No smart phone, No internet required.
One only needs a thumb. There was a time when an illiterate was called 'angutha chchap'. :) Now, time has changed. Your thumb is your bank now. It has become your identity now.
2. It is a UPI -app(United Payment Interface) .You don’t need to load money first :)
3.It is available in play store. Will be soon available on iOS. No smart phone ? Dial *99# from your ordinary set to access it.
4.Supporting banks:
Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, Vijaya Bank.
5.transaction limits:10,000 per transaction permitted, and Rs. 20,000 within 24 hours.
6.How to use it?
Download the BHIM app → register your bank account through the app,→set a UPI PIN. Your mobile number is your payment address, and you can start transacting. Through the app,
you can send or receive money to a phone number,
check balance, or
scan a QR code to make a payment without sharing a phone number.
Money can also be sent to non-UPI banks through IFSC, like you do with normal net banking.
7. IS IT SAFE/What happens if you lose your phone?
You money is safe. Or at least that is what the government says. If you lose your phone, the UPI-PIN required to authorise all transaction will not be known to third persons and hence they will not be able to use Bharat Interface for Money. :)
8.HOW IS IT GOING TO CHANGE INDIA?
This is what Modiji said: "One only needs a thumb. There was a time when an illiterate was called 'angutha chhaap'. That has changed. Your thumb is your bank now.”
WHAT WILL HAPPEN TO APPS LIKE PAYTM ??
BHIM will NOT kill apps like Paytm and MobiKwik just because BHIM will directly connect to your bank account.
Wallet companies are likely to be beneficiaries of UPI, considering the use cases they have,
friendly user interface (UI),
user experience (UX) designs,
and MOST IMPORTANTLY ,
lower transaction costs once UPI is adopted in large scale.
Mobile wallet have many use cases and that’s why they went on to become popular even when we had internet banking and card payments.
Just because UPI is in, doesn’t mean wallets would die. The wallets are active because of discounting, convenience, valued-added services and other factors that they offer. The cannibalisation impact (of UPI) may come only after five years
As we read from other quora answers, UPI has been enabled only for banks.
But the architecture of the UPI allows even non-banking entities to get involved as and when permitted. NPCI would make a recommendation to the RBI to include wallet companies as payment service providers (under UPI), which are now restricted only to banks.
This may further strengthen the competition and help wallet companies. Won’t they? :)
Edit 2
What do you do when you have many bank accounts?
It can be linked to multiple accounts. But you can use only 1 account at a time. You should switch accounts.
Visit “My Information” in the app. It shows all bank accounts you can switch over to. You could also check out the available balance in each accounts.
Edit 3
To carry out payment/transactions
With a smart phone,
just a feature phone or
with Aadhaar number alone(without an aadhaar card or any phone) ,
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