Indigenous digital payments app BHIM has been downloaded 3 million times and enabled over 5 lakh transactions since its launch, Niti Aayog CEO Amitabh Kant said.
In a bid to further push adoption of e-payments in the country, Prime Minister Narendra Modi launched an indigenous digital payments app BHIM that will enable fast and secure cashless transactions using mobile phones.
Named after the architect of the Indian Constitution, Babasaheb Bhim Rao Ambedkar, the Bharat Interface for Money (BHIM) is a simplified payment platform designed to make Unified Payment Interface (UPI) and USSD payment modes simpler and usable across feature phones and smart phones.
The government had announced scrapping of old Rs 500 and 1,000 notes on November 8. While this led to a cash crunch and serpentine queues at banks and ATMs, the decision also pushed uptake of digital payments in the country.
Developed by National Payment Corporation of India (NPCI), BHIM is supported by host of banks, including State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, Bank of India, Canara Bank, Kotak Mahindra Bank, Oriental Bank of Commerce and Punjab National Bank, among others.
The app, which can be downloaded from Google Playstore, is currently available in Hindi and English, and support for more languages is expected soon.
BHIM is interoperable with other Unified Payment Interface (UPI) applications and bank accounts.
Users can register their bank account with BHIM, and set a UPI PIN for the account. The mobile number then acts as the users identifier, enabling transactions like sending or receiving money.
Digital payments company MobiKwiks Founder and CEO Bipin Preet Singh said this will further strengthen digital payment system and add to building of a cashless economy. “Going forward, we hope that provisions would be made for adding e-wallets on UPI enabling people to pay through bank accounts or e-wallets using the BHIM app,” Singh added.
Trupay Co-Founder Rahul Gochhwal said, “UPI is the most advanced payment system in the world. This will develop the overall payments ecosystem in the country.”