BHIM (Bharat Interface for Money) is an Indian mobile payment App developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Named after B. R. Ambedkar and launched on 30 December 2016,[1] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.[2]

BHIM (Bharat Interface for Money)
BHIM Logo
Developer(s)NPCI
Initial release30 December 2016; 4 years ago (2016-12-30)
Operating system
Platform
Size16.52 MB
Available in20 languages
TypeMobile App
Websitewww.bhimupi.org.in

The application supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties.[3] It can be used on all mobile devices.[4]

OperationEdit

BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts (by scanning a QR code with account number and IFSC code or MMID (Mobile Money Identifier) Code).[5]

Unlike mobile wallets (PayTM, MobiKwik, mPesa, Airtel Money, etc.) which hold money,[6] the BHIM app is only a mechanism which transfers money between different bank accounts. Transactions on BHIM are nearly instantaneous and can be done 24/7 including weekends and bank holidays.

Version 1.3 allows users to use mobile numbers from their contact book to send money and also save payment addresses for future use .[citation needed] It now also allows users to send or receive digital payments through Aadhaar authentication.[7]

Transaction fees and limitsEdit

Currently, there is no charge for transactions from ₹1 to ₹100,000.[8][9] Some banks might, however, levy a fee for UPI or IMPS transfers.

In 2020 Indian banks have proposed transaction charges on UPI transactions,[10] but there is no information on whether transactions through BHIM will also be charged.[citation needed]

Language supportEdit

The app currently supports 20 languages (including English), and is expected to support all 22 recognised languages of India[citation needed]

ReceptionEdit

During the 2017 Union budget of India, Finance Minister Arun Jaitley said that the app is currently being used by over 12.5 million Indian citizens,[11] and that the government will launch two new schemes to promote its use. One will be referral payments for individuals, and the other will be cashback for merchants who accept payments .[12]

SecurityEdit

In May 2020, VPNMentor, a cyber security firm disclosed that BHIM app has suffered a huge data breach leaking approximately 7.26 million Indian users personal and financial data, such as name, contact details, Aadhaar card, PAN card, caste certificate, fingerprint scans, educational certificates and more. The 4.09 GB files were leaked from a CSC operated website because of misconfigured AWS S3 bucket, and not the official BHIM website. But CSC explicitly mentions that it is working with BHIM and NCPI in partnership. VPNMentor and other cybersecurity experts confirm the data to be authentic, but BHIM and NCPI claim that the breach never took place. The issue has now been fixed.[13]

See alsoEdit

ReferencesEdit

  1. ^ S, Arun (30 December 2016). "Modi launches mobile payment app" – via www.thehindu.com.
  2. ^ "People can now bank with thumb using BHIM app: PM Modi at Digi Dhan Mela". The Indian Express. Retrieved 31 December 2016.
  3. ^ "About Bharat Interface for Money".
  4. ^ "Modi launches app named after Ambedkar, says your thumb will act as your bank | india-news". Hindustan Times. Retrieved 3 December 2016.
  5. ^ "BHIM UPI Official website". National Payments Corporation of India (NPCI). 12 January 2017. Retrieved 12 January 2017.
  6. ^ "How is BHIM app different from mobile wallets- Business News". www.businesstoday.in. Retrieved 7 June 2017.
  7. ^ "How to transfer money using Aadhaar number via BHIM App: Follow steps". India Today. Retrieved 19 July 2020.
  8. ^ "National Payments Corporation of India". www.npci.org.in. Archived from the original on 17 May 2017. Retrieved 16 May 2017.
  9. ^ "IRCTC to launch new app for faster booking of tickets". Retrieved 7 June 2017.
  10. ^ "Banks to start charging for P2P payments on UPI". Moneycontrol. Retrieved 8 June 2017.
  11. ^ "Budget 2017: Jaitley says BHIM app now has 125 lakh downloads". Hindustan Times. Retrieved 3 February 2017.
  12. ^ "Union Budget 2017: Govt announces two new incentives to promote BHIM app". The Indian Express. Retrieved 3 February 2017.
  13. ^ "BHIM Data Leak Exposes 7M Indian Users Data: Risk of Fraud & Theft". Hack Reports. 3 June 2020. Retrieved 17 June 2020.

External linksEdit