Under ‘Digital India’ initiative, India is developing a cashless economy. The latest addition of this is BHIM app.

There are many options available if you want to transfer money from one person’s account to another. There is NEFT and IMPS. But the latest one is UPI (Unified Payment Interface). With UPI you can send money instantly and the cost is much less in comparison with the others. UPI works with your mobile number. Actually your mobile number is tagged with your bank account and you can send or receive money with your mobile number.

To use UPI you need to download your bank specific app. So many people have different apps for UPI. To streamline this problem, Indian government has come up with an app called BHIM. You can setup any of your bank account with this app and start sending or receiving money. No need to download different apps. The best part is money transfer is fast. You don’t need to register beneficiaries. You just need to know the mobile number of that person. It is linked with your bank account. There is no wallet concept, that means you don’t need to add money to wallet first.

Overall BHIM is fast and simple. I am currently playing with this app and the process. One last point, we can pay with this app by scanning QR code to any merchant shop if available. I am looking forward to use this app more in future for my mainstream requirements.

Arnab