NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, September 8, 2017

The ministry of electronics and IT (MeitY) is working on a multi-pronged strategy under which it plans to make the Bharat Interface for Money app, or BHIM, the single point for all mobile payments. This plan includes handsets coming pre-loaded with the application as well as having a single quick response (QR) code that will be integrated with the app and is accepted by all merchants, in a bid to enable a seamless nationwide network.

The National Payments Corporation of India (NPCI) is working on integrating the Bharat QR code with BHIM app. It will have almost negligible transaction cost and will accept all modes of digital payments, including those through mobile wallets. The code will be displayed by all merchants, government departments and PSU receipt points. It will also enable payment of utility bills, GST bills, public transport etc, a source said.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.