National Payments Corporation of India (NPCI) has announced the launch of the BHIM App open source licence model, under which the source code of the BHIM App will be licensed to regulated entities participating in the UPI ecosystem that do not have their own UPI app, allowing them to launch their own UPI app.
Presently, many banks do not have their own mobile banking app and are missing out on extending the benefits of the country’s largest retail payment system – UPI, to their customer base. NPCI intends to bridge this gap by extending all the readily available features of UPI to these entities through this BHIM App licensing model which will be an economical and quick-to-market solution for these entities.
Further, under this model new features that get launched on BHIM App in the future, will also be extended to these entities for them to continue accessing BHIM app’s latest features. BHIM licensing model will empower these entities to offer the benefits of UPI to their customers with a ready UPI application that will help reduce time, efforts, and costs for the entities. This initiative is expected to boost financial inclusion in the country.