Govt launches BHIM 2.0 with new functionalities, additional language support

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News:Union Minister of Electronics and Information Technology (MeiTY) has launched BHIM 2.0 with additional features.

Facts:

About BHIM:

  • Bharat Interface for Money(BHIM) is Unified Payments Interface(UPI) based payment interface application that allows real time fund transfer
  • The app has been launched in 2016.It was developed by the National Payments Corporation of India (NPCI).
  • The BHIM 2.0 supports three additional languages- Konkani, Haryanvi and Bhojpuri, over and above existing 13.
  • The existing cap of Rs. 20,000 has also been increased to Rs. 1,00,000, from verified merchants.
  • The app has also added features such as (a)linking multiple bank accounts (b)offers from merchants and (c)gifting money among others.

Additional information:

About UPI:

  • Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application of any participating bank.
  • The interface has been developed by National Payments Corporation of India (NPCI).
  • It merges several banking features, seamless fund routing & merchant payments into one hood. 
  • It also caters to the Peer to Peer collect request which can be scheduled and paid as per requirement and convenience.

About National Payments Corporation of India(NPCI):

  • 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.