BHIM Full Form | What Does BHIM Stand For?

BHIM: Bharat Interface for Money

BHIM Full Form

BHIM full form stands for Bharat Interface for Money. BHIM is an Indian mobile payment app developed by the National Payments Corporation of India.

BHIM is based on Unified Payments Interface (UPI). It was named after BR Ambedkar and launched on 30 December 2016.

Brief Explanation

The application supports all Indian banks that use UPI, which is built on the Instant Payment Service (IMPS) infrastructure and allows the user to quickly access any bank account on both sides. It can be used on all mobile devices.

The BHIM app will not require any biometric verification or pre-registration with the bank or UPI, if the 12-digit Aadhaar number is listed as payment identification.

Objective

BHIM aims to facilitate e-payment directly through banks and move towards cashless transactions.

Advantages

  • BHIM allows users to send or receive UPI payment addresses, or non-UPI-based accounts (by scanning the account number and IFSC code or QR code with MMID (Mobile Money Identifier Code).
  • Unlike mobile wallets that hold money, the BHIM app is a mechanism for transferring money between different bank accounts.
  • Transactions at BHIM occur almost immediately and can be done 24/7 including weekends and bank holidays.
  • BHIM allows users to check the current balance in their bank accounts and which account to use to conduct transactions, although only one can be active at a time.
  • Consumers can create their own QR codes for a certain amount, which helps merchants and buyers transact. Customers may also have multiple payment addresses.

What Is The Full Form Of BHIM?

BHIM full form stands for Bharat Interface for Money. It is an Indian mobile payment app developed by the National Payments Corporation of India. Transactions at BHIM occur almost immediately and can be done 24/7 including weekends and bank holidays.

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