Narendra Modi is slowly making India digitized. In a recent move to make demonetization easier, he announced new digital payment wallet app called ‘BHIM’ to make the demonetization easier. The app is based on Unified Payments Interface (UPI) that works on the Immediate Payments Service (IMPS).
The BHIM application is currently available for Android and today, the government revealed that the application for iOS will be launched in next few days. Having said that, the app syncs with your bank account and allows you to transfer money with ease.
At the launch event, Modi said that. Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity. One only needs a thumb. There was a time when an illiterate was called ‘angutha chhap’. Now, time has changed. Your thumb is your bank now. It has become your identity now.”
So, he wants India to be digitized in every manner. In the BHIM app, you don’t want to load money onto your wallet, unlike other digital wallet apps such as Paytm, FreeCharge, etc. Instead, it uses the UPI system and transfers money directly to your bank account with just one tap.
Also, the application is secured by a four-digit MPIN, same as your ATM Pin and the pin is required every time your log into the account. A user can transfer up to Rs. 10,000 per transaction and Rs. 20,000 per day.
Almost every major bank of India now has support for UPI and to be precise, here are list of banks that are currently supported in BHIM- Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, Vijaya Bank.
So, what do you think of this latest move from Indian Government? Will it help in bearing the state affected by demonetization? Let us know in comments section below.