Narendra Modi has launched BHIM-Aadhaar platform to push digital payments and to reduce the cash less economy in the country.
To push the digital payment system in India, Prime Minister Narendra Modi has launched the BHIM-Aadhaar platform to support the digital transactions and to make use of less cash economy in the country. The new platform is based on the Biometric one where it allows the users to transfer the money in the real-time bank to bank without using phone and doesn’t charge any cost.
Modi said that the app can work even on a mobile phone which costs between Rs 1,000-1,500, and there is no need to worry to have a smartphone the users don’t need a smartphone to use the BHIM, even by using the thumb people can access the services.
He also added that the BHIM is a “game changer” that revolutionise the Indian economy and it is a step towards the cash less economy and fighting against the black money.
The new application enables the digital transactions just by using the Thumb Impression which can be used by even illiterate persons to pay digitally on the merchant’s biometric-enabled device.
Nearly 30 banks, including the country’s biggest bank even adopted the BHIM-Aadhaar which is also known as Aadhaar Pay. Some of the banks include State Bank of India, Punjab National Bank, ICICI Bank and HDFC bank.
The Aadhaar based platform BHIM (Bharat Interface for Money) will soon become the centre of economic activity and urged the law and the Minister of IT Ravi Shankar Prasad to get the system patented as the other countries looking to replicate the same system.
The system allows the merchants to accept the digital payments from the customers who will authenticate transactions from the customers Aadhaar linked bank accounts using the Thumb impression.
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BHIM, Bharat QR code, Aadhaar Pay and Unified Payment Interface (UPI) are the administrative initiatives to reduce the use of cash and push the digital payments in order to end the corruption.