Spend Smart. Ready for BHIM?

A decade ago, it was a distant dream to think of sending and receiving money with just a few clicks in mobile phones. But today technology has advanced to such an extent that one needs only a Virtual Payment Address (VPA) like XYZ@upi for transferring funds. This solution, introduced in a mobile application called Bharat Interface for Money (BHIM), was an instant hit among consumers and, within a short span of time, about 15 million customers downloaded it.

India is primarily dominated by Android phones and, keeping this in mind, the BHIM app was initially launched on that platform. This app has been recently launched on Apple’s iOS platform to cater to other customer segments too. Though the market share of iPhones is not very large in India, iPhone users are high transacting customers. So, this development is expected to help boost transaction volumes. Within a few hours of launch on Google Play Store or App Store, the BHIM app made it to number one position under the free apps tab.

BHIM retains the simplicity of the Unified Payments Interface (UPI) technology, but based on the feedback from consumers and stakeholders, the BHIM app has been upgraded with additional features like pay to Aadhaar number, SPAM report, improvised customer redressal mechanism with drop down menu. Currently, the app is available in English and Hindi in iOS, while the Android version has seven regional languages. The objective is to introduce more languages in future as this would ensure more acceptance in a diverse country like ours where over 20 languages are officially spoken.

So far 37 banks — a combination of public sector, private banks, foreign banks and co-operative banks — have been enabled for UPI/ BHIM. In a few weeks, all public sector banks will be live, which would ensure more downloads and usage. About 50 banks are being targeted by end-March. The biggest advantage of offering a common app is that banks, which were to go live with their indigenous UPI app, can offer the convenience and technology to their customers through BHIM. If the user experience of this app is pleasant and secure, it could be recommended to other prospective consumers, that would add to popularity of the platform.

As every successful financial app thrives on the security features it offers, we ensure complete safety of the data provided by customers and also that which flows at the backend. The BHIM app is a technologically advanced product that enables transfer of funds with just an email like address. This is comparatively safer from a security standpoint as a costumer is not required to reveal his/her bank account details and is able to send money using VPA. We are also working with concerned authorities towards removing fake apps resembling BHIM from Google Play Store to avoid duplication and confusion in the minds of customers.

It is essential to create awareness among customers about the importance of going digital and the use of BHIM app for mass adoption. The National Payments Corporation of India conducts several workshops for banks and consumers through its literacy programmes across 110 locations till April 14, 2017 . We are supporting NITI Aayog’s Lucky Draw Schemes - Lucky Grahak Yojna and Digi-Dhan Vyapar Yojna where live demonstrations of our digital services are provided in Digi Dhan Melas. Going forward, the focus will be towards acceptance of BHIM by merchants.

The writer is MD & CEO, National Payments Corporation of India

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