Question
Download Solution PDFWhat does M stand for in BHIM-UPI?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe 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.
Last updated on Jul 14, 2025
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