Bhim was launched by Prime Minister Narendra Modi, last December, as a government promoted UPI application to promote digital emerged as a direct competitor for bank-led UPI apps like Axis Pay, SBI Pay, as well as non-bank UPI players like Flipkart-owned PhonePe and Internet major Google’s payment application Tez.
Now with the rebranding, bank-led UPI apps, for example, are being renamed as Bhim SBI Pay, Bhim Axis Pay, and Bhim RBL Pay.
National Payments Corporation of India which runs the BHIM application and manages the UPI railroads, has notified banks to place Bhim/UPI prominently at merchant checkout locations.
Industry executives are of the view that if every UPI app gets branded as Bhim, then it could have a major effect on merchant adoption of the payment interface and will also benefit non-bank payment platforms. As of now, UPI adoption has mainly been driven by peer-to-peer transactions.
“All banking or non-banking UPI apps work on the same backend promoted by NPCI, since all these apps are interoperable the decision to market UPI as a common brand will help popularise it among the masses,“ said Rahul Gochhwal, co-founder of Trupay.