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BHIM

From Wikipedia, the free encyclopedia
Indian mobile payments app
For other uses, seeBhim (disambiguation).

BHIM (Bharat Interface for Money)
BHIM Logo
Developer(s)NPCI
Initial release30 December 2016; 8 years ago (2016-12-30)
Stable release(s)
Android3.7.4 / 19 July 2024; 7 months ago (2024-07-19)
iOS3.7.4 / 22 July 2024; 7 months ago (2024-07-22)
Operating system
Platform
Size26 MB
Available in20 languages
TypeMobile app
LicenseOpen source
Websitewww.bhimupi.org.inEdit this at Wikidata

BHIM (Bharat Interface for Money) is an Indianstate-ownedmobile paymentapp developed by theNational Payments Corporation of India (NPCI), based on theUnified Payments Interface (UPI). Launched on 30 December 2016,[1] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.[2][3] The application supports all Indian banks which use UPI, which is built over theImmediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between 170 member banks[4] of any two parties.[5] It can be used on all mobile devices.[6]

Operation

[edit]

BHIM allows users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts (by scanning aQR code with account number andIFS code orMMID code).[7]

Unlike mobile wallets (Paytm,MobiKwik,M-Pesa,Airtel Money, etc.) which hold money,[8] the BHIM app is only a mechanism which transfers money between different bank accounts. Transactions on BHIM are nearly instantaneous and can be done at any time, including weekends and bank holidays.

BHIM now also allows users to send or receive digital payments throughAadhaar authentication.[9] BHIM will be made available onOpen Network for Digital Commerce (ONDC) in an effort to challengePhonePe andGoogle Pay's hegemony.[10]

On-device wallet

[edit]

On September 20, RBI governorShaktikanta Das officially launched an on-device wallet called UPI Lite at Global Fintech Fest 2022. As per NPCI, some of the early use cases involveFASTag recharges, insurance payments, and EMI collections offline.Canara Bank,HDFC Bank,Indian Bank,Kotak Mahindra Bank,Punjab National Bank,State Bank of India,Union Bank of India and Utkarsh Small Finance Bank enabled UPI Lite feature on BHIM.[11]

Transaction fees and limits

[edit]

Currently, there is no charge for transactions from ₹1 to ₹100,000.[12][13] Some banks might, however, levy a fee for UPI or IMPS transfers.

In 2017, Indian banks proposed transaction charges on UPI transactions,[14] but there is no information on whether transactions through BHIM will also be charged.[15]

Language support

[edit]

As of January 2023[update] the app supports 20 languages (including English), and is expected to support all 22recognisedlanguages of India.[16]

License

[edit]

NPCI on 9 November 2022 announced that the BHIM app will use an open source license model. All regulated financial entities can now use the source code and in the future release the same functionalities that the BHIM app uses.[17]

Reception

[edit]

During the2017 Union budget of India, Finance MinisterArun Jaitley said that the app is currently being used by over 12.5 million Indian citizens,[18] and that the government will launch two new schemes to promote its use. One will be referral payments for individuals, and the other will be cashback for merchants who accept payments.[19] In October 2021, the BHIM UPI platform surpassed a record of $100 billion in value (₹7.71 lakh crore) with over 4.2 billion digital transactions.[20] Earlier in 2021, Bhutan became the first country to adopt the BHIM UPI for their digital transactions after the approval of theRoyal Monetary Authority of Bhutan.[21]

Security

[edit]

In May 2020, VPNMentor, a cyber security firm, disclosed that the BHIM app suffered a huge data breach leaking approximately 7.26 million Indian users' personal and financial data, such as name, contact details,Aadhaar card,PAN card,caste certificate, fingerprint scans, educational certificates and more. The 4.09 GB files were leaked from a CSC operated website because of a misconfiguredAWS S3 bucket, and not the official BHIM website.CSC explicitly mentioned, however, that it is working with BHIM and NPCI in partnership. VPNMentor and other cybersecurity experts confirm the data to be authentic, but BHIM and NPCI claim that the breach never took place. The issue has now been fixed.[22]

See also

[edit]

References

[edit]
  1. ^S, Arun (30 December 2016)."Modi launches mobile payment app".The Hindu.
  2. ^"People can now bank with thumb using BHIM app: PM Modi at Digi Dhan Mela".The Indian Express. 30 December 2016. Retrieved31 December 2016.
  3. ^"Modi launches app, says your thumb will act as your bank".Hindustan Times. 30 December 2016. Retrieved18 November 2022.
  4. ^"BHIM (Bharat Interface for Money) | Digital India Programme | Ministry of Electronics & Information Technology(MeitY) Government of India".digitalindia.gov.in. Retrieved10 December 2021.
  5. ^"IMPS Live Members | NPCI - National Payments Corporation of India".www.npci.org.in. Retrieved4 February 2022.
  6. ^"Modi launches app, says your thumb will act as your bank | india-news".Hindustan Times. Retrieved3 December 2016.
  7. ^"BHIM UPI Official website". National Payments Corporation of India (NPCI). 12 January 2017. Archived fromthe original on 29 January 2019. Retrieved12 January 2017.
  8. ^"How is BHIM app different from mobile wallets- Business News".businesstoday.in. 23 February 2017. Retrieved7 June 2017.
  9. ^"How to transfer money using Aadhaar number via BHIM App: Follow steps".India Today. 3 July 2020. Retrieved19 July 2020.
  10. ^P, Suraksha (4 May 2024)."BHIM looks to bulk up with ONDC to take on digital payment heavyweights".The Economic Times.ISSN 0013-0389. Retrieved5 May 2024.
  11. ^Chanchal (20 September 2022)."UPI Lite among key digital payment initiatives launched: Here's how it works".mint. Retrieved21 September 2022.
  12. ^"National Payments Corporation of India".npci.org.in. Archived fromthe original on 17 May 2017. Retrieved16 May 2017.
  13. ^"IRCTC to launch new app for faster booking of tickets". Retrieved7 June 2017.
  14. ^"Banks to start charging for P2P payments on UPI".Moneycontrol. 6 June 2017. Retrieved8 June 2017.
  15. ^"BHIM UPI charges: Digital payments to get cheaper; No fee for transactions below Rs 100".Zee Business. 31 August 2019. Retrieved21 September 2022.
  16. ^"BHIM Anniversary Edition".BHIM UPI. Retrieved21 September 2022.
  17. ^"NPCI announces BHIM app open-source license model".mint. 9 November 2022. Retrieved11 November 2022.
  18. ^"Budget 2017: Jaitley says BHIM app now has 125 lakh downloads".Hindustan Times. Retrieved3 February 2017.
  19. ^"Union Budget 2017: Govt announces two new incentives to promote BHIM app".The Indian Express. Retrieved3 February 2017.
  20. ^"UPI Transactions Value Crosses Record $100 Billion In October, On Track To End FY22 At Over $1 Trillion".Moneycontrol. November 2021. Retrieved10 December 2021.
  21. ^Ohri, Nikunj (13 July 2021)."Bhutan first country to adopt UPI; FM hails platform's role during lockdown".Business Standard India. Retrieved10 December 2021.
  22. ^"BHIM Data Leak Exposes 7M Indian Users Data: Risk of Fraud & Theft".Hack Reports. 3 June 2020. Retrieved17 June 2020.

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