Bharat Interface for Money (BHIM) is a payment app that lets you make simple, easy and quick transactions using Unified Payments Interface (UPI). You can make direct bank payments to anyone on UPI using their UPI ID or scanning their QR with the BHIM app. You can also request money through the app from a UPI ID.
Pioneered and developed by National Payments Corporation of India (NPCI), BHIM has been conceived and launched by the Hon'ble Prime Minister of India, Narendra Modi on 30th December 2016 to bring in Financial Inclusion to the nation and a digitally empowered society.
NPCI is an umbrella organisation for operating retail payments and settlement systems in India, 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, for creating a robust Payment and Settlement Infrastructure in India.
Considering the utility nature of the objects of NPCI, it has been incorporated as a "Not for Profit Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to entire banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
NPCI's ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.
NPCI during its journey for last six years, has made a significant impact on the retail payment systems in the country. Dedicated to the nation by our Honble President, Shri Pranab Mukherjee, endorsed by the Hon'ble Prime Minister, Shri Narendra Modi and later made the card of choice for the ambitious Pradhan Mantri Jan Dhan Yojana, RuPay is now a known name. With Immediate Payment Service (IMPS), India has become the leading country in the world in real time payments in retail sector. National Financial Switch (NFS) and Cheque Truncation System (CTS) continues to be the flagship products of NPCI. Unified Payments Interface (UPI) and Bharat Interface for Money (BHIM) has been termed as the revolutionary products in the payment system. Bharat Bill Payment System (BBPS) has also been launched in pilot mode. The other products in pipeline include RuPay Credit Card, National Common Mobility Card - Tap & Go and Electronic Toll Collection.