Due to over printing of Indian currency despite of its respective gold reserve is slowly becoming a national issue of today, which in short decreasing our currency’s monetary value in the international market. As we know, some people try to keep the hard cash in big sacks inside their home which is commonly labelled as “Kala Dhan”, Indian govt have stared their initiation to fight corruption against black money. After the demonetisation of 500 and 1000 rupee notes, the fragile content of the new 2000 and 500 rupee note and to put a stop to all the unregistered income, we are now looking forward to the system of cashless economy in the country.
A cashless economy might be an easy term to understand and to use money for a modern day user living in big cities. But not every person is skilled or confident enough to put their hard earned money electronically in some random app and access it without feeling a slight tinge of insecurity. To ease this transfer of money in a more secure way PM modi had announced few weeks ago about the new Bhim app which is now available in the market for free on android and soon will be launch iOS platform too. This new app is a payment solution based on unified payments interface (UPI) from the National Payments Corporation of India (NPCI). NPCI can be said as the hub of all the retail payments system in India. So, as you readers are reading my blog your mind might be popping few questions about this new app and how is it different than Paytm. I think these might put your mind to comfort.
What is BHIM and What does it do?
Bhim stands for Bharat interface for money. It is a mobile app easy for cashless transactions and the user can make and payments in just few clicks on the phone with an internet connection. This app requires you to sign up for the UPI based payment with the bank account you are holding along with the phone number in it. It has several numbers of banks which are accessible within the app, banks like PNB, HDFC, IDBI, ICICI, Canara bank and many more. It connects you to your money wirelessly just like any other e-wallet and lets you conduct and form of transaction via it.
How is the interface and how is different from Paytm?
The interface is easy, catchy and lets an average user understand it quickly as it does not show many tabs. It just simply shows few basic options that a person will need to complete the transaction. Right now the app is available in English and Hindi language, as of now the regional language version is currently under developing stage. However on the other hand, Paytm provides number of options along with several options for entertainment and shopping features with it. It also provide many offers on the transaction for any commodity like cashbacks and discounts. Whereas BHIM doesn’t provide any.
Now the main question
Is it safe? Or is it safer than Paytm?
Yes, it is safe and in my opinion it is much safer than Paytm. In BHIM app you have your own application password and in order to make a transaction you will be needing the UPI pin code provided by the bank. It means in case if your phone went missing, don’t worry your money is safe. Three factor authentication is the key feature of this application. Whereas in Paytm, it doesn’t ask for any type of password to use your e-wallet. Hence, anyone can use your Paytm e-wallet via your phone. It is recommended to keep a hard locking method in your phone.
If you are still having some doubts of which app to choose, I recommend you to try both the applications for a while and make up your own opinion. Because ever user have their own ways of assessing things according to their needs.
About the Author –
The author of this blog is a technical content writer working with several organisations providing third party services to their customers and clients, giving them satisfactory answers to their questions and technical queries.