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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.


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