BHIM : Bharat Interface for Money
BHIM, or Bharat Interface for Money, is a mobile payment app developed by the National Payments Corporation of India (NPCI). It’s designed to make secure, instant, and cashless transactions a breeze using the Unified Payments Interface (UPI) system. Since its debut on December 30, 2016, BHIM has empowered users to perform direct bank-to-bank transfers, settle bills, and receive payments simply by using a mobile number or a Virtual Payment Address (VPA).
Key Features of BHIM:
- Instant Bank Transfers: Send and receive money directly between bank accounts using UPI.
- UPI Autopay: Set up automatic recurring payments for subscriptions and bills.
- UPI Lite: Make small-value transactions up to ₹1,000 without entering a UPI PIN. Apple
- Multi-Language Support: Available in 20 languages to cater to diverse users across India. Wikipedia
- QR Code Payments: Scan QR codes to make payments to merchants or individuals.
- Security: Implements two-factor authentication and other security measures to ensure safe transactions.
Transaction Limits and Charges:
- Daily limit: Rs. 1,00,000.
- New users have an initial limit: Rs. 5,000 for the first 24 hours.
- There are no transaction charges for BHIM app users.
Security Measures:
BHIM employs robust security protocols, including two-factor authentication and device binding, to ensure user data and transactions are secure. Users are advised to keep their UPI PIN confidential and be cautious of phishing attempts.