Mumbai, November 9: The National Payments Corporation of India (NPCI) on Wednesday announced the launch of BHIM App open source license model to regulated entities participating in the Unified Payments Interface (UPI) ecosystem.

The source code of BHIM App will help those who do not have UPI app of their own, to empower them to launch their own UPI app. PhonePe Becomes First Player To Enable UPI Activation With Aadhaar-Based OTP Authentication.

"Currently, several 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," the NPCU said in a statement. UPI Payment Fraud: SBI Shares 6-Step Guide for Safe Transactions, Know How To Ensure Safety (Watch Video).

NPCI said it aims 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.

According to the NPCI, UPI processed 7.3 billion transactions, worth Rs 12.11 trillion, a record high in terms of value of transactions, in October. The volume of transactions in October was up 73 per cent, while the value of transactions was up 57 per cent (on-year).

(The above story first appeared on LatestLY on Nov 09, 2022 11:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).