BHIM App

Former banker Lalitha Nataraj will head the new subsidiary as its chief executive officer (CEO). Nataraj has previously worked with IDFC FIRST Bank and ICICI Bank

The country's largest lender SBI on Thursday announced 11 new initiatives -- including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells -- to mitigate risks in its agricultural loan portfolio. On the occasion of the 69th Foundation Day, State Bank of India announced these initiatives to widen the bank's accessibility to address the banking needs of its potential customers, the lender said in a statement. SBI has enhanced its digital payment experience, with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app, it added. The bank has also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan, it said, adding that the users can opt for credit to install solar rooftops under the central government's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity. The entire process will be manage

BHIM Aadhaar Pay enables merchants to receive digital payments from customers over the counter through Aadhaar authentication, according to the NPCI website

BHIM will expand its presence in e-commerce by offering a diverse range of products and services, including food and beverages, groceries, fashion, and apparel to its user base

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

The Cabinet on Wednesday approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year. It would help in building a robust digital payment ecosystem. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments. "Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant)," said an official tweet.

NPCI introduced the BHIM app open-source license model, under which the source code of BHIM App will be licensed to regulated entities who do not have an UPI app of their own

Digital payment transactions value through UPI rose to Rs 10.73 lakh crore in August this year, up marginally from the previous month, data showed on Thursday. In July 2022, the UPI-based digital transaction value stood at Rs 10.63 lakh crore. The value of UPI transactions during August this year relates to a total of 6.57 billion (657 crore) transactions, up from 6.28 billion (628 crore) in the preceding month, as per the data released by the National Payments Corporation of India (NPCI). In June, there were 5.86 billion transactions, valued at worth Rs 10.14 lakh crore. Of the other data sets on the NCPI framework, the instant transfer-based IMPS clocked transactions worth Rs 4.46 lakh crore in August, relating to a total of 46.69 crore transactions. In July, it stood at Rs 4.45 lakh crore in value terms through a total of 46.08 crore transactions. The NETC FASTAG for automatic toll deduction at toll plazas witnessed transactions worth Rs 4,245 crore in August, up from Rs 4,162

Reacting to the allegations of security chinks at a partner's end, the NPCI said an independent verification of the news was undertaken and no data breach was found

Indian fintechs have already started getting enquires from other developing economies to customize UPI for them. Expect UPI launch by April 2020

The QR code-based system would allow anyone with a BHIM app to scan the SGQR at NETS terminals for payments in Singapore

Experts say as merchants' pay picks up, BHIM will see more transactions from smaller cities

In five months, the decline in terms of the number of transactions was about 30% and the fall in value about 31%

His startup, Lucideus Tech, is a leading cyber security provider in the country that even has some Fortune-50 companies as its clients; Modi's mission: to save the fate of humanity

App's decline coincides with launch of Google's UPI app, Tez

The scheme was launched by PM Modi on April 14 for promoting cashless payments through the BHIM app

Bharat Interface for Money is an app that allows transactions using Unified Payments Interface (UPI)

NPCI has launched dedicated website for BHIM app to explain all aspects of digital transactions

Only 26% of the app's downloads have resulted in an active linkage with a bank account

BHIM is a platform designed to make payment through UPI and USSD modes simpler