Is UPI and BHIM the same?

No, UPI and BHIM are not the same. UPI stands for Unified Payment Interface. BHIM stands for Bharat Interface for Money. The payment model which is used to receive or send money using mobile phones is known as UPI. BHIM is the Government version of mobile payment wallet apps like Paytm, PayPal etc. Any UPI-enabled bank accounts can be linked to the BHIM app. You can read about the RBI – Know More About Reserve Bank of India in the given link.

Further readings:

  1. Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
  2. Cashless Economy in India – UPSC GS-III Notes

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