Post demonetization though mobile wallets and phone apps such as UPI have witnessed a surge in downloads and use, the availability of an integrated platform for receiving and sending money was still an issue. This was because each bank in the UPI network was offering its own UPI app, while in case of mobile wallets you still cannot transfer money between different mobile providers. The introduction of the B.H.I.M. (Bharat Interface for Money) app is expected to sort the issue of interoperability. Announcement of the BHIM android app was made in the run up to the New Year. In the following sections, we will discuss the key features of the BHIM app, along with its benefits.
The name — BHIM —pays homage to Dr. Bhim Rao Ambedkar, better known as Dr. B.R. Ambedkar. He is called the father of the Indian Constitution and was a leader in the movement towards equality of various strata of Indian society. The concept of BHIM android app is simple – ensure the availability of money transfer option for each and every individual through readily available mobile technology. To facilitate this, the BHIM app features the use of the user addresses same as UPI, which is expected to provide a uniform payment platform for sending and receiving money from one bank account to another via phone.