Seeing BHIM’s popularity and benchmark status, all banks are planning to move their UPI apps under BHIM family. For this, they decided to prefix the ‘BHIM’ before the name of their UPI apps. Transactions are already being settled through BHIM’s payment gateway. So, there might not be any operational changes. Only the name from the front end of the banking and non-banking UPI apps is going to change. It will reduce the confusion between users and help them identify the UPI apps easily.
For instance, State Bank of India launched its UPI app with the name of SBI Pay. But the name ‘SBI Pay’ doesn’t fully reflect the working of the app. Hence SBI has now renamed it to BHIM SBI Pay. Now, you can easily guess that this app is meant to make payments through BHIM gateway. And now you also know that you can pay using BHIM SBI Pay to those who accept BHIM payments.
The Indian government launched BHIM UPI app on 30 December 2017. It was launched to provide people an easy way to pay small amounts digitally. Though UPI apps of the banks were already there before BHIM, it outplayed all of them. People opted BHIM because it was one of the easiest UPI apps and it still is.
Government’s promotions and incentives like BHIM referral bonus and merchant cash backs also played role in making BHIM popular. Hence, it gained a lot of popularity in no time. And now, BHIM has become the most popular UPI app and a synonym of the digital payments. The government is also focusing more on branding BHIM instead of Unified Payment Interface(UPI).
Benefits of the Renaming of the UPI Apps
Now, the banks are also going to get the benefit of the BHIM’s promotions. Since the BHIM name has technically replaced the name of the UPI, you will rarely see the government referring UPI. Instead, the government, as well as everyone else, has started referring UPI as BHIM. Hence, it will be easy to identify a UPI app after it gets the name of BHIM.
Putting BHIM’s name in every UPI app will also help in merchant adoption of the BHIM payments. For instance, if a merchant accepts BHIM payments, it means he/she accepts payments from every UPI app. But people assume that it only accepts payments through BHIM UPI app. But now when every UPI app gets the BHIM’s name, it will kill the confusion.
Major UPI Apps that are going to renamed
SBI, the largest bank of India, is one of the first banks that move under BHIM family. For this, it renamed its own SBI UPI app to BHIM SBI Pay. Previously, it is known as SBI Pay. Now the adoption of the SBI’s UPI app will increase.
Punjab National Bank is another bank that has already taken the step and renamed its app. Its own PNB UPI app is now BHIM PNB. Along with these, Axis Bank has also renamed its Axis Pay app to BHIM Axis pay UPI App. Some others such as UPI apps from Canara Bank, Central Bank, Allahabad Bank, UCO Bank have also renamed already.
However, another big player in the UPI app’s segment, PhonePe, is also not yet changed its name. Along with that, ICICI Bank UPI App and HDFC UPI App are also not yet renamed. Perhaps it is because both these banks still don’t have a dedicated UPI app. Instead, they inbuilt UPI feature into their internet banking and mobile banking apps. Hence, you might not see them prefixing the BHIM before their own apps’ name.