Prime Minister Narendra Modi on Friday Dec 30,2016 launched a new mobile app called BHIM to enable fast, secure and reliable payments system that uses smartphones for cashless transactions.

The application has been named after Dalit icon Bhim Rao Ambedkar.

BHIM, short for Bharat Interface for Money, can be used with other Unified Payment Interface (UPI) applications and bank accounts.

To use it, one needs to download the app from an App store and register their bank accounts and set up a UPI pin for the account.

The mobile number is the payment address and one can start transactions immediately.

The new app is expected to minimise the role of plastic cards and point of sale machines.

The app will eliminate fee payments for service providers like MasterCard and Visa, which has been a stumbling block in people switching to digital payments.

The app can be used to send and receive money through smartphones.

Money can also be sent to non UPI supported banks.

Bank balance can also be checked through the app.

Currently Hindi and English are supported in the app, with more languages coming soon.

Indicating the e-wallet app will feature fingerprint verification in future, PM Modi said: "Only your thumb will be needed to make a payment. Your thumb will be your bank."

All you need to know about the BHIM App

* Bharat Interface for Money (BHIM) is an initiative to enable fast, secure and reliable cashless payments through your mobile phone
* BHIM is interoperable with other unified payment interface (UPI) applications, and bank accounts.
* BHIM is developed by the National Payment Corporation of India (NPCI).
*Register your bank account with BHIM, and set a UPI pin for the account.
* Your mobile number is your payment address (PA), and you can simply start transacting.
* Send and receive money: Send money to or receive money from friends, family and customers through a mobile number or payment address. Money can also be sent to non-UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.
* Check balance: You can check your bank balance and transactions details on the go.
* Custom payment address: You can create a custom payment address in addition to your phone number.
* QR code: You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR code for display.
* Transaction limits: Maximum of Rs 10,000 per transaction and Rs 20,000 within 24 hours.
* Language supported: Hindi and English. More languages coming soon!
* Supported banks: Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, Indusind Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, Vijaya Bank.

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