The Full Form of ‘BHIM’ in Banking is ‘Bharat Interface for Money’.
Full Form of BHIM
BHIM, also known as Bharat Interface for Money, is a mobile payment application developed by the National Payments Corporation of India (NPCI). It was launched in April 2016 to enable secure digital transactions between individuals and businesses. The app is based on the Unified Payment Interface (UPI) platform, which is an interoperable platform that enables quick payments and money transfers between two bank accounts on a mobile phone. BHIM allows users to make payments through their smartphones using their bank account details, linked debit cards or Unified Payments Interface (UPI) ID.
BHIM has been designed with an aim to provide convenience and security to users while making digital payments. The app provides a secure and convenient way to transfer funds from one bank account to another without having to use cash or any other payment channels like net banking, credit/debit card etc. In addition to this, it also provides features such as QR code scanning and bill splitting among others. BHIM facilitates fast transaction processing with minimal technical knowledge required by the user.
The app can be downloaded from Google Play Store or Apple App Store by searching ‘BHIM’. After installation of the app, users need to register themselves by entering their details like name, mobile number etc., which will be used for authentication purposes whenever they want to make a payment using the app. Once registered, users can link their bank accounts with the app by verifying their mobile numbers via OTP sent from NPCI servers. After linking their accounts, users can start making payments through BHIM instantly without any hassles. They just need to enter the amount they want to pay along with UPI ID or virtual payment address of recipient followed by verification of transaction via OTP sent from NPCI servers before completing the transaction process successfully.
Apart from regular payments, BHIM also offers some special features such as merchant payments (for business owners), bill splitting (for shared expenses), donation feature (for making donations) and integrated wallet for storing funds safely within the app itself. It also provides options for adding beneficiaries directly using UPI IDs and supports multiple languages so that people across different regions can access it easily without any language barrier.
In conclusion, BHIM is an easy-to-use payment application developed by NPCI which uses UPI platform for facilitating secure digital transactions between individuals and businesses quickly and safely without having to use cash or any other payment channels like net banking or credit/debit card etc.
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