Prime Minister Narendra Modi today launched BHIM app,an Aadhaar based mobile payment application called BHIM (Bharat Interface for Money) – a rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data), at the Digi Dhan Mela event in Talkatora stadium in New Delhi.
PM also felicitated winners of Lucky Grahak Yojana. At the event, PM also made payment to Khadi using the Bhim mobile application.The app can be downloaded from Android app store.
The new app expected to minimise the role of plastic cards and the point of sale machines once believed to be essential for a less cash society.
The app would eliminate the fee payments for service providers like card companies such as Mastercard or Visa, which has been a stumbling block in merchants switching to digital payments making it affordable to even merchants in remote villages, said people familiar with the development. All that it needs is an Android phone with the merchant.
How does it work?
Merchants need to download the Aadhaar cashless merchant app on their smartphones connected to a biometric reader, which is currently available for Rs 2,000. The customer will then feed his or her Aadhar number into the app, select the bank through which the transaction will take place, and the biometric scan will work as a password for the transaction to be authenticated.
“This app can be used by a person to make payments without any phone,” Unique Identification Authority of India (UIDAI) CEO Ajay Bhushan Pandey had told ET.
“Almost 40 crore Aadhaar numbers already stand linked to bank accounts – that is half the adults in India. The aim is to link all Aadhaar numbers with bank accounts by March, 2017.”
Other announcements at the event
At the event Tihar Jail was announced a cashless society.
These days, maoists and hawala racketeers are worried, Ravi Shankar Prasad said. He said, indirect taxes, direct taxes, general insurance have increased.
This Christmas, the Government of India announced the Digi Dhan yojna which will run for 100 days..This is meant for everyone who uses digital modes as a consumer. In this 100 days, lakhs of families will get rewarded, said PM Modi at the event.
Very people know that Dr Bhimrao Ambedkar, who gave us the constitution, was a great economist and had even wrote a thesis on Indian Rupee. During British rules, Bhimrao Ambedkar gave a new insight of Indian economy. RBI was born out of Ambedkar’s thesis, said PM Modi.
All businesses would one day run on this Bhim app, said PM Modi.
It is a very simple application and your fingerprint is enough. You won’t need internet or a smartphone for this, said Modi.
More than 100 crore people have got Aadhar and work is on to cover others. There are more than 100 crore phone in the country said PM Modi.
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