Optimus_Prime
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Prime Minister Narendra Modi today launched 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.
Also Read: Aadhaar payment app set to simplify digital transactions
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 - PM Modi.
It (the Bhim app) will empower small traders, tribals, farmers and this is why this app is named after the man who worked for the dalits - PM Modi.
Mantra of Dr. Ambedkar was to work for the upliftment of the poor. And the biggest power of technology is that it can empower the poor, said PM at the event.
Furthering digital connectivity would do wonders for our nation, Modi added.
For those with a positive mindset, India has several opportunities, said PM.
The day is not far when people will get loans in five minutes - PM
People used to hear how much money getting lost in scams, now they are hearing what has come back or what is the gain, said PM in a veiled attack to previous Congress government.
The Prime Minister also thanked the media for highlight issues related with digital payments.
Our country has the potential to become sone ki chidiya once again, he asserted.
For the first time, India united to remove its own shortcomings, said Modi.
Previous governments fought elections on basis of gas cylinders, but during our government 1.20 crore families voluntarily opted out of subsidy, claimed PM adding that this would help poor and transform the country.
PM Modi also asked people to atleast do five digital transactions from 1 st January 2017.
PM Narendra Modi launches Aadhaar based mobile payment app called BHIM - The Economic Times
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.
Also Read: Aadhaar payment app set to simplify digital transactions
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 - PM Modi.
It (the Bhim app) will empower small traders, tribals, farmers and this is why this app is named after the man who worked for the dalits - PM Modi.
Mantra of Dr. Ambedkar was to work for the upliftment of the poor. And the biggest power of technology is that it can empower the poor, said PM at the event.
Furthering digital connectivity would do wonders for our nation, Modi added.
For those with a positive mindset, India has several opportunities, said PM.
The day is not far when people will get loans in five minutes - PM
People used to hear how much money getting lost in scams, now they are hearing what has come back or what is the gain, said PM in a veiled attack to previous Congress government.
The Prime Minister also thanked the media for highlight issues related with digital payments.
Our country has the potential to become sone ki chidiya once again, he asserted.
For the first time, India united to remove its own shortcomings, said Modi.
Previous governments fought elections on basis of gas cylinders, but during our government 1.20 crore families voluntarily opted out of subsidy, claimed PM adding that this would help poor and transform the country.
PM Modi also asked people to atleast do five digital transactions from 1 st January 2017.
PM Narendra Modi launches Aadhaar based mobile payment app called BHIM - The Economic Times
eek:nj ..
D:lol
