BHIM Full Form

BHIM app full form in banking is Bharat Interface For Money. It is an Indian mobile app payment developed by the National Payment Corporation of India based on Unified Payment Interface (an instant real-time payment system that instantly transfers funds between two accounts on a mobile platform). 

BHIM was launched on December 30. 2019 and was named after B.R. Ambedkar. It aims to facilitate e-payments directly through banks and encourage cashless transactions.  

The BHIM mobile application supports all Indian Banks which use Unified Payment Interface (UPI). UPI built over the Immediate Payment Service and enabled users to transfer money instantly between bank accounts of any two parties. It can easily be used on all mobile devices.

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What is BHIM App?

BHIM app full form, Bharat Interface For Money, is developed by the National Payment Corporation of India. It is a UPI-based payment interface that enables real-time fund transfer using a  single identity like your mobile number or name.

BHIM was launched by Prime Minister Narendra Modi to make it easy for everyone to enable digital payments directly from the bank account.

What is the Full Form of BHIM?

The full form of BHIM is Bharat Interface For Money.

BHIM Operation

BHIM abbreviation, Bharat Interface For Money, enables users to receive or send money to or from UPI address or to a non-UPI-based account (by scanning a QR code with the account number and IFSC code or Mobile Money Identifier Code (MMID) is a mode of payment using mobile phones).

In contrast to mobile wallets (Paytm, Mobiwik, Mpesa, Airtel money, etc) which hold money, the BMIM is only a device that enables users to transfer money between different bank accounts.  Transactions on BHIM are immediate and can be done 24 hours including weekends and bank holidays.

BHIM version 1.3 enables users to use mobile numbers from their contact list to send money and also save payment addresses for future use. It also enables users to send or receive digital payments through Aadhaar authentication.

Who Can Use BHIM?

Any user having a smartphone and bank account is authorized to use BHIM. Just, you need a mobile number registered with the bank and a debit card linked to that account. BHIM app can be downloaded from the Google play store or app store.

How To Access BHIM?

Following are the Steps to Access Bhim:

• Step 1: Download and install the BHIM app from the Google play store and App Store. 

• Step 2: Select your preferred language.

• Step 3: Choose a sim with a mobile number that is registered with your bank account.

• Step 4: Sign in by fixing a 4 digit Application password.

• Step 5: Choose your desired bank account and link it with your BHIM account.

• Step 6: Set your UPI Pin by providing the last 6 digits and expiry date of your debit card.

• Step 7: You can now use your account as it is registered successfully. You can send or receive money in no time.

BHIM Services

Through BHIM full form, Bharat Interface For Money, users can make the following types of transactions.

1. Send Money: This feature enables users to send money using a Virtual Payment Address (VPA) or combination of Account Number or IFSC or by scanning QR code.

2. Request Money: This feature enables users to request to collect money by entering Virtual Payment Address (VPI). Also using the BHIM app, one can transfer money using a mobile if it is registered with BHIM or *99#. Also, the users must link their mobile number with their bank account. 

3. Scan & Pay: Customers can pay money by scanning the QR code through ‘Scan & Pay’ and generate QR codes in the app for making payments.

4. Transaction: This feature enables users to check their transaction history. It also spotlights pending UPI collect requests (if any) so that users can approve or reject the payment request. There is also a report issue option available for customers who are willing to raise any complaints related to the transaction. 

5. Profile: This option enables users to observe the static QR code and payment address that is created. The QR code can be downloaded and can be shared through various messenger applications like WhatsApp, Email, etc.

6. Bank Account: Using the bank account option, a customer can check their bank account which is linked with the BHIM app along with the PIN status. Customers can also set/change the UPI pin, bank account linked with the BHIM app by clicking on the ‘Change Account’ tab provided in this menu. This feature also helps users to check their bank account balances. 

Transaction Fees and Limits

Presently, there are no transaction charges from ₹1 to ₹1,00,000. Some banks might impose charges for UPI or IMPS transfers.

Indian Banks have proposed transaction charges on UPI transactions in 2020, but there is no information on whether transactions on BHIM will also be imposed.

Language Support

The BHIM app currently supports 16 languages including English and is expected to support all 22 popular Indian languages.