Prime Minister Narendra Modi launched ‘BHIM: Bharat Interface for Money’, a digital app on the Unified Payments Interface (UPI).
Bharat Interface for Money is an app that lets you make easy and quick payment transactions using UPI. Its easier than Wallets! You will not have to fill-out those tedious bank account details again and again. You can easily make direct bank to bank payments and instantly collect money using just Mobile number or Payment address.
The BHIM app has been made available for download only on the Android operating system. Going forward, it may be available on Apple’s iOS as well.
According to the government, the BHIM app allows the users to make cashless payments using their mobile phones in a “fast, secure and reliable” way.
The Aadhaar-based payments app has been developed by the National Payment Corporation of India (NPCI).
The ‘Made in India’ app is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts.
BHIM is expected to evolve as the common UPI app. It will turn out to be a sort of aggregator for all UPI-based offerings of banks.
Till date, each bank has come out with its own mobile banking app and gone live on UPI, a platform created by the National Payments Corporation (NPCI) to facilitate faster and smoother digital payments.
Now, the corporation itself, through BHIM, has created a front-end app for people to take advantage of UPI. With the Prime Minister himself promoting BHIM, there is confidence among policymakers over its adoption and that UPI itself will take off.
Following are the banks that support the BHIM app. The list is as released by the government: 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.
