Live A step-by-step guide on how to use BHIM app

Elbert EdwardsJan 03, 2017

The Bharat Interface for Money or BHIM app has raced to the top of the most downloaded free apps on the Google Play Store.

According to Niti Aayog CEO Amitabh Kant, the BHIM app has been downloaded by 3mn users and around 500,000 transactions have already taken place on the platform.

Now available in English and Hindi languages, BHIM App was named after Bhim Rao Ambedkar.

The app is linked to your bank account.

UPI, or Unified Payment Interface, is a payment system that allows money transfer between any two bank accounts by using a smartphone. Prime Minister Narendra Modi had launched the app on Friday as an Aadhaar-based mobile payment application at the "DigiDhan Mela" to promote and make digital transactions easier.

Users will then have to set up a UPI-PIN code and select their bank. Threat looms big for companies like PAYTM, MOBIKWIK and FREECHARGE who were enjoying unexpected growth post demonetization. Custom Payment Address: You can create a custom payment address in addition to your phone number. Once obtained, users will have to verify their mobile number through an OTP. Here you can switch between your bank accounts, and there's an option to change/reset PIN too. It lets you send money to non UPI supported banks using IFSC and MMID.

This app limits the transactions for a Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.

Developed by National Payment Corporation of India (NPCI), BHIM is supported by host of banks, including State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, Bank of India, Canara Bank, Kotak Mahindra Bank, Oriental Bank of Commerce and Punjab National Bank, among others.

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