Question
Download Solution PDFThe mobile app BHIM (Bharat Interface for Money) is based on
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Unified Payments Interface.
Important Points
- Bharat Interface for Money (BHIM) is a payment app that lets you make simple, easy and quick transactions using Unified Payments Interface (UPI).
- It allows the transfer of money from one bank account to another instantly via one's mobile phone.
- Payments can be made via an app on mobile devices only.
- The Unified Payment Interface is a real-time payment system.
- It is developed by the National Payments Corporation of India (NPCI).
- It was launched on 30th December 2016.
- It aims to bring Financial Inclusion to the nation and a digitally empowered society.
- Mobile wallets will not be necessary, because your mobile number is directly linked with the bank account.
Last updated on Mar 8, 2025
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