BHIM App Handy in Cashless Eco for Finance & Accounting

BHIM App Handy in Cashless Eco for Finance & Accounting

India is undergoing the phase of progression. Demonetization is fanning it. Venezuela mimicked and followed the footsteps of India. But cash crunch did not let it prove ‘hit’ as it happened in India. In India, laymen have to rush for cash. But still, they are in favour of surgical attack over black money keeper.

It’s no less than any herculean task to replace paper currency with plastic. But a bold step has laid the foundation of transformation of Indian economy. Now, its growth is on the fast-track.

BHIM App for cashless transactions:

The eve of 31st December, 2016 was the moment of transformation as well as cheer. Prime Minister Narendra Modi launched several benefitting schemes for the downtrodden, women, farmers and senior citizens.  An app called BHIM (Bharat Interface for Mobile) was launched for e-payment. It was an effort for bringing growth-rate of poor & rich parallel to each other.

The ulterior motto behind it is to interconnect with the banking institutions and fund transfer 24X7 hassle-freely. e-Commerce Industry can Boom Money & data transactions through this instant payment mode. But it would be possible through UPI (Unified Payments Interface). The consumer has to provide it for getting fit to the digital framework.

How UPI works?

UPI is for simplifying the banking transactions. Today, Paytm, freecharge, PayPal and many more similar vendors are playing the role of mediator to seek accounting and finance outsourcinghelp. Providing e-Wallet, they keep the interconnectivity going on between the consumer and the bank. But for enjoying this facility you have to avail:

  • Name of the account holder
  • Email address
  • Debit/Credit Card no.
  • Expiry date
  • CVV No.
  • Verification Code etc.

With the launch of BHIM app, their role is likely to come on back foot. It’s UPI that can do so. It would be like an email address of the consumer. The transaction will be processed through your smartphone. The user has to provide his/her details on the app. Let’s take a roundup of the steps how it works:

  • Get registered on BHIM app.
  • Provide your details, including banking details, phone no., email address etc.
  • Secure it with the password.

Example:

Suppose you buy milk from the dairy shop daily. This app will be your transactional channel to pay. Provide your details to the seller, except password. Keep the password secured with you.  The seller can send his e-bill for clearance. You can clear it by providing password for releasing the due amount from your bank account directly.

Benefits of BHIM app:

  • No need of internet connection & mobile phone initially.
  • Later when connected through UPI, PIN number will be required for paying to mobile phones.
  • Secured with unique Aadhaar card number.
  • Just thumb impression is required.
  • Will cover poorest of the poor and 100 crore aadhar card holders.
  • Provide all transaction details, balance inquiries, beneficiary details.
  • Provide e-Wallet facility also.

The day is not so far when 697 million debit card holders will be linked to UPI. No sooner they will be registered to BHIM app, they will be able to e-pay for petite to luxury items through a click.