What does M stand for in BHIM-UPI?

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SSC MTS 2024 Official Paper (Held On: 22 Oct, 2024 Shift 3)
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  1. Monetary
  2. Mobile
  3. Money
  4. Monthly

Answer (Detailed Solution Below)

Option 3 : Money
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SSC MTS 2024 Official Paper (Held On: 01 Oct, 2024 Shift 1)
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90 Questions 150 Marks 90 Mins

Detailed Solution

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The correct answer is Money.

Key Points

  • BHIM stands for Bharat Interface for Money, a mobile application developed by the National Payments Corporation of India (NPCI).
  • The letter M in BHIM-UPI stands for "Money," emphasizing the app's primary purpose of facilitating secure and instant monetary transactions.
  • BHIM app leverages the Unified Payments Interface (UPI), a system enabling real-time interbank transactions using a mobile device.
  • It was launched by Prime Minister Narendra Modi on 30th December 2016, as part of India's push towards a cashless economy.
  • The app ensures ease of use and accessibility, allowing users to send or receive money using a UPI ID or QR code.

Additional Information

  • Unified Payments Interface (UPI):
    • UPI is a real-time payment system developed by NPCI that facilitates instant fund transfer between two bank accounts via mobile devices.
    • It eliminates the need for cumbersome details like IFSC codes or account numbers, using a unique UPI ID for transactions.
  • Features of BHIM App:
    • Supports transactions via UPI ID, mobile number, or QR code.
    • Allows linking multiple bank accounts and offers a seamless user interface.
    • Provides additional features such as checking balance and generating transaction history.
  • NPCI:
    • The National Payments Corporation of India (NPCI) is an organization responsible for managing India's retail payment systems.
    • It oversees UPI, IMPS, RuPay card network, and other payment systems.
  • QR Code Payments:
    • QR codes in BHIM allow users to scan and pay instantly without sharing sensitive details.
    • This feature enhances security and ease of use in monetary transactions.
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