BHIM 3.0

News- NPCI BHIM Services Ltd. (NBSL), a subsidiary of the National Payments Corporation of India (NPCI), introduced BHIM 3.0.

About BHIM (Bharat Interface for Money)

• It is Unified Payments Interface(UPI) based payment interface application that allows real time fund transfer.
• It was launched in 2016.
• Developer: National Payments Corporation of India (NPCI)
• Purpose: To promote cashless transactions and digital payments
• Bank Connectivity: Works with 170+ member banks via IMPS infrastructure
• Key Features:
  • Direct bank-to-bank transfers (unlike mobile wallets)
  • Available 24/7, including holidays
  • Supports Aadhaar-based authentication
  • Available in 20+ Indian languages
  • Works in areas with low or unstable internet connectivity
  • Ensures security with three-factor authentication (3FA)
  • Transaction Limit:
    • Maximum ₹40,000 per transaction (subject to change)
    • Daily limit of ₹1,00,000

Key features of BHIM 3.0

• Split Expenses: Users can now easily divide bills for shared costs such as rent, dining, and group purchases, enabling instant settlement.
• Family Mode: This feature allows users to add family members, monitor shared expenses, and assign specific payments for improved financial management.
• Spends Analytics: A newly introduced dashboard provides a detailed analysis of monthly expenses, automatically categorizing them to simplify budgeting.
• Action Needed Alerts: BHIM 3.0 offers timely reminders for pending bills, UPI Lite activation, and low balance alerts, ensuring users stay informed.
• BHIM Vega: Merchants can now accept in-app payments directly within the BHIM app, eliminating the need for third-party applications and enhancing transaction efficiency.