PM Narendra Modi launches BHIM-Aadhaar Pay app
To further the digital payments revolution of India, the Prime Minister Narendra Modi launched several crucial initiatives including BHIM-Aadhaaar app.
Prime Minister Modi on 14 August 2017, the 126th birth anniversary of Dr BR Ambedkar, launched BHIM-Aadhaaar app for merchants in Nagpur. In addition to this, he also launched cash back and referral bonus schemes for BHIM and declared about 75 townships spread all over India as ‘less-cash townships’.
The initiatives were launched with an aim to further the digital payments revolution in India. It also seeks to reinforce the vision of Baba Saheb for social empowerment of all through financial inclusion.
About BHIM-Aadhaar platform
• BHIM-Aadhaar, the merchant interface of the BHIM App will pave the way for making digital payments by using the Aadhaar platform.
• This will enable every Indian citizen to pay digitally using their biometric data like their thumb imprint on a merchants’ biometric-enabled device which could be smart phone having a biometric reader.
• Any citizen without access to smart phones, the internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform.
With a view of achieving the target of 2500 crore digital transactions during the financial year 2017-18, the Prime Minister will also announce about 75 townships spread all over India as ‘less-cash townships’.
Besides, the Prime Minister also launched two new initiative schemes and they are BHIM - Cashback and Referral bonus. These schemes have an outlay of Rs 495 rupees for a period of six months. These schemes will provide a major impetus to the digital payment revolution in India.
• Referral bonus scheme: Under the scheme both the existing user who refers BHIM and the new user who adopts BHIM would get a cash bonus credited directly to their account. Per referral, the government will deposit Rs 10 to the account holder. The scheme will run until 14 October 2017.
• Cashback scheme: Under the scheme, the merchants will get a cash back on every transaction using BHIM.
What is a less-cash township?
A less-cash township is one where the deployment of payment acceptance infrastructure is complete and all the families in the township are covered under training programmes. These townships are likely to generate over 1.5 lakh digital transactions every day.
Before inaugurating these schemes and the app, the Prime Minister Narendra Modi went to pray at Deekshabhoomi in Nagpur, a holy spot closely associated with Dr Ambedkar. After which he inaugurated several units of Thermal Power Stations at Koradi, Chandrapur and Parli.