BHIM 3.0

The Bharat Interface for Money (BHIM) app will continue to function as a sandbox for digital payment innovations in India, enabling industry-wide adoption of new features as UPI use cases continue to grow.

Key Announcements

• NPCI BHIM Services (NBSL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), rolled out BHIM version 3.0.
• BHIM will nurture products and drive industry-wide adoption of digital payment features through collaborative innovation.

New Features in BHIM 3.0

• Family Mode for managing payments across multiple users.
• Enhanced ability to work in low-internet areas.
• A cleaner, more intuitive user interface (UI).
• Cashbacks and incentives for customers processing UPI transactions on BHIM.
• The rollout will happen in phases, with full implementation expected by April 2025.

BHIM’s Strategic Innovations

• BHIM Vega:
  • NPCI’s new in-app payment solution for online merchants.
  • Allows users to complete real-time transactions without switching to third-party apps.
• BHIM Vishwas (Proof of Concept):
  • Designed to white-label BHIM’s technology stack and integrate it into banks’ mobile banking apps.
  • Current partner banks: Bank of Baroda, Canara Bank, Karnataka Bank, and Union Bank of India.

Current Market Metrics

• 226 million Android installs and 8.8 million iOS installs, per NPCI data.
• UPI user base currently stands between 300–400 million, leaving significant untapped market potential.

Key Takeaways

• BHIM will play a central role as India’s digital payment testing ground, ensuring smoother adoption of future UPI enhancements.
• The launch of BHIM 3.0 and in-app solutions like BHIM Vega reflect NPCI’s focus on user engagement, merchant integration, and frictionless transactions.
• The untapped market of 900+ million potential users highlights enormous scope for further UPI and BHIM adoption.

BS