BHIM 3.0

BHIM 3.0: Recently, NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of NPCI, launched Bharat Interface for Money (BHIM) 3.0.

• BHIM 3.0 offers a more intuitive experience with features like 15+ language support, Family Mode, Split Bill, and BHIM Vega for merchants.
• About Bharat Interface for Money (BHIM): It is a payment app enabling simple, quick, and easy transactions using the Unified Payments Interface (UPI).

o Allows direct bank payments using UPI ID or by scanning QR codes.

o Launched on December 30, 2016, to promote financial inclusion and a digitally empowered society.

• About National Payments Corporation of India (NPCI):

o Incorporation: 2008 as an umbrella organization for operating retail payments and settlement systems across India.

o Initiative by: Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the Payment and Settlement Systems Act, 2007.

• Key Objectives: Create a secure and efficient infrastructure for payment systems, promote a cashless economy, and enhance financial inclusion, drive innovation and build a seamless digital payment ecosystem.
• Major Initiatives: Unified Payments Interface (UPI), RuPay, Immediate Payment Service (IMPS), Bharat Bill Payment System (BBPS), Aadhaar-enabled Payment System (AePS), National Financial Switch (NFS) & National Electronic Toll Collection (NETC)