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Bhim 3.0 is the latest version of the Bharat Interface for Money (Bhim) app, launched by NPCI Bhim Services Ltd, a wholly owned subsidiary of the National Payments Corporation of India (NPCI).

News in Detail

The Bhim 3.0 app introduces several user-friendly features to enhance customer experience.

• Split Bills: Users can now split bills with friends and family effortlessly.
• Family Onboarding: Users can add family members to their accounts, making shared financial management easier.
• Expense Tracking: The app allows users to track shared expenses and assign specific payments.
• Task Assistant: A built-in task assistant reminds users about pending bills linked to the Bhim app.
• Bhim Vega: Allow customers to complete payments instantly without switching to third-party apps.

About Bharat Interface for Money (BHIM) App

The National Payments Corporation of India (NPCI) developed BHIM App as a unified payment interface (UPI)-based mobile application to promote fast and secure digital transactions

How does the BHIM app work?

The BHIM app was launched in December 2016 to allow instant money transfers between bank accounts.

Users link their bank accounts to the app through their mobile numbers.

• Users create a UPI ID or use their mobile number as a virtual payment address (VPA).
• To send or receive money, users enter the recipient’s VPA or scan a QR code.
• The app processes transactions in real-time without requiring any additional details like bank account numbers or IFSC codes.

The BHIM app uses two-factor authentication for every transaction. Users need to authenticate transactions using their UPI PIN. The app also encrypts all data during transmission to prevent unauthorized access. Since the app directly links to bank accounts, no third-party intermediaries actively handle sensitive information. 

How does the BHIM app differ from other payment apps like Google Pay or PhonePe?

1. It is a government-backed initiative, ensuring trust and reliability.
2. The app focuses on simplicity and ease of use, targeting even rural and semi-urban users.
3. Unlike private apps, BHIM avoids promotional offers or cash back incentives, focusing solely on utility.

It works independently of any specific bank or wallet service, relying entirely on the UPI framework.

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