Indian PM to launch BHIM Aadhaar digital payments platform for merchants tomorrow

Posted April 16, 2017

Prime Minister Narendra Modi on Friday launched the BHIM-Aadhaar interface - a biometric-based payment system - in Nagpur, Maharashtra.

"Ambedkar Jayanti ke pawan awsar par pujya baba saheb ko naman (Tributes to venerable Babasaheb Ambedkar on Ambedkar Jayanti)", Modi tweeted.

He presented awards to winners of the Mega Draw under Lucky Grahak Yojana and Digi-dhan Vyapar Yojana.

Currently, over 30 banks are participating on BHIM Aadhaar and more member banks shall be on-board, NPCI said.

Calling the digital platforms for payments as a big reform towards making of a new India and strengthening of economy, Gadkari said that Goods and Services Tax (GST) and digital reforms will increase country's revenue to Rs 28 lakh crore.

The Prime Minister further said that the world will study BHIM app's success. It is not necessary to have the internet for this app.

"This DigiDhan movement is a safai abhiyaan (cleanliness movement). It is to fight the menace of corruption", he said.

BC election: Key developments from Day Two on the campaign trail
Horgan said their platform will create 96,000 jobs through investments in schools, hospitals, transit and infrastructure. The Liberals' projected a surplus of $295 million in the 2017-18 budget they released before the election.

Arsenal offer Alexis Sanchez £300000-a-week to stay at the Emirates
The Chilean apparently wants £300,000 to stay at the Emirates and continue carrying the side - nearly single handed at times. Will that be enough? "If that is the case - and I believe it to be the case - then hats off to Arsenal ".

Turkish President rejects regime shift after referendum on constitutional amendments
It won 11.9 percent of the vote in the last election in 2015. "He will be the president of only half of the country", she said. Two opinion polls on Thursday showed a narrow majority of voters would vote in favor of the changes.

It will enable every Indian citizen to pay digitally using their thumb imprint on a merchants' biometric-enabled device, which could be a smartphone having a biometric reader.

Already, 27 major banks are on board this platform with 300,000 merchants to start accepting digital payments.

CEO NITI Aayog Amitabh Kant said that the launch of BHIM-Aadhaar App and the launch of the two schemes - cashback and referral schemes - would provide a "major impetus to the digital payment revolution in India". If a person makes another person join the app, then he gets Rs.10 cash in his account.

He said that the government has also made a decision to set up infrastructure to achieve the target of 10 crore transactions. The scheme will run till 14 October.

Similarly, under the Cashback scheme, the merchants will get cash back of Rs 25 on every transaction using BHIM. He launched BHIM-Aadhaar mobile application, a biometric-based payment system which will make payment through thumb impression a reality.

Each transaction will be authenticated by the fingerprint of the customer. The app is only required to be downloaded by merchants or businesspersons (i.e. the one who will receive the payment), available for free download on both GooglePlay Store and iOS App store. Using this, merchants will be able to make payments through their smartphones easily. The PM believes that the new payment system, called as Aadhaar Pay would help the illiterate and people who can not use mobile phones or e-wallets. That will enable traders to transfer the amount from the customer's bank account to theirs.

"The BHIM-Aadhaar Pay app is such a modern and apt facility which even the technologically advanced countries do not have". While customers won't have to pay any additional charges, merchants and banks that have deployed point of sale (PoS) machines will get an incentive of 0.25% of transaction value for each one via the BHIMAadhaar platform.