Q. Consider the following statements regarding Bharat Interface for Money-Unified Payments Interface (BHIM-UPI)
1. It is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts.
2. The BHIM-UPI is so far available only within Indian Territory
Which of the above statements is/are correct?
Recently The Union Minister of Finance of India along with her counterpart, the Finance Minister of Bhutan has jointly launched BHIM-UPI in Bhutan. This made Bhutan the second country after Singapore to have BHIM-UPI acceptance at merchant locations.
- Bharat Interface for Money(BHIM) is Unified Payments Interface(UPI) based payment interface application that allows real time fund transfer
- The app has been launched in 2016.It was developed by the National Payments Corporation of India (NPCI).