Overview & Feature Analysis
Go cashless transactions in India
BHIM (Bharat Interface for Money)
, published as BHIM – Making India Cashless in the
Google Play Store
, is a free-of-charge
finance
mobile application
exclusively for the residents of India
. Developed by the National Payments Corporation of India (NPCI), this payment app is created to help the
management of e-payments
and
encourage cashless transactions
in the Indian market. While its service is heavily-based on the Unified Payments Interface (UPI), it still
authorizes transactions made from non-UPI accounts
.
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Is BHIM a government app?
Technically speaking, this finance mobile app is not operated by the government, or any public sector unit or agency. BHIM is
privately owned
by the National Payments Corporation of India, which is a private institution run entirely by banks. Although it is important to note that it is
government-funded
thus, you will see
tons of referrals and cashback
within the app. It is, in fact, accounted for in the
country's Union Budget
.
To encourage more Indian citizens to download the app and do cashless transactions, it plans a referral scheme wherein each person has to obtain
at least 125 people to download
the payment application. Both the referrer and newly referred user will
get rewards
. However, it would only be considered as a successful referral if fresh users have
completed about 3 unique successful
financial transactions
at a minimum.
Before registering, you must ensure that your
bank account
is linked to an
active mobile number
. If you have valid debit card, it will be required to
generate a UPI PIN
. The limit of transaction per day varies depending on BHIM's set limit for your account. Bear in mind that your bank account or
card's PIN will never be asked
for you to receive money. For payment or balance checked, UPI PIN is the one that will be used.
Secure and regulated cashless transactions
If you reside in India, BHIM is a mobile finance application that will be quite useful to you and your various online transactions. All transactions are
guaranteed to be safe
as it is run by a private institution and funded by the government. With their strong determination to
encourage Indian citizens to go cashless
in most of their transactions, referral schemes are prevalent within this app.