Transaction value on the BHIM (Bharat Interface for Money)app is likely to be raised soon as the popular app hits 10 million downloads just within 10 days of its launch, PM Modi said on Monday.
“Given the rapid adoption of BHIM, NPCI is considering increasing limits on transaction values (currently capped at ₹20,000 per user per day and ₹10,000 per transaction). The limit for USSD has currently been set at ₹5,000 per day”, PM Modi said in a press release on Twitter.
He added that in just 10 days of the launch “BHIM (Bharat Interface for Money) has clocked 10 million installs and over 2 million transactions across the UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) platforms”.
Due to its usability, BHIM has emerged as one of the fastest growing and highly rated applications on Google Play. With a size of less than 2 megabytes, BHIM is also one of the lightest applications for payment purposes.
BHIM has made sending, requesting and receiving money directly to and from bank accounts fast and easy.
Users can also check their balance anytime and switch between accounts in case they have multiple bank accounts.
Money can also be sent to non-UPI supported banks using IFSC (Indian Financial System Code)and Account Number.
Users of over 35 banks can use BHIM for their financial transactions. More banks are expected to go live on BHIM over the next few weeks. BHIM was launched in 2 languages (Hindi and English) on the Android platform but will soon be made available in 10 additional Indian languages and on other mobile platforms.
UPI 2.0 users will have an option to pay using Aadhaar Authentication and also pay utility bills on BHIM using the Bharat Bill Payments System(BBPS). BHIM has been a huge boon for merchants who can now accept payments directly into their bank accounts. All users, including merchants, get a ready to use VPA (virtual payment address) and an exclusive, ready-to-print QR code upon sign-up.
Additionally, all BHIM users automatically qualify for the recently announced Lucky Grahak and Digi-Dhan Vyapar Yojanas.