so far. But the ease of using BHIM has also certain limitations as :-

  • You can add only one bank account at a time.

You can have only two Virtual payment address. The first would be default (containing your mobile number) while you can set the second VPA.

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