Page 33 - Banking Finance December 2017

COVER STORY

BHIM

INVASION

Introduction: of Digital Banking, which is easily available to all Indians.
This app is known as BHIM.
As per Dr.A.P.J.Abdul Kalam Azad, there are requirements
of three types of connectivity for a man i.e. physical, What is BHIM?
Knowledge and electronic connectivity. In case of growing
economy like India, there is requirement of an easy, safe or BHIM stands for Bharat Interface for Money. It is an app
authenticated payment system. This payment system is which can be used for simple, easy and quick payment
transaction using Unified Payment Interface (UPI). One can
possible only through electronic connectivity. Our Country
do bank to bank payments instantly and collect money using
is young, mobile penetration is more than 110 crore.
mobile number and payment address. Services available
Looking into the mobile penetration, we can think for a through BHIM are as follows:
safe, easy and convenient mode of payment and settlement
system i.e. Digital Banking. Digital banking means to apply Send Money: One can send money to anyone using virtual
the latest technologies at all functional levels for delivery of address (VPA), Account number and IFSC (Indian Financial
services code) and QR (quick response) code.
financial services at front line as well as at back office of
the bank. National Payment Corporation of India (NPCI) has Request Money: This option can be used to collect money
taken initiative to develop a mobile App for implementation by entering virtual payment address (VPA), Additionally
through BHIM App, one can transfer money using mobile
About the author no. For this, Mobile no should be registered with BHIM or

*99# and account should be linked.
Prabhat singh Suman
Chief Manager Faculty Scan & Pay: This option is used to pay by scanning the QR
Union Bank of India code through scan & pay and can generate QR of your
STC Bhubneshwar
account also.

BANKING FINANCE | DECEMBER | 2017 | 33

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