The National Payments Corporation of India (NPCI) announced the launch of the BHIM App open-source license model to regulate entities participating in the Unified Payments Interface (UPI) ecosystem. The source code of the BHIM App will help those who do not have a UPI app of their own, to empower them to launch their own UPI App.
BHIM App Open Source License Model Launched by NPCI- Key Points
- Several banks in India do not have mobile banking apps and are missing out on extending the benefits of the country’s largest retail payment system, UPI to their customers.
- NCPI aims to bridge the gap by extending all the readily available features of UPI to these entities through this BHIM App licensing model.
- The BHIM App, will be the economical and quick-to-market solution for these entities.
- Under this model new features that get launched on BHIM App in the future, will also be extended to these entities for them to continue accessing the BHIM app’s new features.
- UPI processed 7.3 billion transactions, worth Rs 12.11 trillion, a record high in terms of the value of transactions.