NPCI arm launches new Bhim 3.0 app to focus on customer satisfaction, collaboration

Mumbai: NPCI Bhim Services Ltd, the wholly owned subsidiary of National Payments Corporation of India (NPCI) on Tuesday launched the Bhim (Bharat Interface for Money) 3.0 app with new features.

Users can now split bills with friends and family, onboard family members, track shared expenses and assign specific payments. It also has a task assistant that reminds users of pending bills linked to the Bhim app.

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Bhim Vega

Bhim 3.0 also offers Bhim Vega, an in-app payment solution which integrates with online merchant platforms, allowing customers to complete payments instantly within the app without switching to third-party apps.

Speaking at the launch, Reserve Bank of India executive director Vivek Deep said the app will focus on monitoring customer satisfaction and ensure there is suitable address mechanism to retain customers on the application.

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“Efforts should continue to be focused on monitoring customer satisfaction and ensuring that suitable address mechanism is available to those who are already onboarded so that they do not move away to other places,” Deep said while addressing at the event.

Bhim 3.0 will continue to focus on private inclusion and remain aligned with evolving UPI innovations to enhance consumer benefits. It will also adopt a collaborative approach working closely with banks to provide various B2B payment solutions which has been a relatively less focused area so far, he added.

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The payment application developed by NPCI was in the first wave of apps launched in December 2016 to facilitate digital payments using UPI. As of February end, Bhim had processed 42 million transactions worth ₹ 8,731.10 crore.

Lalitha Nataraj, chief executive officer of NPCI Bhim Services, is hopeful that the the app will now see an organic growth in market share.

"See, when you put up a clean UI UX and give a customer experience, there will be an organic growth in market share. And we will continue working on retention, because all this while, we were not putting this out as a commercial app, we were looking at it more as a reference app. So I'm sure organic acquisitions and retentions will continue. And as we see the adoption, then we will be able to draw out a meaningful business plan," said Nataraj.