PhonePe and Google Pay: To promote UPI transactions in the country, the government launched BHIM app in the year 2016. But, this app could never take the path of progress. Payment apps of private companies like PhonePe, Google Pay and Paytm dominated the market and Bhim remained idle. Now Bhima has also woken up from his long sleep and has prepared to pick up the pace. To increase its customer base, BHIM will intervene in the e-commerce sector through ONDC. This payment app will now offer many types of products and services. Products like food, beverage, grocery, fashion and apparel will also be offered.
Preparation to enter e-commerce through ONDC
BHIM (Bharat Interface for Money) has decided to adopt the path of ONDC (Open Network for Digital Commerce) to gain hold on the e-commerce sector. According to the report of Economic Times, Bhim will compete with the dominance of Google Pay and PhonePe in online payments. BHIM was developed by National Payments Corporation of India (NPCI). BHIM is preparing a separate division for ONDC. This division will work to prepare various types of offers for the e-commerce sector.
Bhim benefits from the action taken against Paytm
This activation of BHIM app will bring a big change in the digital payment market. Soon NPCI is going to change the rules of market share in this sector. In such a situation, Google Pay and PhonePe may have to reduce their market share. Only Bhim App will get its direct benefit. Bhim App has also benefited a lot from the recent action taken against Paytm. Downloads of this app have increased. This is a big opportunity for Bhima to move forward. Bhim App has also brought Rahul Handa from ONDC and made him the Chief Business Officer. He will play an important role in the direction of Bhima 2.0.
NPCI wants many companies in digital payment sector
Bhim, which came into the market in the year 2016, has lagged far behind in the race due to low marketing budget and not reaching the consumers properly. Now he is going to decide the way forward in collaboration with ONDC. NPCI is trying to have many digital payment apps in the country so that in case of failure of any one, there is no adverse impact on the customers.
