BHIM app safer than mobile wallets, says e-security firm. Although security risk is under the Centre’s responsibility regarding digital payment application BHIM, the CEO of cybersecurity solutions firm Lucideus, said BHIM app is currently most secure digital payment UPI system. Saket Modi, who is CEO of LUcideus, said in media that the increasing usage of Unified Payment Interface(UPI) payment system would decrease the use of third party mobile e-wallets, which has been seen in last 2 months on November during demonetization of 500 & 1000 rupees note.
Why should you choose BHIM App?
If you compare the BHIM App’s feature against larger apps likes Facebook, Mr. Modi recently made his statement that in incoming days BHIM app will be featured with 200 unique modules.
Mr. Modi said to The Hindu, “The security of an application definitely requires a particular time frame, but that isn’t a valid argument. BHIM has only two main features — send or ask for money and see your account balance or previous UPI transactions. Somebody who says this needs to find a flaw and report it”.
BHIM app looks simple but it’s very security you can guess how it is embedded with securities, the encryption techniques are used in this app to communicate with the payments server is the same that is used in Google Wallet or Apple Pay.
Why e-wallets are risky to use- learn here?
On the other hand, e-wallets use a one-way authentication mode, meanwhile both net banking and credit or debit cards uses two-way authenticate.
Do you ever want to upload money into a wallet from your bank when you can pay directly with BHIM app UPI system? Use of third-party e-wallet becoming risky. BHIM app using three ways security authentication and hence, comparatively more secure than third party e-wallet.
What are the benefits of BHIM app application?
- Binding device with a phone number.
- Powered by UPI system.
- Secure and easy to use.
Binding device with phone number: When a user opens BHIM application for the first time, the application automatically binds itself to their device ID and phone number — both of which are unique. This means that the same UPI cannot be used from two phones. The BHIM application will also not work on a phone which doesn’t have a SIM card.
Powered by UPI System: The another powerful feature is BHIM app uses the concept of UPI PIN, app aks to the user to set 6 digits long UPI pin and keep it secure, which will be required for every transaction through the application.” No user would be able to do transactions without the UPI PIN.
Secure and easy to use:
You can make transfer money to anyone using the virtual address. So you need not have m-wallets or e-wallets as BHIM are there. Once everybody gets a Virtual Payment Address, you no need longer to use risky m-wallet payment system.
Once you install the BHIM, you have 35 listed banks and day to day NPCI (National Payment Corporation of India) adding more banks to reach maximum users across India. BHIM app which already knows your phone number after verification, run a check to match the mobile number against selected bank’s automatically against your KYC details.
Before UPI system, active customers used –net banking, mobile wallets, and debit/credit card.