International Approach of BHIM UPI App

  • 1 February 2020 | 1387 Views | By Mint2Save
Bhim UPI App International

Nowadays, cardless transactions are becoming more prevalent. Ever since the time of demonetization occurred in India during the year 2016, there was a steep fall in the usage of money through cash. That was the time where the cardless transaction made its mark in the Indian market.
BHIM UPI (Bharat Interface for Money) is one of the most prominent methods where a user can access or purchase their inventories employing their single mobile applications which merge their various bank features. But how is that even possible that users can pay through the Single interconnected bank application?

Recently, BHIM App initiated in providing its services to all its international clients as well as its international customers so that it can avail of all the necessary assistance in just one click. But it becomes much more crucial to know a bit about how BHIM UPI works and the benefits that international users can avail for a cardless approach.   

UPI- A key to the cardless approach 

UPI (or Unified Payments Interface) is one of the passages through which a user can connect multiple of their bank accounts into their mobile application. After doing the above process, customers are open to several of the bank features such as bank balance update, fund routing, countless bank transaction, and much more. 

The most important thing to note here is that all these transactions become possible through BHIM, which is the subsidiary of the UPI platform where all these activities are being taken care of it. So understanding UPI becomes much necessary to get into the depth of International services. 

UPI- outclassing other e-wallets payment methods

As UPI is entirely an interoperable method and is unique from the e-wallets, therefore, people are inclining more towards a UPI as their payment method. 

According to the world’s perspective, UPI is different when it comes to the interoperable system to both the ‘sender’ and ‘receiver’ side. 

This inevitable growth is due to the reason that UPI has exponentially risen its scale as compared to the e-wallet platforms because they have been much more reliable when it comes to the transaction from the banks till the payment time. 

Recently, BHIM introduces its apps in the global festivals, which further show the level of improvements this venture is having over the times. How can one forget about the FinTech festivals that occurred in Mid-November 2019, where the NPCI launched an epic five days demo session to all the users residing near Singapore to access the smooth cardless transactions across the region? 

BHIM- an app for all cardless transaction 

Imagine someone is sitting on the couch, or they are working at their office premises, and they are quite busy to check out their billing part of any of their daily activities such as housing or online food, etc. So, they can switch to one of the most reliable card-less sections, i.e., BHIM.

Bhim app google play details
Bhim app google play details

BHIM is a gem for all of the cardless transactions happening across India and developed by NPCI (National Payments Corporation of India). It is widely becoming famous due to its mobile services through its app. BHIM provides some of the necessary features which are as follows: 

  • Services: Through BHIM, users can transfer money at any place and at any time. Users are provided 24/7/365 services across PAN India. Though one must not deny that BHIM is also paving its way for many overseas countries such as Indonesia, Singapore, UAE, and many more.  
  • Security: ID provided will be a unique one, which will further improve the safety of whether someone is residing in India or abroad. 
  • QR Codes: Scanning becomes easy, especially when a QR code given to either retailers or businesses. Multiple ways of payment also include QR codes where users can scan the code. 
  • Authentication: Simplified two-factor authentication means that one can easily authenticate through the app. 

BHIM and its tie-ups across the globe- A case of FinTech Festival 2019

One must not deny that BHIM is marching ahead and spreading its wings across the world. One of the incidents occurred across Singapore in the FinTech Festival 2019, where a live transaction happened at a merchant terminal. It was a demo session, and this testing came out to be the company’s first initiative in the international markets. 

This demo lasted around five days (i.e., from 11th November 2019- 15th November 2019), where the QR Code based mechanism allowed BHIM App to scan through the SGQR at NETS terminal for all the payment related things. 

It was the first time where BHIM app has undergone such an initiative, and this will undoubtedly help them diversify its market in the field of payments. 

What’s unfolding in the Singapore agreement for BHIM UPI?  

The best part about this initiative came into the act when Federation of Indian Chambers of Commerce and Industry (FICCI) signed a deal with the Singapore FinTech Association (SFA) to take this project to the next level. 

The project is currently progressing well and is under the safe hands of NETS (Network for Electronic Transfers) of Singapore and the NPCI of India. According to the high commission present in Singapore, this task will be live around February 2020. 

This project also came out to be wonders for FinTech (Financial Technology) after the tie-ups with the Indian company. FinTech played a significant part in launching SBI Remittance Card as well as RuPay International Card. 

Another memorandum passed between the Monetary Authority of Singapore (MAS) and the Trade Promotion Council of India (TPCI) that allowed easy access of the TPCI dashboard to BSB (Business sans Borders). 

BSB is simply an excellent initiative for connecting numerous platforms internationally as well as domestically, which will cover all the aspects such as trade, financing, and other SME (small and medium enterprises) services. It also implies that there will be proper ancillary services (logistics, insurance, credit, and much more) provided to the SMEs. 

There is some news that FICCI- SFA MoU Partnership is an agreement where FinTech will share all the FinTech related information and other mutual initiatives which will further aid in the development of both the nations. 

The best part is that CAIT (Confederation of All India Traders) has over 70 million traders in India, which are a part of BSB. 

What if the FinTech initiative comes out to be fruitful?

As the government is keeping an eye on the FinTech initiative and its development, it will also ensure to check whether the BHIM UPI came out to be a boon or bane. If it turns out to be a success, then they may plan to add this initiative in the payment service in the countries like UAE (United Arab Emirates), and many more.

But the real challenge is there for NPCI too where they may face several hindrances such as attracting the users to join and use their services, merchant on-boarding amongst the crowd.

Keeping these things in mind, NPCI is planning to check out all the possibilities to make this creativity to be a much bigger one.  

Conclusion 

There is a lot to achieve when it comes to technological advancements in the UPI region. Undoubtedly, BHIM UPI comes out to be the most significant achievement as per as showcasing their stature in the global markets.

However, NPCI should not stop here, as several other implementations must be kept in mind. There are various ways through which they can create a roadmap to build a much more diverse app as well as joining to the population. 

They must also think of ways to innovate and provide some facilities to much more needy people as they are not aware of these ongoing plans. 

NPCI should ensure to look after all the other countries who wish to join the venture and sign an agreement so that the people living there can also get access to all the benefits. It will not only help these countries, but it will also help BHIM UPI to grow and become the best of all.   

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