The Bharat Interface for Money (BHIM) was rolled out by Prime Minister Narendra Modi, in an initiative to enable fast, secure and reliable cashless payments through mobile phones. Here is how you can use the BHIM app. Step 1: Open the play store app and search for “Bhim“, or click on the link. The developer of the application is the National Payments Corporation of India (NPCI), and the developer has no other listed applications. Install the application, it is a download that is less than 2 MB.
Step 2: The application automatically pairs with the device, and sends an sms for verification. Grant permissions to the app for accessing the sms on the phone. Set up the passcode for unlocking the application. There is a toggle to hide or view the passcode.
Step 3: Select a bank from the list. 31 banks are supported as of now, and there are plans to add more banks to the list. The phone number you are using has to be linked to the bank account, and mobile banking has to be enabled on the bank account. The application automatically retrieves the account information in a secure way, and it is a feature of UPI.
Step 4: Set up a payment address. The default address generated for you is your phone number @UPI. Tap on the add payment address in the Profile section to configure an additional payment address. There is a list of generated suggestions provided by the application, but users can feed in their own text strings. Multiple UPI addresses can be generated for a single user. Users can choose one of the UPI addresses as their primary UPI address.
Step 5: The profile page also has the QR code automatically generated. This QR code can be saved to the file, shared directly through applications, or printed out. The feature is particularly useful for merchants. The scan and pay option to transfer money can be used by customers to scan the QR code and make payments. Every UPI address has its own unique QR code.
Step 6: Transactions can also be conducted using a secure QR code, which is different from the QR code linked to the account. This QR code is meant for one time transactions. The amount has to be entered, along with details on what the money is for. This QR code can be sent over electronic means, or even printed. Anyone who scans the QR code, gets the money credited to his or her account.
Step 7: For making transactions using IFSC, there is an interface available in the top right corner of the payment menu. Users have to fill in details such as beneficiary name, their account number and the IFSC code.