After the success for PAYTM and other mobile wallet much awaited Government apps for fund transaction Bharat Interface for Money (BHIM) is an initiative to enable fast, secure, reliable cashless payments through your mobile phone. BHIM is inter-operable with other Unified Payment Interface (UPI) applications, and bank accounts. BHIM is developed by the National Payment Corporation of India (NPCI). BHIM is made in India and dedicated to the service of the nation.

How does it work?

Pre-requite

You have to use only that Mobile number that is registered in you bank account.

Register your bank account with BHIM, and set a UPI PIN for the bank account. Your mobile number is your payment address (PA), and you can simply start transacting. Yes! It is that simple.The best part of this apps is easy operation and without any hassle the payment is done. Earlier Paytm has done this also but this time this is government initiative to have a apps which will incorporate all the bank on single platform.This apps will be no -doubt a revolutionary apps. The major difference between various Mobile wallet is that in mobile wallet you have to load money using internet banking or via debit/credit card.This BHIM apps is directly connected to bank account hence no internet banking is required or it do not require any wallet load.Once you have registed sucefully will will get a Virtual address starting with your 10 digit mobile number for e.g 9XXXXXXXXX@upi .


Features

Send / Receive Money: Send money to or receive money from friends, family and customers through a mobile number or payment address. Money can also be sent to non UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.If a receiver is already registered on this apps then you can send him money by just using his mobile number similar to PAYTM or other mobile wallet.

Sending payment method is easy that is via Mobile phone number or the payment address of the recipient. Another method is if you know account number and Bank IFSC code then still you can send money.

Check Balance: You can check your bank balance and transactions details on the go.

Custom Payment Address: You can create a custom payment address in addition to your phone number.

Request money
You can request money from anyone using two method , One is by entering the mobile number or QR code.
QR Code: You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display.

Transaction Limits: Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.

Language supported: Hindi and English. More languages coming soon!

List of Bank Supported: 
All the major banks are supported by the BHIM app - as long as the bank supports UPI, you will be able to access your money through the BHIM app. Soon new more bank will get added.

The list of banks supported by the BHIM app is as follows:
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

Paytm has been one of the biggest beneficiaries for people who do day to day small transaction after banning of Rs 500 and Rs 1000 currency notes.You no longer need a smartphone or internet data to pay through e-wallet app Paytm. The company has just announced that it has expanded its reach to non-internet users, who use feature phones.

PayTM has started a toll free number -- 1800 1800 1234 -- to enable customers and merchants without internet connection to pay and receive money instantly and also recharge their mobile phones. To use this service, users (both customers and merchants) first need to register with Paytm through their mobile number and set a 4-digit Paytm PIN. Also, the call made on the toll-free number should be from the mobile number that has been registered with Paytm.They can then enter the recipient's mobile number, amount and their Paytm PIN to transfer the money from their Paytm wallet to another Paytm wallet.
If  users dont have account then  need a smartphone or desktop with internet connection to set up their Paytm account to use this feature.
As of  now it is not possible to get a Paytm account created through on phone. Similarly, to add money in the wallet, users would need to log in to the website or the app. It is also possible to find the nearest cash-in point using Paytm nearby and top-up the account.

Paytm, in November, rolled out a feature allowing users and merchants to send money from their Paytm wallets to any bank account at 1% transaction fee. However, later in the month the company said it won't charge any transaction fee on bank transfers at all.

Earlier, customers and merchants who had their KYCs successfully done could send money to banks through Paytm at 1% fee without any waiting period. However those without KYCs had to pay a 4% transaction fee, followed by a wait time of 45 days post creation of a Paytm account, in order to transfer money to banks.

In wake to present demonetization ,we have a now cashless channel started by some banks call UPI (Unified Payment interface) . In layman terms UPI is nothing but a email ID kind of thing where each customer will have a unique ID which will be mapped to their bank account. Here customer need not to tell account no. ,Account holder name or his bank IFC code.

Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.[2] UPI was launched by National Payments Corporation of India with Reserve Bank of India's (RBI) vision of migrating towards a 'less-cash' and more digital society. UPI has built on the Immediate Payment Service(IMPS) platform.

UPI platform can be used for:

1) Immediate money transfer through mobile device round the clock 24*7 and 365 days.
2) Single mobile application for accessing different bank accounts
3) Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
4) Bill Sharing with friends.
5) Merchant Payment with Single Application or In-App Payments.
6) Scheduling PUSH and PULL Payments for various purposes.
7) Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
    Donations, Collections, Disbursements scalable.

How to Create Virtual address for customer ?

In order to create a virtual address customer need to register for UPI service via their respective bank apps or some third party apps are also there to register.

Your virtual address will be like a email ID for example if you have a Bank account in SBI then your Virtual address will be like this [XYZ]@sbi . If you have account in HDFC then your virtual address for your account will be something [xyz]@hdfcbank  ( bracket is not part of virtual address)

List of participating Banks which provide UPI service currently ( other bank are  in process to implement)

Sr. No	Bank Name	Name of UPI App
1	State Bank of India	SBI  Pay
2	ICICI Bank	Pockets – ICICI Bank
3	HDFC	HDFC Bank MobileBanking
4	Andhra Bank	Andhra Bank ONE
5	Axis Bank	Axis Pay
6	Bank of Maharashtra	MahaUPI
7	Canara Bank	Canara Bank UPI – Empower
8	Catholic Syrian Bank	CSB UPI
9	DCB
10	Federal Bank	Lotza
11	Karnataka Bank	KBL – Smartz
12	Punjab National Bank	PNB UPI
13	South Indian Bank	SIB M-Pay (UPI Pay)
14	United Bank of India	United UPI
15	UCO Bank	UCO-UPI
16	Union Bank of India	Union Bank UPI
17	Vijaya Bank	Vijaya UPI App
18	OBC	OBCUPI PSP
19	TJSB
20	IDBI Bank
21	RBL Bank
22	Yes Bank	Yes Pay Wallet and PhonePe
23	IDFC
24	Standard Chartered Bank
25	Allahabad Bank
26	HSBC
27	Bank of Baroda
28	Kotak Mahindra Bank
29	IndusInd