Page 38 - Banking Finance December 2017

ARTICLE

for the transfers. In BHIM there is no requirement of
recharge like wallets. This app can be used by a person to
make to make payment using AADHAAR and mobile number.
There is no selling of products, Ads on BHIM APP.

The main advantage is direct point to point transaction and
interoperability. Like other wallet, BHIM is also providing
incentives. Viewing above advantages of BHIM one can say
that BHIM affects wallets.

Impact of BHIM on Internet Banking:
Y There is no need of infrastructure like computer ,laptop,
it is simply available on mobile
Y No transaction charge
Y There is no need to add IFSC and Account number, One
can send money by entering recipient's IFSC and
account number
Y BHIM is easy to operate

Person can remit fund without violating safety and security.
Penetration of mobile is more, people are user friendly.
People feel that his money is in their mobile, whenever he
want he can use. There is no need to remember various
security passwords like internet banking.

Impact of BHIM on Point of sale:
Small /street vendors not able to establish pos machine, In
this case they download BHIM app generate QR code for
their account and use the QR code for received money from
their client, simply in one step scan and pay. Fund is
transferred through IMPS so settlement is done immediately.

Conclusion:
We have analysed the data and conclude that the
transactions from BHIM increased many times in comparison
with other channels in terms of volume and transactions also.
The trend shows that amount of transactions increased we can say that BHIM is able to replace all channels through
2322% and volume of transaction 9207% through BHIM. its availability, capacity and capability. Transactions from all
Increasing trend impacts various payment channels like other channels are either stagnant or showing slow growth
Buddy, Internet banking, PoS, ATM etc. but transactions through BHIM are growing leaps and
bound. People are adopting BHIM and feel user friendly.
Impact of BHIM on mobile wallets: The BHIM app directly
hits mobile wallets because it is directly attached to bank Now they feel that their money is in their pocket, there is no
accounts .It is developed by NPCI, This is launched by need to keep money at home or packet. Government referral
government of India, so this is a more reliable among the bonus and merchant cash back scheme boost the transactions
people in comparison wallets. BHIM provides all the benefits through BHIM. BHIM is able to move our society cashless.
that is provided by wallets. Major benefit is transaction People feel them self empowered through BHIM. Then we
directly happens from the account and there are no charges can really say "Digital hai India, Digital hai Hum. T

38 | 2017 | DECEMBER | BANKING FINANCE

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