Version 1.3 allows users to use mobile numbers from their contact book to send money and also save payment addresses for future use. Transactions on BHIM are nearly instantaneous and can be done 24/7 including weekends and bank holidays. Unlike mobile wallets ( Paytm, MobiKwik, mPesa, Airtel Money, etc.) which hold money, the BHIM app is only a mechanism which transfers money between different bank accounts.
BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts (by scanning a QR code with account number and IFS code or MMID (Mobile Money Identifier) Code).
