Essay on BHIM App And Its Benefits

BHIM App And Its Benefits

 

Bharat Interphase for Money (BHIM) is a money transfer application created by the National Payment Corporation of India (NPCI) that lets you make transactions using Unified Payments Interface (UPI). It was launched by Prime Minister Narendra Modi on December 30, 2016. It has been named after Bhimrao Ramji Ambedkar. It is an application that supports instant money transfers from one bank account to another bank account. After demonetization, the government launched this app to improve the cashless transaction between the common people and reduce the dependency on cash. After the initial launched it becomes the top downloading application of Google Play Store.

BHIM app provides simple, easy, quick and multiple options to send money. A person can send money using the beneficiary's bank account number and IFSC code or Virtual Payment Address (VPA)/ UPI ID or Money Mobile Identifier (MMID) or scanning Quick Response code (QR Code).  There are some other benefits of the BHIM app such as it works 24*7. It also offers money transfers on a real-time basis thus the user does not need to wait as in the case of NEFT. The government of India also promoting the BHIM app by offering cashback on some transactions.

To register on the BHIM application a person required an ATM card link to his bank account and a smartphone with a working internet connection a mobile number link to his bank account. BHIM application allows the user to do the following things from their mobile phones:-

1. A user can send money to anyone who holds a bank account in any bank in India.

2. User can also receive funds and can request money.

3. A user can also check the balance of his bank account.

4. A user can attach multiple accounts in different banks with one BHIM app provided the mobile number in each account should be the same. 

5. Customers can pay by scanning the QR code through 'Scan & Pay' and generate QR codes in the app for making payments.

Conclusion:-

BHIM is gaining popularity among the public. It has changed the way of sending money from one account holder to another account holder. It helps the user to send money instantly, any time without visiting a bank branch. This app will also help India to become a less-cash economy from a cash-driven economy. This app will also help to achieve the target of financial inclusion. Migrant workers can send money to their native place using this app. BHIM app will definitely change the banking experience.

Written by Akash Tiwari

Word Cunt - 420

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