CURRENT AFFAIRS

Detailed explanation-1: -BHIM is developed by the National Payment Corporation of India (NPCI), a not-for-profit company for providing retail payment systems in the country under guidance from Reserve Bank of India.

Detailed explanation-2: -Bharat Interface for Money (BHIM) is an app that lets you make simple, easy and quick payment transactions using Unified Payments Interface (UPI).

Detailed explanation-3: -About BHIM UPI App MobiKwik UPI, as does BHIM app, allows users to make payments or transfers directly from one bank account to another. MobiKwik BHIM UPI requires users to only provide their bank account details and UPI pin to make instant payment or transfers.

Detailed explanation-4: -If you desire to use BHIM UPI to send or receive payments, you may use Google Pay to register with a BHIM UPI Payments System Provider partnered with Google and create your BHIM UPI user credentials, such as your BHIM UPI ID (virtual payment address) and/or BHIM UPI PIN (MPIN) linked.

Detailed explanation-5: -Pioneered and developed by National Payments Corporation of India (NPCI), BHIM has been conceived and launched by the Hon’ble Prime Minister of India, Narendra Modi on 30th December 2016 to bring in Financial Inclusion to the nation and a digitally empowered society.