The National Payments Corporation of India (NPCI) declared the launch of BHIM App open source license model to regulated entities participating in the Unified Payments Interface (UPI) ecosystem.

The source code of BHIM App will assist those who do not have UPI app of their own, to empower them to launch their own UPI app.

"Currently, several banks do not have their own mobile banking app and are missing out on extending the benefits of the country's largest retail payment system - UPI, to their customer base," the NPCU said in a statement.

NPCI said it targets to bridge this gap by extending all the readily available features of UPI to these entities through this BHIM App licensing model which will be an economical and quick-to-market solution for these entities.

Also, under this model new features that get launched on BHIM App in the future, will also be extended to these entities for them to continue accessing BHIM app's latest features.

According to the NPCI, UPI processed 7.3 billion transactions, worth Rs 12.11 trillion, a record high in terms of value of transactions, in October

The volume of transactions in October was up 73 per cent, while the value of transactions was up 57 per cent (on-year).