BHIM Full Form

What is the full form of BHIM?

Bharat Interface for Money is referred to as BHIM. The National Payments Corporation of India (NPCI) created the mobile payment app. It is based on the Unified Payments Interface (UPI), which enables rapid, convenient, and straightforward financial transactions. You can send money between banks, pay with a cell number, or use a Virtual Payment Address (VPA) to do so. BHIM was released in 2016 to encourage digital payments. BHIM is a payment system that can be used even when there is no internet connection. By dialing *99# from any phone, you can get the same BHIM services on any smartphone screen. You can also enroll in BHIM by dialing *99#.

This Story also Contains

1. What is the full form of BHIM?
2. Advantages of BHIM
3. Feature of BHIM
4. Steps of using and Download BHIM app
5. Security
6. Reception

The Minister of Electronics and Information Technology has released BHIM 2.0, an updated version of the Bharat Interface for Money (BHIM). Under BHIM 2.0, the current limit of Rs. 20,000 has been raised to Rs. 1,000,000 from certified merchants. Unlike the other e-wallets, the BHIM operating system can replace existing mobile wallets and appear to be a more reliable option for bank-to-bank transactions. Because transactions are done straight from bank accounts, it is not necessary to recharge the wallet, and utilizing the software incurs no commissions or additional expenses. The BHIM UPI app's maximum per transaction amount is Rs. 10,000, and the 24hr transfer limit equals Rs. 20,000.

Advantages of BHIM

• They can transfer money using VPA Bank Details and IFSC code, Aadhar Number, or QR code.

• Users can also receive funds by using a Virtual Payment Address.

• Individuals can make transactions and generate a QR code to take payments by scanning a QR code.

• Users can search the account activity and pending UPI collection requests.

• If a payment is declined, you can make a complaint by tapping just on the Report issue button.

• The static QR code and payment addresses can be shown, and the QR code can be transmitted via email, WhatsApp, and other communication apps.

• The linked bank accounts can be viewed, as well as the UPI PIN can be entered or altered. Users can, however, change their bank account information.

• As well as check the status and much more.

• This application is now compatible with over 20 regional languages to improve the client experience.

• Users can prohibit those who make frequent collection requests.

Feature of BHIM

• Send and Request Money: You can send money using a Virtual Payment Address (VPA), an Account Number and IFSC code, an Aadhar Number, or a QR code. You can also receive funds by providing my Virtual Payment Address (VPA).

• Scan & Pay: You may pay by scanning a QR code or creating a QR code to accept payments.

• Transactions: You may view your transaction history as well as any outstanding UPI collect requests. You can file a complaint if a transaction fails by tapping on Report issue.

• Profile: You may check the fixed QR code and transaction addresses, as well as send the QR code via various messenger services such as WhatsApp, Email, and so on.

• Bank Account: View your connected bank accounts & set or change your UPI PIN. You can also modify your bank account, check your balance, and do other things.

• Language: To improve the user experience, this software is accessible in regional languages.

• Disable User: You can prohibit individuals who send collect requests repeatedly.

• Provide users with the ability to disable and enable mobile numbers in their profile if a second UPI ID is created (QR for the disabled UPI ID is also disabled).

• Scan: Scan any QR code label with both the UPI and BHARAT QR emblems using the BHIM app. You may also generate a QR code to make it easier for others to pay you.

• IPO using BHIM: To register for an IPO, fill out all the IPO applications using the BHIM UPI ID, and then proceed by approving on the website.

• Bill Payments on BHIM: The BHIM app supports in-app utility bill payments, allowing individuals to pay bills while on the move via BHIM BillPay.

• UPI AUTOPAY: You may now enable monthly e-mandates for expenses such as cell bills, power bills, Instalment payments, entertainment/OTT subscriptions, medical coverage, mutual funds, and more with any UPI-enabled app.

Steps of using and Download BHIM app

Steps for using and applying the BHIM app: -

• Install and download the BHIM app, which is accessible in the Google Play Store and the Apple App Store.

• Launch the application and select a language.

• Allow the application to manage SMS and phone calls.

• If a person with a dual Sim phone should be prompted to confirm the mobile number associated with their bank account. An SMS is required for auto-confirmation.

• Create a unique four-digit password to log into the software and re-enter the code to confirm it.

• Choose your UPI-enabled bank from the list presented.

• Setup your UPI PIN by entering the sixth and final six digits of the payment card and the expiration date. As a result, by supplying debit, the bank details will be quickly retrieved and registered.

• After a user has been successfully added, the BHIM app main page will appear.

• The account has already been registered and will soon be ready for usage.

Security

VPN Mentor, a cyber security firm, revealed in May 2020 that the BHIM app suffered a massive data breach, exposing approximately 7.26 million Indian subscribers' financial and personal details including name, contact information, Aadhaar, PAN card, caste identification card, fingerprint scans, educational certificates, and more. The 4.09 GB documents were obtained from a CSC-operated website via a corrupted AWS S3 bucket, rather than the legitimate BHIM website. CSC, on the other hand, specifically stated that it is collaborating with BHIM and NCPI. VPN Mentor and certain other cybersecurity specialists affirm the authenticity of the material, while BHIM and NCPI maintain the hack never occurred. The problem has now been resolved.

Reception

Finance Minister Arun Jaitley stated during the 2017 Union Budget of India that the app is currently utilized by more than 12.5 million Indian citizens as well as the government will introduce two new programs to promote its use. Individuals will receive referral payments, while retailers who take payments will receive cashback. With over 4.2 billion digital transactions, the BHIM UPI platform achieved a value of $100 billion (7.71 trillion, or 7.71 lakh crore) in October 2021. Bhutan became the first country to use the BHIM UPI for digital transactions in 2021, following clearance from the Royal Monetary Authority of Bhutan