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BHIM Presentation Assignment

BHIM is a digital payment application launched by NPCI on December 30, 2016, that facilitates real-time bank-to-bank transactions based on the Unified Payments Interface (UPI). Its objectives include simplifying digital transactions, promoting financial inclusion, and supporting the Digital India initiative. While it offers advantages like instant transactions and security features, it faces challenges such as limited awareness in rural areas and competition from private wallets.

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Sanya Bajaj
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19 views11 pages

BHIM Presentation Assignment

BHIM is a digital payment application launched by NPCI on December 30, 2016, that facilitates real-time bank-to-bank transactions based on the Unified Payments Interface (UPI). Its objectives include simplifying digital transactions, promoting financial inclusion, and supporting the Digital India initiative. While it offers advantages like instant transactions and security features, it faces challenges such as limited awareness in rural areas and competition from private wallets.

Uploaded by

Sanya Bajaj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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VAC ASSIGNMENT

• NAME: Sanya Bajaj


• COURSE: BA. PROG {psych+ eng}
• ROLL NO: 507/23
• EXAMINATION ROLL NO: 23010501314
• SEM:4
BHIM – Bharat Interface for Money
• - A digital payment application developed by
NPCI
• - Launched on 30th December 2016
• - Based on Unified Payments Interface (UPI)
• - Facilitates real-time bank-to-bank
transactions
• - Promotes cashless and digital economy
Objectives of BHIM
• - Simplify digital transactions for common
citizens
• - Encourage adoption of mobile banking
• - Reduce dependency on cash-based
transactions
• - Promote financial inclusion
• - Support Digital India initiative
Key Features of BHIM App
• - Simple interface for quick transactions
• - Works 24x7 across all banks using UPI
• - Supports multiple Indian languages
• - Allows sending/requesting money using
mobile number or UPI ID
• - Secure with three-level authentication
How BHIM Works
• - Linked directly to user’s bank account
• - Uses UPI system to transfer funds instantly
• - Requires mobile number and device
verification
• - Generates unique UPI ID for transactions
• - No need for wallet or recharge
Advantages of BHIM
• - Instant and secure transactions
• - No need to remember account numbers or
IFSC
• - Works on smartphones and feature phones
• - Encourages transparent digital payments
• - Supports QR code scanning for merchants
Security Features
• - Three-factor authentication system
• - App lock with passcode/PIN
• - Secure UPI-based transactions verified by
bank
• - Limited transaction limit for safety
• - Encrypted communication between devices
Challenges Faced by BHIM
• - Limited awareness in rural areas
• - Dependence on internet connectivity
• - Competition from private digital wallets
• - Occasional server downtime or failed
transactions
• - Resistance from older population to use
digital methods
BHIM vs Other Payment Apps
• - Government-backed and promotes
transparency
• - No additional charges for transactions
• - Simple and ad-free interface
• - Lacks some advanced features of private
apps
• - More trust from users due to official source
Impact of BHIM on Indian Economy
• - Boosted cashless transactions post
demonetization
• - Supported digital literacy and financial
inclusion
• - Increased usage of UPI across India
• - Empowered small vendors and merchants
• - Helped bring transparency in transactions
Conclusion
• - BHIM is a key step toward a digital economy
• - Offers a reliable and secure platform for
payments
• - Encourages habit of digital transactions
among citizens
• - Continues to evolve with new features and
updates
• - A strong pillar in India’s digital
transformation journey

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