It is a first step towards internalization.
- Yes a pilot demo of BHIM QR based payments started in Singapore on Wednesday the 13th instant with a live transaction at a merchant terminal at the FinTech Festival 2019.
- The Indian High Commissioner to Singapore demonstrated the first transaction.
- Indeed it is happy moment for the long pending achievement of UPI.
BHIM (Bharat Interface for Money) is a mobile payment App developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Named after B. R. Ambedkar and launched on 30 December 2016, it is intended to facilitate e-payments directly through banks as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions.
The app supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used in all mobile devices.
BHIM allow users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts (by scanning a QR code with account number and IFSC code or MMID (Mobile Money Identifier) Code).
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