The full form of BHIM is Bharat Interface for Money and UPI is Unified Payments Interface. BHIM app is used to make quick digital transactions. BHIM App makes use of UPI to make the transactions. You can read about the Bharat Interface for Money (BHIM): Notes for the UPSC in the given link.
BHIM App can be used to make direct bank payments by using QR Code, or UPI ID or a combination of IFSC Code and Bank Account number. Money can be sent or requested by using Virtual Payment Address (VPA). It was launched in 2016 and developed by National Payments Corporation of India (NPCI).
Further readings:
- National Payments Corporation of India (NPCI) – An Overview of Objectives, Products
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
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