BHIM joins the digital dangal: We’re listing the pros and cons

The mobile wallet war hots up with the launch of BHIM, an app named after Babasaheb Bhimrao Ambedkar. All you need to know about Bharat Interface for Money (BHIM).

Where BHIM is ahead

1. BHIM works on feature phones too, including on low-budget ones that lack Net connectivity. Just dial *99# and follow instructions. Currently, FreeCharge, Oxigen and Paytm allow feature phone users to use their services, while Mobikwik is working on a similar feature.

2. Since the app is UPI-based and linked directly to a bank account, one does not need the same app for making payments. In order to receive money from a BHIM app user all one needs is a Unified Payments Interface (UPI) activated bank account.

3. Allows users to track debit card transactions on the app, unlike other mobile wallets. The others only help you track expenses you have done using the wallet.

4. Allows you to transact directly from your bank account, unlike other wallets, in which users need to add money first.

5. While in case of Paytm and other wallets, you need to transfer the wallet money to your bank manually, BHIM ensures that the money you receive from others in your wallet is transferred directly to your bank account.

Where BHIM lags

1. Allows users to link only one bank at a time to the phone.

2. Works only on the mobile number registered with your bank account.

3. Unlike the existing mobile wallets that also support some local languages, BHIM works only in Hindi and English. The app will, however, be launched in regional languages soon.

4. BHIM can be currently downloaded only from Google Playstore, and will be available on iOS soon. All other wallets are already available on iOS.

5. While other bank wallets, including SBI Buddy and PNB Kitty, allow users to view statement of transaction details of both credit and debit cards, BHIM allows you to view only debit card transactions.

6. The transaction limit of BHIM App is ₹20,000 now. SBI customers can avail an enhanced transaction limit upto ₹1,00,000 per month post KYC verification. The wallet limit for PNB customers is ₹50,000 per month.

Also read: BHIM app forces e-wallets to rework their strategy