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Can Bhim App Challenge Paytm?

We are of the opinion the Bhim app which has been launched in digital mela by Prime Minister can give a tough fight to Paytm or Mobikwik or Freecharge etc. BHIM App has been named after Dr Bhimrao Ambedkar who transformed India with social reforms and his vast knowledge in Finance and Law.

BHIM leverages the power of UPI and USSD into one, which enables the user to optimally utilize single platform for all his cashless needs. Thus, if a user has bank accounts in three UPI enabled banks, then BHIM will converge all his banking activities, and enable him to conduct cashless transactions without hassles. The single @UPI payment address will protect his identity and personal details. The interoperability aspect makes it a big deal, compared to other e-wallets, which basically replaces your physical wallet with a digital one. But BHIM directly connects the bank accounts with a safe platform, thereby saving you time and hassles of maintaining multiple wallets.

Why we think so that Bhim app will give a tough fight to Paytm is that it has the ability to work without Internet. *99# program for conducting cashless transactions is being supported by BHIM, which makes it a deal-clencher. Only Paytm provides Internet-less cashless transactions, but that feature is not that robust, considering that you need Internet to link the bank accounts, and to infuse funds. But with BHIM, a non-smartphone user can transact from the word go.

Finger-print based cashless transactions: Once the merchant connects a bio-metric device with his smartphone (after installing BHIM app), then he can easily accept payments from buyers by using their finger-print. The Aadhaar protocol kicks in here, as the fingerprint is directly matched from the main server, and the payment is done. This facility is right now not available on any e-wallet, which makes BHIM a superior technological product, compared to any other e-wallet. Rural citizens who are don’t even know how to read and write can easily, seamlessly pay via BHIM, using their bank account. In a way, BHIM effortlessly connects the Aadhaar card, mobile phone and UPI/USSD technologies to provide a digital platform for making and receiving payments. Till now, BHIM can be described as the Govt. biggest, most ambiguous project for promoting cashless payments.

All the credit goes to Prime Minister Narendra Modi for giving the digital push post demonetisation.

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