Ravi Shankar Prasad, Union Minister of IT said “BHIM is secure, fast and a reliable cashless payment system that currently offered by 109 banks.”
Further he added, BHIM UPI is a unique fintech innovation of India that has become immensely popular among users.
There is constant increase in value of digital payments through BHIM UPI. The numbers observed in October, 2018 are Rs. 74, 978 crores, but in December, 2018 this value reached to Rs. 1,02, 594 crores.
Bharat Interface for Money (BHIM) is a mobile app developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI).
It was launched by Prime Minister Narendra Modi, at Digi Dhan mela at Talkatora Stadium in New Delhi on 30 December 2016. It was named after B. R. Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian banknote demonetization and drive towards cashless transactions.
The app supports all Indian banks which use that platform, which is built over the Immediate Payment Service infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices.
BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts (by scanning a QR code with account number and IFSC code or MMID (Mobile Money Identifier) Code).