Case Developed by:
eGOVMMCASES Project Funded by:
Bharat Interface for Money: Promoting Safe and Secure Cashless Economy in India
The Indian payment ecosystem has undergone a paradigm shift over the years. With the advent of a series of financial technology (Fintech) solutions, India has brought in a digital revolution, emerging as a trailblazer in cashless payments and, also catalyzing the financial inclusion initiatives by the government. National Payments Corporation of India (NPCI), a not-for-profit entity established by the Reserve Bank of India (RBI), India’s central bank, and the Indian Banks’s Association (IBA) has been instrumental in creating a robust payment and settlement infrastructure in India. NPCI is pivotal in creating innovative products and solutions that drive digital payments in India. One of the flagship products of NPCI for real-time money transfer is the Unified Payments Interface (UPI). UPI, the first of its kind globally, is amongst the most successful real-time payment systems, allowing users to transfer money across multiple bank accounts using a single monetary transferring tool. The UPI application combines various banking services, smooth fund routing, and merchant payments under one hood.
With a view to encourage cashless transactions through mobile software applications, also popularly knowns as Apps, NPCI created a platform App called Bharat Interface for Money (BHIM), as a universally compatible app serving various mobile phone operating systems.
Length of the Case: 1 hr