Friday, 20 January 2017

Is Bhim App Usefull or Not - Advantages of UPI Bhim App for Online Money Transactions

BHIM App Benefits: BHIM App gives the utmost freedom to transfer your money from your bank to others just using their mobile number. It is not a E-wallet service which stores the money. It doesn't ask you to enter credit card or debit card details of the bank. You just to register with your mobile number which is linked with your bank account. Here are the benefits which will reflect the security of your money and even the details.

bhim-app-benefits-everyone-must-know


Benefits of BHIM App for (Android / iOS) :

Money Can be Sent to Non-UPI Banks: For now UPI supports only 21 banks and Yes Bank will be added very soon. The banks which are supported by BHIM App are 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.

Not an E-Wallet Service: The money which will be sent to other using their mobile number or IFSC code for the Non-UPI based banks. When you want to send the money to any other banks it just transfers directly from your bank account to their bank account. Paytm or Free Charge makes use of your credit or debit card and store your money in as E-wallet which you may feel insecure.


Secure without Revealing Mobile Number: Users who many other don't want to reveal their mobile number have to generate a QR code which will be used by the sender and will send the money directly by scanning the QR code and the money will be deposited in your bank account.

USSD Support: The USSD (Unstructured Supplementary Service Data) will be used by users who don't own a smartphone. Most of the people in India doesn't have a smartphone and this cashless transactions made users difficult to use these cashless apps. So BHIM app also provides USSD support which will be used to send money using *99#.

Daily Limit: Just like other applications which will give you the opportunity to use the cashless transaction using your mobile number, the limit of will be set to transfer a maximum of Rs. 10,000 per transaction and Rs 20,000 in total.


Access to Multiple Bank Accounts: Just by registering with your mobile number, you can get access to multiple accounts. The users can access this facility just by their mobile number provided that users will be registered with the same mobile number in the respective banks. This will give you the authority to use the bank accounts which are linked with the same account number.

Not Aadhar Based App: In the initial stages, it was said that this app was Aadhar based, but it doesn't use any Aadhar number and use UPI based services.

UPI (Unified Payments Interface) is a system by using this you can easily transfer money from one bank account to another bank account through a smartphone. UPI allows you to transfer funds to many merchants both online and offline. All you need to is just link your bank account with this app.
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