Full Form of BHIM | BHIM Full Form | What is BHIM | About BHIM
Full Form of BHIM is Bharat Interface for Money: BHIM (Bharat Interface for Money) may be a Mobile App developed by National Payments Corporation of India (NPCI), supported the Unified Payment Interface (UPI). it had been launched by Narendra Modi, the Prime Minister of India, at a Digi Dhan mela at Talkatora stadium in New Delhi on thirty Dec 2016.
BHIM is a mobile app developed by National Payments Corporation of India (NPCI), supported the Unified Payment Interface (UPI). it had been launched by Narendra Modi, the Prime Minister of Asian country, at a Digi Dhan mela at Talkatora sports stadium in national capital on thirty Dec 2016. it had been named when Dr. Bhimrao R. Ambedkar and is meant to facilitate e-payments directly through banks as a part of the 2016 Indian bill ending and drive towards cashless transactions.
The app supports all Indian banks that use that platform, that is constructed over the payment Service infrastructure and permits the user to instantly transfer cash between bank accounts of any 2 parties. It is used on all mobile devices. BHIM enable users to send or receive cash to or from UPI payment addresses, or to non-UPI based mostly accounts (by scanning a QR code with account range and IFSC code or MMID (Mobile cash Identifier) Code).
Unlike mobile wallets (PayTM, MobiKwik, mPesa, Airtel cash etc) that hold cash, the BHIM app is barely a mechanism that transfers cash between totally different bank accounts. Transactions on BHIM are nearly instant and might be done 24/7 together with weekends and bank holidays. BHIM additionally permits users to see this balance in their bank accounts and to decide on that account to use for conducting transactions, though just one is active at any time. Users will produce their own QR code for a set quantity of cash, that is useful in merchant-seller-buyer transactions. Users also can have over one payment address.
If the 12-digit Aadhaar range is listed as a payment ID, the BHIM app won’t need any identity verification or previous registration with the bank or Unified Payment Interface (UPI). Version 1.3 permits users to use mobile numbers from their contact book to send cash and additionally save payment addresses for future use without having to sort the address once more. User also can check the group action history, that solely shows transactions through BHIM