BHIM

What BHIM does

BHIM (Bharat Interface for Money) is a UPI-based mobile payments application operated by NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI) — itself a not-for-profit entity established by the Reserve Bank of India and the Indian Banks' Association. Launched in December 2016 and restructured into NBSL in August 2024, BHIM enables instant bank-to-bank transfers via UPI ID, mobile number, QR code, or account number/IFSC, and supports multi-bank linking across 258+ banks. The platform is differentiated by its breadth of bundled features: UPI Circle for delegated family payments, UPI Lite on-device wallet, UPI AutoPay for recurring mandates, IPO on UPI, BHIM Bill Pay, e-RUPI vouchers for government scheme disbursements, CBDC/Digital Rupee, CIBIL score checking, NPS account opening, EPFO withdrawals, and international payments across seven countries. It is accessible on smartphones, through 20 Indian languages, and offline via *99# USSD on feature phones, positioning it as a financial inclusion platform rather than a pure consumer fintech app.

The core technology is a UPI-based instant payment stack supporting 24x7 real-time settlement with multi-bank account linking, biometric authentication for sub-Rs 5,000 transactions, and modular feature add-ons. BHIM's distribution model is multi-channel: direct app-store downloads (Google Play 4.5, Apple App Store 4.4), *99# USSD for feature phones, bank-stack integration (Canara Bank being the first deployment), OEM white-label partnerships in discussion, and institutional government flows via EPFO, PM Vishwakarma, and PFRDA.

Monetization is at an early stage: BHIM is free to consumers and UPI carries no Merchant Discount Rate. FY2025 revenue was Rs 3.7 crore (~$440K) against a Rs 68 crore loss, with management explicitly prioritizing user acquisition over monetization. The forward revenue strategy is a pivot to distributing third-party financial products — credit cards, loans, insurance, investments, NPS — via bank and NBFC partnerships, plus technology stack licensing to banks. With ~0.8-1% UPI market share, 244 million monthly transactions, and 301% FY26 volume growth, BHIM is positioning itself as the government-backed, all-in-one financial super-app for mass-market Indian consumers.

Name

BHIM

Legal name

NPCI BHIM Services Limited

Website

https://bhimupi.org.in

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

BHIM is a government-backed UPI payments app operated by NPCI BHIM Services Limited, enabling instant bank-to-bank transfers, bill payments, and financial product distribution for mass-market Indian consumers across 258+ banks and 20 languages.

Ownership category

akta.pro rank

Product category

Mobile Payments Platform (UPI)

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industries

Biller Direct EBPP Platforms (FSAMAJAA), SME & Business Cross-Border Payments (B2B) (FSAMAIAB)

Keywords

• Mobile payment platform
• UPI payments
• Peer-to-peer transfers
• Merchant QR payments
• Digital wallet app

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Transaction-based revenue: BHIM currently posts minimal revenue (Rs 3.7 crore in fiscal 2025) and a loss of Rs 68 crore, facing challenges in UPI monetization due to the absence of Merchant Discount Rate (MDR). The company is exploring new revenue streams including loan distribution, insurance products, and investment products through bank partnerships, as well as NPS account distribution and CIBIL score access. Government scheme integrations (DBT, self-help groups) and technology stack licensing to banks represent additional avenues.
2. Financial product distribution: NBSL plans to earn commissions by distributing financial products including credit cards, loans, insurance, investments, and NPS through its app via bank and NBFC partnerships, addressing UPI's monetization challenges.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

BHIM (Bharat Interface for Money) is a UPI-based mobile payments application that enables instant, real-time bank-to-bank transfers for individual consumers using UPI ID, mobile number, QR code, or account number/IFSC. The platform supports merchant QR payments, peer-to-peer transfers, bill payments, recurring payments, IPO applications, and government benefit disbursements, and is operated by NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of NPCI.

Product overview

BHIM (Bharat Interface for Money) is a unified payments platform developed by NPCI BHIM Services Limited, a wholly-owned subsidiary of NPCI. The core product is the BHIM App, a UPI-based payment application that enables instant bank transfers. The platform operates as a modular ecosystem with the main app complemented by specialized features: UPI Circle for delegated family payments, UPI Lite on-device wallet for small transactions, UPI AUTOPAY for recurring payments, UPI Global for international transactions, IPO on UPI for stock subscriptions, BHIM Bill Pay for utility payments, e-RUPI vouchers for government scheme disbursements, CBDC/Digital Rupee for central bank digital currency, CIBIL score checking for credit access, and NPS account opening for pension services. Additionally, the *99# USSD feature extends basic functionality to feature phones without internet. The platform supports 20 languages and processes transactions for over 258 banks and numerous merchant partners.

Differentiator

Problem solved

Functional benefit

Brands

• UPI Circle: Feature enabling primary users to authorize secondary users to make UPI payments with full or partial delegation
• UPI AutoPay
• IPO on UPI
• UPI Lite
• UPI Global
• *99#
• e-RUPI

Products and services

• BHIM App Main consumer-facing UPI-based mobile payments application enabling instant bank-to-bank transfers via UPI ID, mobile number, QR code, or account number/IFSC. Supports peer-to-peer transfers, merchant QR payments, bill payments, IPO applications, biometric authentication, UPI Circle delegated payments, UPI Lite on-device wallet, UPI AutoPay, UPI Global cross-border payments, CBDC/Digital Rupee, CIBIL score checks, and NPS account opening. Free to use, available in 20 Indian languages, distributed via Google Play (rating 4.5) and Apple App Store (rating 4.4).
• BHIM *99# USSD Service Offline UPI payments service accessible by dialling *99# on any mobile phone without requiring internet connectivity or the BHIM app. Enables basic send-money, receive-money, balance check, and mini-statement transactions for users in areas with limited data access, supporting financial inclusion for non-smartphone users.
• BHIM UPI Technology Stack for Banks White-labelable UPI technology stack offered to partner banks and financial institutions for embedded integration into their own mobile banking apps. Provides banks with ready-made UPI infrastructure, biometric authentication, multi-language support, UPI Circle, AutoPay and other capabilities, reducing their build-versus-buy cost while expanding BHIM's reach through partner distribution.

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability1 record

Feature11 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Phone Manufacturers / OEMsminorOEM/ Whitelabel/ Licensing Partner · 23 June 2026NBSL is in discussions with OEMs (phone manufacturers) to extend the BHIM app's reach to feature phone users through white-labelling partnerships, expanding digital payments access to underserved segments.
• PFRDA (Pension Fund Regulatory and Development Authority)coreStrategic or Co-development Partner · 1 June 2026NPCI BHIM Services is partnering with PFRDA to enable National Pension System (NPS) account opening through the BHIM app, leveraging existing bank KYC for seamless onboarding. The service, planned for a grand launch shortly, forms part of BHIM's strategy to diversify beyond payments into broader financial services.
• Canara BankcoreTechnology or Integration · 1 June 2026NBSL is integrating its technology stack with bank mobile apps, starting with Canara Bank, to drive further adoption across new and existing user segments. This platform integration enables banks to offer BHIM-powered UPI services within their own apps.
• Multiple Banks and NBFCs (Loan, Insurance, Investment Products)coreChannel Partner/ Reseller/ Distributor · 1 June 2026NBSL announced plans to expand BHIM UPI beyond basic payments to offer credit cards, loans, investments, and insurance, partnering with multiple banks and NBFCs. This builds on the strategy to address UPI's monetization challenges by distributing financial products.
• SoCheersminorGTM or Marketing Partner · 14 May 2026BHIM App partnered with creative agency SoCheers to conceptualize and execute the #AskHerAgain Mother's Day campaign, using creator-led storytelling and influencer collaborations across fashion, food, travel, tech, and lifestyle categories to position BHIM as an enabler for meaningful interactions.
• TransUnion CIBILcoreTechnology or Integration · 1 April 2026BHIM app partnered with TransUnion CIBIL and NPCI BHIM Services to enable users to check their CIBIL credit score directly within the app. The feature is free and consent-based, available on version 4.0.19 and above, allowing users to view their credit report and identify errors without needing separate platforms.
• EPFO (Employees' Provident Fund Organisation)coreStrategic or Co-development Partner · 1 January 2026EPFO launched an instant advance withdrawal facility through the BHIM app, targeting its over 30 crore subscribers. Approved amounts are credited directly to members' UPI-linked bank accounts through State Bank of India, significantly reducing the current three-day settlement timeline for claims under Rs 5 lakh.
• PM Vishwakarma Scheme (Government of India)coreStrategic or Co-development Partner · 1 September 2024NBSL provides e-RUPI vouchers through the BHIM App to enable artisans to receive benefits under the PM Vishwakarma Scheme. Registered artisans across India including carpenters, blacksmiths, goldsmiths, potters, and tailors can use these vouchers to access scheme funds and receive modern toolkits.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• CRED: Premium UPI payments and credit card bill payment app, competing with BHIM in higher-income consumer segments. Recently overtaken by BHIM in UPI transaction volume rankings, and is pivoting deeper into lending and financial products.
• Paytm: One-97 Communications' flagship consumer payments app and UPI provider, competing directly with BHIM in merchant QR payments, bill pay, and financial services distribution (Paytm Postpaid, insurance, mutual funds).
• PhonePe: India's largest UPI payment app by transaction volume, directly competing with BHIM in consumer peer-to-peer and peer-to-merchant payments. Operates as a third-party UPI app with broader financial services ambitions (insurance, lending, wealth).
• Amazon Pay (India): Amazon's UPI and digital payments offering in India, competing with BHIM for consumer wallet share and merchant acceptance. Recently overtaken by BHIM in UPI transaction volume rankings.
• WhatsApp Pay: Meta's UPI-based person-to-person payment feature embedded in WhatsApp, competing for peer-to-peer UPI flows in India. Leverages WhatsApp's massive messaging user base as distribution.
• Google Pay (India): Second-largest UPI app in India, directly competing for the same consumer payment flows as BHIM. Backed by Google's scale and engineering capabilities, with growing merchant and financial services extensions.

Regional players

• Pine Labs: India and Southeast Asia-focused merchant payments and POS platform. While more merchant-facing than BHIM's consumer focus, both compete in the broader Indian digital payments ecosystem with overlapping bank partnerships.

Broad incumbents

• MobiKwik: Listed Indian fintech offering digital wallet, UPI payments, BNPL, and lending products. Overlaps with BHIM's payments and emerging financial product distribution strategy.

Others

• NPCI: Parent organization of NBSL and operator of India's UPI, RuPay, IMPS, AePS, and CBDC infrastructure. Not a competitor in the app layer but defines the regulatory and technical rails BHIM operates on.

Emerging players

• Airtel Payments Bank: Bharti Airtel subsidiary offering UPI payments and digital banking services. Competes with BHIM in consumer payments and government benefit distribution, leveraging Airtel's telecom subscriber base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/NPCI_BHIM
• YouTubeyoutube.com/watch?v=4NO67Tg_XoI&list=PLqa2qnsD-uuAdo3rxSqg-wczT6y-MMJU_&index=1
• Facebookfacebook.com/BHIM.NPCI
• LinkedInlinkedin.com/company/npci-bhim

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BHIM