What is the full form of BHIM
What is the full form of BHIM
BHIM: Bharat Interface for Money
BHIM stands for Bharat Interface for Money. BHIM is a mobile payment app which allow you to make quick, easy, simple & secure transactions using UPI (Unified Payments Interface) system. NPCI (National Payments Corporation of India). It is inter operable with other UPI applications and bank accounts.
It was launched by Mr. Narendra Modi on 30th December, 2016 at the DigiDhan Mela at Talkatora Stadium, New Delhi.
It is intended to promote e-payments directly through banks as part of 2016 Indian banknote demonetisation and drive towards cashless transactions as a part of Digital India movement.
This Unified Payments Interface app supports all banks of India which are live on UPI platform. UPI is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between any two party’s bank accounts.
It can be used on all mobile devices, be it a Smartphone or a feature phone with internet connection. BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts.
Transactions on BHIM are nearly instantaneous and can be done 365 days, 24/7 including weekends and bank holidays.