If you’re in India and looking for a convenient way to handle your finances digitally, you’ve likely come across BHIM UPI. But is this popular mobile payment app actually owned by the government?
What is BHIM UPI?
BHIM, short for Bharat Interface for Money, burst onto the scene on December 30, 2016. Developed by the National Payments Corporation of India (NPCI), it’s designed to simplify electronic payments by leveraging the Unified Payments Interface (UPI), streamlining transactions straight from your bank account¹.
Key Features of BHIM UPI:
- Powered by NPCI:
- BHIM is the brainchild of NPCI, a governmental organization overseeing various payment systems in India².
- The app pays homage to Dr. Bhimrao Ambedkar, the architect of India’s constitution.
- Seamless Functionality:
- Users can swiftly send or receive money using UPI payment addresses.
- Unlike e-wallets like Paytm or MobiKwik, BHIM fosters interbank money transfers.
- Transactions are lightning-fast, even on weekends and holidays.
- BHIM also supports Aadhaar-based digital payments.
- Language Inclusivity:
- BHIM speaks the language of the masses, supporting 20 regional languages alongside English, with plans to cover all 22 recognized Indian languages¹.
- Open-Source Model:
- NPCI’s decision to adopt an open-source license for BHIM in November 2022 marked a pivotal moment.
- This allows regulated financial entities to tap into BHIM’s source code and replicate its functionalities¹.
In essence, while BHIM UPI is nurtured by the government-backed NPCI, it operates independently. Nonetheless, its NPCI association bolsters its trustworthiness and efficiency within India’s digital payment landscape.
For the latest updates and detailed insights, visit the official BHIM UPI website: BHIM UPI Official Website