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BHIM 2.0: Transacting with ease

The government last month announced the launch of the second iteration of its BHIM (Bharat Interface for Money) app. While the app was very popular right after demonetisation, its popularity took a hit as other payment apps such as PhonePe, Google Pay, and Unified Payments Interface (UPI) apps from banks flooded the market. The app which commanded 50% of the market in both transactions and volumes in August 2017, had only 4-6% market share in August 2019.

The reasons for the decline in its popularity can be traced to its inability to keep up with its new rivals which sported ...

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