Mar 30, 2017 12:45 AM
1374 Views
(Updated Apr 02, 2017 01:01 PM)
Bhim is very useful app for transferring money from one account to another account using UPI address but you have to be cautious. I have been using since Jan 1st 2017 using it thru Android.
Three layed security.
It is stores device id(works only the device it is installed). Allow us to select bank account and you registered your mobile number(where you have account)
First time use are allowed to set pass code.for using the app.
and allow us to set up a upi pin only if Debit card is available(to ensure that no body misuses the account)
Design is quite simple. Once you install the app.set up the pass code.This is password for the app. Post which you have click on Bank accounts.and select bank account which you want to use and set up upi pin using the Debit card. For me ICICI, HDFC, Standards chartered, SBI and LVB it works fine. I am not sure about other accounts. I have seen some accounts it never works.how much ever time you try.
Features - send Money using Mobile number / UPI address. A/C No and Aadhar. I have not tried using A/C no and Aadhar. For Account to Account transfer I will rather use bank app or bank website. I have not tried Aadhar pay since I am not convinced about the security.and hear lot of complaint in social media.
Receive money . Vendor /Shop keepers can send payment request before the product is delivered. Let us say you have delivery or collection agent.you can inform customer to pay using BHIM . You can ask your delivery to pay. No worries of money and returning from customer office or residence.
Transaction history shows the transaction that you have initiated. only . I have tried more than 150 transaction.only two transaction failed.One since I tried to access BHIM99#(USSD). transaction disconnected due to time out by airtel mobile.( I started hating USSD mode of Bhim since airtel charges 50P for every transaction) and first time when I tried to transfer money using mobile number.
It allows to hide your phone .due to security reasons.
Currently UPI transaction are free. but in future .bank might charges might be similar to IMPS.
Tips .
Check your balance in the account before trying actual money transfer or paying the amount. .
While setting up new account.always try minimum amount say 5 Rupees .and save the mobile number. First transaction do not try 10, 000. break your transaction. it as simple as sending SMS.
Always save phone number or UPI address while doing send money transaction
Always you need to have good internet connection 3G or 4G to use this app.
Draw backs.
If you change accounts.you have set up using debit card.it sometime can be cumbersome.
Sometimes saved accounts gets cleared for unknown reason
If transaction fails for any reason.you really start hating this application .private banks revert back by reversing transaction faster. but some banks.it is almost impossible to get the money. back. since debit happens before it is transferred. We need banks to assign more resources to support BHIM only then it will get resolved.
To summarize it looks cool way to pay or transfer money since some banks such as HDFC, ICICI, send SMS instantly.no more worries about the change.but use it with caution.and follow the tips suggested.
