BHIM

Other than SBI, Indian Bank, ICICI Bank and Indian Overseas Bank have been roped in for inward and outward remittances while Axis Bank and DBS India will facilitate inward remittances only

The scheme was first announced in FY22 Budget with a financial outlay of Rs 1,300 crore

The Madras High Court has ordered maintenance of status quo against digital payment app MobilePe and its group companies in the matter of offering unified payments interface (UPI) and Bharat interface for money (BHIM) services. Justice M Sundar granted the injunction while passing interim orders on an application arising out of a civil suit from PhonePe on October 19. In its suit, PhonePe contended that the defendant companies had infringed upon its trademark. The judge found the logos of the plaintiff company PhonePe and the defendant companies (MobilePe) were similar. The plaintiff company made out a prima facie case of possible deception, the judge said and passed the interim order and issued notice to the defendant companies returnable by November 2.

There were a total of 452 crore (4.52 billion) transactions in February 2022

The IIT-Bombay report further said UPI as a digital payments platform increases efficiency towards tax compliance, and provides overall convenience for public good

The value of IMPS (Immediate Payment Service) transactions in April fell to about Rs 1.21 trillion in April, from about Rs 2.02 trillion in March

All the findings in this report are based on transactions held on the Razorpay platform from January 2018 to December 2019

Schemes that address clear market demand have clicked; those that focus on behavioural change, not so much

Indian fintechs have already started getting enquires from other developing economies to customize UPI for them. Expect UPI launch by April 2020

In the earlier BHIM cashback scheme, merchants were eligible for cashback of up to Rs 1,000 in a month for 20 unique transactions

Modi launched app for fast and secure cashless transactions using mobile phones

Modi will felicitate winners of mega draw of two major incentive schemes to promote digital payments

BHIM is a platform designed to make payment through UPI and USSD modes simpler

Minister says 3% of dealings in India are digital; at 22%, black money will be curbed

As on date, 37 banks are on the BHIM platform

Version 1.2 comes with 7 new languages including Odia, Bengali & Tamil, among others

Four banks, including SBI, are going to join the new system

On December 30, 2016, Prime Minister Modi had launched the BHIM mobile app

BHIM is biometric version of UPI, USSD and expected to minimise role of plastic cards, PoS machines

Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application at Digi Dhan Mela here to promote and make digital transactions easier.