Demonetization, BHIM - It can be called outcome to Demonetization that such application has come to App Store. Honourable Prime Minister, Modi had announced Bharat Interface for Money, BHIM. As per the current record shows more than 3 million times it has been downloaded on Google Play Store. It can be treated as competitor of PayTM and SBI Buddy.
Reason behind the 3 million download within one week is its usability, security, reliability and trust. These all features make it most trending app in India.
If we see its uses it is far better than other payment wallet. One important thing here which we have got from user's view, it is not considered as e-wallet like PayTm. We consider it as an easier way to access your bank account to make payments, transfer and receive money. Meaning that, we don't need to add money to BHIM, since it is basically your bank account.
As far as security is concerned, BHIM is enabled with three levels of authentication .First between the app and the phone, and second between the app and corresponding bank, and third between the corresponding bank and the user's phone. Related to security all above points sounds good enough.
Since it is launched by National Payment Corporation of India, BHIM has the government tag behind its launch and hence more trust and reliability compared to other payment app.
Now it would be too early to send out a final verdict on BHIM, however, we can say for a fact that it is possibly the easiest online payments app out there. No doubt that BHIM will overtake the popularity of apps. And hence, BHIM can become the best cashless solution India was looking for.
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