BHIM/UPI/NPCI

Bharat Interface for Money (BHIM)

• Is a UPI based payment interface.

• Developed by National Payments Corporation of India (NPCI).

• Allows real time fund transfer.

• Launched in December, 2016.

• BHIM 2.0-supports three additional languages -- Konkani, Bhojpuri and Haryanvi -- over and above the existing 13.

Unified Payments Interface (UPI)

• System that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

• Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).

• Introduced in 2016.

National Payments Corporation of India (NPCI)

• NPCI is an umbrella organisation for operating retail payments and settlement systems in India.

• Founded in 2008.

• It is an initiative of Reserve Bank of India (RBI) and Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.

• It has been incorporated as a not for profit company.