April 16, 2017 by Prakash
Malankar
Prime Minister Narendra Modi
launched the latest version of BHIM Aadhaar e-wallet app on Friday, as the
government aggressively pursues a “less-cash” economy to combat the problem of
black money and digitise the economy.
Promoting the latest version BHIM
1.3, on the 126th birth anniversary of Dr Bhimrao R. Ambedkar, PM Modi said
that the BHIM-Aadhaar platform would play the same role of empowering the
common Indian as the Constitution of India, framed by Dr Ambedkar.
To further incentivize Indians to
make the switch to using the BHIM app for transacting business, PM Modi also
launched two schemes – cash back for merchants and referral bonus for
individual owners.
Here Are Some Of The Key Features Of
BHIM:
1. BHIM, short for Bharat Interface for Money, enables its
users to transfer money using their mobile phone. The app created a world
record by registering 10 million downloads in just four months since its
launch.
2. Under the new cashback scheme, the merchants will get a
cashback on every transaction using BHIM. For every successful referral, users
can earn Rs. 10.
3. PM Modi declared on Friday that incentives totalling Rs. 495
crore will be given to merchants for accepting payments through BHIM and
existing users for referring it to others.
4.
Around 2 MB in size, the latest version of the app enables payments through a
fingerprint scanner by authenticating biometric details of the user against the
Aadhaar database.
5. The app is available in 12 languages with three new
languages (Marathi, Punjabi and Assamese) added in BHIM 1.3.
6. The app, now allows users to transfer money to contacts
saved on the phone. However, there’s a cap of Rs. 10,000 for a single
transaction.
7. At present account holders of around 30 banks can transact
on BHIM 1.3. The app will add Punjab And Maharashtra Co-Operative Bank Ltd,
Punjab & Sind Bank and Jammu and Kashmir Bank soon, according to its Google
Play Store page.
8. Unlike the United Payments Interface (UPI), BHIM users do
not need to download mobile applications of multiple banks to transact with
different banks.
9. Since the government’s move on November 8 last year to
demonetise Rs. 500 and Rs. 1,000 currency notes, the number of digital payment
apps have logged a nearly 23-fold increase.
10. Developed by National Payments Corporation of India, BHIM
aims pave the way for making payments using fingerprints or iris scanners.
Source: NDTV
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