Celebrating 6 years of BHIM, India’s Indigenous Payment Application

Celebrating 6 years of BHIM, India’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’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.

BHIM’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.

Features of BHIM

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.

Security Measures in BHIM

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’ data and transactions remain safe and secure.

Benefits of BHIM

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.

BHIM’s Role in the Indian Economy

BHIM has played a crucial role in the growth of the Indian economy. It has helped to promote digital transactions and reduce the country’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.

Conclusion

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’s economy.

Important Points of Learn from this News

Frequently Asked questions (FAQ’s)

Question: What is BHIM?

Answer: BHIM is a mobile payment application launched in India in 2016.

Question: What is BHIM based on?

Answer: BHIM is based on the Unified Payments Interface (UPI).

Question: How many registered users does BHIM have?

Answer: BHIM has over 42 million registered users and is available in 12 languages.

Question: Has the government promoted the use of BHIM?

Answer: Yes, the government has launched initiatives to promote the use of BHIM.

Question: How has BHIM helped in promoting financial inclusion in India?

Answer: BHIM has helped in promoting financial inclusion in India by providing a convenient and accessible means of digital payments.

Question: What was the increase in digital transactions in India in 2020-21?

Answer: Digital transactions in India increased by 31.4% in 2020-21.