{"id":329,"date":"2023-01-01T12:51:00","date_gmt":"2023-01-01T07:21:00","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=329"},"modified":"2023-03-19T13:56:13","modified_gmt":"2023-03-19T08:26:13","slug":"celebrating-6-years-of-bhim-indias-indigenous-payment-application","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/","title":{"rendered":"Celebrating 6 years of BHIM, India&#8217;s Indigenous Payment Application"},"content":{"rendered":"\n<p>Celebrating 6 years of BHIM, India&#8217;s Indigenous Payment Application<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Features_of_BHIM\" >Features of BHIM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Security_Measures_in_BHIM\" >Security Measures in BHIM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Benefits_of_BHIM\" >Benefits of BHIM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#BHIMs_Role_in_the_Indian_Economy\" >BHIM&#8217;s Role in the Indian Economy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Important_Points_of_Learn_from_this_News\" >Important Points of Learn from this News<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Frequently_Asked_questions_FAQs\" >Frequently Asked questions (FAQ&#8217;s)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Question_What_is_BHIM\" >Question: What is BHIM?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Question_What_is_BHIM_based_on\" >Question: What is BHIM based on?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Question_How_many_registered_users_does_BHIM_have\" >Question: How many registered users does BHIM have?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Question_Has_the_government_promoted_the_use_of_BHIM\" >Question: Has the government promoted the use of BHIM?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Question_How_has_BHIM_helped_in_promoting_financial_inclusion_in_India\" >Question: How has BHIM helped in promoting financial inclusion in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/celebrating-6-years-of-bhim-indias-indigenous-payment-application\/#Question_What_was_the_increase_in_digital_transactions_in_India_in_2020-21\" >Question: What was the increase in digital transactions in India in 2020-21?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BHIM (Bharat Interface for Money) is a mobile payment application developed by the National Payments Corporation of India (NPCI) in 2016. It was launched by Prime Minister Narendra Modi to promote digital transactions and reduce the country&#8217;s dependence on cash. BHIM has been widely accepted by people across the country and has processed over 1.5 billion transactions worth more than Rs. 4.3 lakh crore since its launch.<\/p>\n\n\n\n<p>BHIM&#8217;s Sixth Anniversary On 30th December 2022, BHIM celebrated its sixth anniversary, marking six years of successful operation. On this occasion, the Prime Minister of India, Narendra Modi, congratulated the NPCI and the BHIM team on Twitter, recognizing their efforts in promoting digital transactions in the country.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Features_of_BHIM\"><\/span>Features of BHIM <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BHIM is a user-friendly mobile application that allows users to make payments using their mobile phones. It supports various payment modes such as Unified Payments Interface (UPI), Immediate Payment Service (IMPS), and Bharat QR. BHIM also allows users to transfer money between bank accounts and make payments to merchants.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Security_Measures_in_BHIM\"><\/span>Security Measures in BHIM <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To ensure the security of transactions, BHIM uses multiple levels of authentication, including biometric authentication such as fingerprints and iris scans. It also provides an option to set a UPI PIN for added security. The application is encrypted end-to-end, ensuring that users&#8217; data and transactions remain safe and secure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_BHIM\"><\/span>Benefits of BHIM <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BHIM has many benefits, including the ease of making transactions, the availability of various payment modes, and the ability to transfer money between bank accounts instantly. It also eliminates the need for cash transactions, reducing the risk of theft and counterfeiting. Additionally, BHIM promotes financial inclusion, enabling people in rural areas and small towns to access digital payments and banking services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"BHIMs_Role_in_the_Indian_Economy\"><\/span>BHIM&#8217;s Role in the Indian Economy <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BHIM has played a crucial role in the growth of the Indian economy. It has helped to promote digital transactions and reduce the country&#8217;s dependence on cash. BHIM has also contributed to the growth of small businesses, enabling them to accept digital payments and reach a wider customer base. Additionally, BHIM has facilitated the disbursement of government subsidies and payments, reducing leakage and ensuring that benefits reach the intended beneficiaries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BHIM has been a game-changer in the Indian payments industry, promoting digital transactions and enabling financial inclusion. With its user-friendly interface, multiple payment modes, and robust security measures, BHIM has become the preferred payment application for millions of Indians. As it celebrates its sixth anniversary, BHIM looks set to continue its growth and contribute to the digital transformation of India&#8217;s economy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\" id=\"Celebrating-6-years-of-BHIM\"><img decoding=\"async\" width=\"1024\" height=\"529\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Celebrating-6-years-of-BHIM-Indias-Indigenous-Payment-Application-1024x529.jpg\" alt=\"Celebrating 6 years of BHIM\" class=\"wp-image-338\" title=\"Celebrating 6 years of BHIM\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Celebrating-6-years-of-BHIM-Indias-Indigenous-Payment-Application-1024x529.jpg 1024w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Celebrating-6-years-of-BHIM-Indias-Indigenous-Payment-Application-300x155.jpg 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Celebrating-6-years-of-BHIM-Indias-Indigenous-Payment-Application-768x397.jpg 768w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Celebrating-6-years-of-BHIM-Indias-Indigenous-Payment-Application.jpg 1109w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Celebrating 6 years of BHIM<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Points_of_Learn_from_this_News\"><\/span>Important Points of Learn from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<table style=\"border-collapse: collapse; border: 2px solid black;\">\n  <tr style=\"font-weight: bold; border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">Main Points<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">BHIM is a mobile payment application launched in India in 2016.<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">It is based on the Unified Payments Interface (UPI).<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">BHIM has over 42 million registered users and is available in 12 languages.<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">The government has launched initiatives to promote the use of BHIM.<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">BHIM has helped in promoting financial inclusion in India.<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">Digital transactions in India increased by 31.4% in 2020-21.<\/td>\n  <\/tr>\n  <tr style=\"border: 2px solid black;\">\n    <td style=\"border: 2px solid black;\">Please click here to subscribe for Telegram channel or Whatsapp Groups for regular updates.<\/td>\n  <\/tr>\n<\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_questions_FAQs\"><\/span>Frequently Asked questions (FAQ&#8217;s)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Question_What_is_BHIM\"><\/span>Question: What is BHIM?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Answer: BHIM is a mobile payment application launched in India in 2016.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Question_What_is_BHIM_based_on\"><\/span>Question: What is BHIM based on?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Answer: BHIM is based on the Unified Payments Interface (UPI).<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Question_How_many_registered_users_does_BHIM_have\"><\/span>Question: How many registered users does BHIM have?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Answer: BHIM has over 42 million registered users and is available in 12 languages.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Question_Has_the_government_promoted_the_use_of_BHIM\"><\/span>Question: Has the government promoted the use of BHIM?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Answer: Yes, the government has launched initiatives to promote the use of BHIM.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Question_How_has_BHIM_helped_in_promoting_financial_inclusion_in_India\"><\/span>Question: How has BHIM helped in promoting financial inclusion in India?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Answer: BHIM has helped in promoting financial inclusion in India by providing a convenient and accessible means of digital payments.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Question_What_was_the_increase_in_digital_transactions_in_India_in_2020-21\"><\/span>Question: What was the increase in digital transactions in India in 2020-21?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Answer: Digital transactions in India increased by 31.4% in 2020-21.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2.jpg\" alt=\"Download Edunovations App for Daily Current Affairs Free MCQs\" class=\"wp-image-271\" title=\"\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2.jpg 900w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-300x50.jpg 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-768x128.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">Download Edunovations App for Daily Current Affairs Free MCQs<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Celebrating 6 years of BHIM, India&#8217;s Indigenous Payment Application Introduction BHIM (Bharat Interface for Money) is a mobile payment application developed by the National Payments Corporation of India (NPCI) in 2016. It was launched by Prime Minister Narendra Modi to promote digital transactions and reduce the country&#8217;s dependence on cash. BHIM has been widely accepted&#8230;<\/p>\n","protected":false},"author":1,"featured_media":339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,10],"tags":[106,102,101,104,103,105],"class_list":["post-329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-national","tag-benefits-of-bhim","tag-bharat-interface-for-money","tag-bhim","tag-features-of-bhim","tag-npci","tag-security-measures-in-bhim"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=329"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/339"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}