January 3, 2017

BHIM app can give Paytm & co a run for their money

Image result for bhim app

The BHIM app — which comes close to the government’s vision for UPI i.e. “one app to rule them all” — scores over e-wallets in many use-case scenarios. 

For starters, the BHIM app allows offers direct funds transfer across different bank accounts. Mobile wallets, on the other hand, lack interoperability and allow funds transfers only within same wallet operator. No longer would you require to load or top-up mobile wallets to pay for services. Almost all banks including private sector biggies ICICI Bank and HDFC Bank, and state-run State Bank of India have been on-boarded on to the app interface. 

Next, the app scores heavily over mobile wallets with regard to transaction limits. Users can transfer up to Rs 10,000 per transaction and Rs 20,000 per day with the BHIM app. Mobile wallet transfers are subjected to a limit of Rs 20,000 per month, which can go up to Rs 1 lakh per month on completion of a Know Your Client (KYC) check. In comparison, the BHIM app allows for Rs 6 lakh worth funds transfer a month. 

Also, BHIM app transactions are free of service charges for now (though banks may choose to levy some in future). Mobile wallet transactions, on the other hand, incur service charges.

Read more at: http://www.moneycontrol.com/news/economy/comment-bhim-app-can-give-paytmcorun-for-their-money_8195881.html

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