6 things to know about using the new BHIM App

Prime Minister Narendra Modi wants India to turn digital. To achieve this dream, he recentlylaunched a mobile banking app – Bharat Interface for Money Application (BHIM App) in India.

Here are six things to know about using the BHIM app:

Second rate hike: This is the second rate hike since the Fed first indicated it plans to increase interest rates. It first increased rates in its December 2015 review meeting for the first time in almost 10 years.

#1

Android only: Currently, the BHIM app is available only for Android users. However, Apply users need only wait for about 10 days.“It will be made available to iOS users within 10 days,”Amitabh Kant, the CEO of NITI Ayog said.

Inflation to rise: The US central bank has worried about the rise in inflation, a by-product of a prospering economy. It expects inflation to climb to 2% over the medium term. This was the main reason behind the rate hike.

#2

Avoid bank forms:BHIM spares you the time and effort you put in to fill those complicated bank forms. This is because the app depends on Phone numbers to conduct transactions. So when you transfer money, it will be from one phone number to another.

More hikes expected: The US Fed also indicated that three more hikes can be expected in the next year. Each hike could see interest rates increase by another 0.25 percentage point

#3

How to use:You need to first download the app from Google Play Store for free. Then, you need to link your phone number and get it verified. Your phone number then becomes your payment address.

Bank connection: Once you have set up, you can then transfer money from your bank to the app. Then use the money to pay or transfer money. This bank account becomes your primary bank account. All your money will come from this bank account. The app currently supports accounts from 31 banks.

#4

#5

Transfer money:Your phone number becomes the gateway to money transactions. You can then easily send money from others using their phone number. You can also request money from another person. You will have to send a request to their phone

Scan & Pay: The app also supports payment through scans. This way, you do not need the phone number. Instead, place your camera over a QR code. The app will scan the QR code, ask for the amount of payment and then conduct the transaction. Each user/phone number will have an authentic and unique QR code assigned to them.

#6

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