BharatQR, UPI, BHIM, NUUP: How these digital payment apps, services work
The growth of digital payment services is fueled by introduction of apps and services by the NPCI As India leaps toward a digital economy, the adoption of digital payment platforms is on the rise as well. Before the demonetisation drive, which started on November 8, 2016, there were a handful of digital wallet services -- PayTm, FreeCharge and MobiKwik. But, none of them offered comprehensive digital payments structure and had their own limitations. As the government shifts focus toward cashless society, it also pushed a bouquet of digital payment options in the form of apps and USSD services like BharatQR code, Unified Payments Interface (UPI), BHIM app, and National Unified USSD Platform. These services were introduced alongside existing banking services such as internet banking, mobile banking and immediate payment service (IMPS). Let’s take a look at these digital payment options and how they function: BharatQR code BharatQR code is a National Payments Corporat...