The Full form of BHIM is Bharat Interface for Money. BHIM is a mobile payment App developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). It was launched on 30th December 2016 in New Delhi by Prime Minister Narendra Modi at the DigiDhan Mela at Talkatora Stadium. It was named after B. R. Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions. This Unified Payments Interface app supports all banks of India which are live on UPI platform. UPI is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between any two party’s bank accounts. It can be used on all mobile devices, be it a Smartphone or a feature phone with internet connection. BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts. Unlike mobile wallets (PayTM, Airtel Money, MobiKwik, mPesa, etc.) which hold money, the BHIM app is only a mechanism which transfers money between different bank accounts. Transactions on BHIM are nearly instantaneous and can be done 365 days, 24/7 including weekends and bank holidays.
BHIM Full Form, What is the Full form of BHIM?
