Digital wallet service BHIM powers up India to harmonise payment interfaces:- www.deekpay.com

　　The Government of India's push for the adoption of the Unified Payments Interface (UPI) is an initiative aimed at strengthening the digital payments ecosystem by integrating digital payment solutions with Bharat Interface for Money (BHIM) services. A brief overview of the situation is given below:

　　1. **Banks Adapt Digital Payment Solutions**: Public and private banks in India will adapt their own digital payment solutions to support BHIM services, a digital wallet promoted by the Government of India.

　　2. **Application name change**: All banks' application names will be prefixed with "BHIM", e.g. "SBI Pay" becomes "BHIM SBI Pay", "Axis Pay" becomes "BHIM Axis Pay", and "BHIM SBI Pay" becomes "BHIM Axis Pay". "SBI Pay" to "BHIM SBI Pay" and "Axis Pay" to "BHIM Axis Pay".

　　3. **Promotional objective**: The Government aims to promote UPI as the primary solution for small retail payment transactions on smartphones and plans to do so by promoting it to merchants in a manner similar to the way credit and debit cards have been promoted in the past.

　　4. **Market response**: The Indian market sees BHIM as synonymous with digital payments, and apps with the BHIM logo help consumers and merchants identify digital payment transactions and reduce confusion.

　　5. **Competition and Impact**: Since its launch in December last year, BHIM has become a competitor to both bank-native and third-party payment applications. If all UPI apps were rebranded and prefixed with BHIM, it could have a significant impact on merchants' acceptance of digital payments and could also benefit non-bank payment platforms.

　　6. **UPI Application Expansion**: In addition to the payment industry, many enterprises in non-payment industries have begun to try to deploy UPI technology to further expand its application scope.

　　This series of measures demonstrates the Government of India's commitment to creating a more convenient and harmonised digital payments environment to promote financial inclusion and digitisation of the economy.