Indian banks, both public and private, are set to bring their digital payment solutions under Bharat Interface for Money (BHIM) to encourage the adoption of Unified Payments Interface (UPI) driven digital payment applications.
Banks will show BHIM as a prefix to their UPI applications to remove confusion among customers.
The National Payments Corporation of India (NPCI), which has developed the mobile app, has already informed the banks to display prefix BHIM prominently at all major merchant checkout locations.
The move aims at further promoting UPI as the one-stop solution for smartphone-based small value retail transactions.
The mobile app was launched by Prime Minister Narendra Modi in December 2016 as a government promoted UPI application to promote digital as a direct competitor for bank-led UPI apps like Axis Pay, SBI Pay, as well as non-bank UPI players like Flipkart-owned PhonePe and Internet major Google’s payment application Tez.
The bank-led UPI apps will now be rebranded and will be renamed as Bhim SBI Pay, Bhim Axis Pay and Bhim RBL Pay.
A banker, who is directly aware of the development, said: “The UPI front end of the bank apps will be changed to include the name BHIM. Although this will be a nomenclature change. Eventually, everything will become part of the larger BHIM family.”