A move towards Cashless economy with BHIM app
BHIM App got launched on Dec 30, 2016, by Prime Minister Narendra Modi at Talkatora Stadium in New Delhi and since then it has been downloaded more than 20 million times from the Google Play Store. It was a great initiative, and today we will see how can this app simplify your payment transfers quickly, safely and what this app does for cashless India.
Before going in depth, just read this article, that I recently read on cashless economy by Edelweiss and it explains why this payment system is one of the best to use in today’s scenario.
This payment system uses UPI (Unified payment interface) made by NPCI (National Payment Corporation of India), and it enables you to send and receive money without the need of any payment wallet. Almost every other bank has incorporated this system, and due to its simplicity and ease of usage, it will be the most used system in upcoming days.
The process involves a quick 5 step process to understand how does it work, I will use the same example used by Edelweiss. Suppose you are at a cash counter of your grocery store. Cashier will ask you your UPI “virtual identity” that you will generate after installing the BHIM app, second step is to give your virtual identity, third step would be receiving a payment request on your phone, fourth step is to accept the request and finally the fifth step will ensure amount getting deducted from your account and receiving of money instantly.
This method is also very safe to use, and you save a lot of time and effort of going to an ATM, taking cash every time. UPI payment service is also the fastest system in comparison to NEFT, which usually takes an hour or two. RTGS is another payment system used to transfer larger amount than 2 lac in one transaction.
So, if you still haven’t downloaded BHIM app for money transfer, then I think you should do it right now and enjoy the simpler, safer and quicker payment transfers without disclosing your account details. Not only it will ensure using less usage of physical money and replacing other old payment systems.