Govt. Launches BHIM 2.0 To Fight Paytm, PhonePe: Add Multiple Bank A/c, Transact More Money & More!

By Sheetal Bhalerao Last updated Oct 24, 2019

Govt. Launches BHIM 2.0 To Fight Paytm, PhonePe: Add Multiple Bank A/c, Transact More Money & More!

There are a lot of online payment options are available these days and out of that Unified Payment Interface (UPI) always steal the game due to its ease of use and inbuilt security.

There are many players in this race like Paytm, Google Pay, PhonePe and BHIM App. To win the game, the government has decided to launch an updated version of its mobile payment app BHIM, naming it BHIM 2.0.

On Monday, the IT Ministry launched many new initiatives out of which one was BHIM 2.0. Which is packed with many new features, supports more languages now and also has increased its transaction limits.

This launches happened at IT Ministry’s MeitY Start-up Summit where the Union Minister Ravi Shankar Prasad, also unveiled a startup Hub portal and Indian Software Product Registry.

What Is BHIM?

It is a UPI based payment interface developed by National Payments Corporation of India (NPCI). It was first launched in December, 2016 and supports real-time fund transfer.

Which New Features Are Present In BHIM 2.0?

Official release said “In order to make BHIM app more feature-rich and effective it has been enhanced with a bunch of new functionalities. Some of the striking features marking BHIM 2.0 include a ‘Donation’ gateway, increased transaction limits for high-value transactions, linking multiple bank accounts, offers from merchants, option of applying in IPO, gifting money…,”.

BHIM 2.0 offers additional features including increasing transaction limits with additional languages.

It supports three new languages apart from existing 13 languages which includes – Konkani, Bhojpuri and Haryanvi.

Now users can also add multiple bank accounts for making transactions with ease.

What Is MeitY Startup Hub?

It is visioned as an overarching collaborative platform to act as a national coordination, facilitation and interconnected centre for all activities in the tech startup ecosystem.

This system will support startups to reach out to mentors and facilitate startups to scale from ideation to marketplace.

According to official release “MSH portal brings onboard key constituents of the tech startup ecosystem with startups, technology incubation centres, Centres of Excellence (CoEs), mentors, VCs and angels together. It is also mandated to integrate existing programmes and innovation-related activities of the Ministry of Electronics and IT (MeitY),”. (reference Mint)

They have also launched an Indian software products registry, which will be used as a single-window portal to collate Indian software product database.