PM Modi said the BHIM-Aadhaar platform would play the same role of empowering the common Indian as the Constitution of India, framed by Bhimrao R. Ambedkar whose 126th birth anniversary is being marked on Friday. The app will enable payments without the use of a smartphone.
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".
India is close to signing two defense deals with Israel as it seeks to deepen ties with the Middle Eastern nation before Prime Minister Narendra Modi's visit in July, according to people with knowledge of the matter. "If the cashless economy is a chariot, the BHIM app is the charioteer". Users can now earn Rs 10 for every successful referral.
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What is BHIM Aadhar app?
Further, to ensure that the culture of digital payments permeates down to the grassroot, the statement said the prime minister will also launch two new incentive schemes for the BHIM - cashback and referral bonus schemes. The payment is processed from the customer' Aadhaar enabled Bank A/C, i.e., AEBA. Then, the Merchants Discount Rate or MDR that is paid to the bank by the merchant will also be waived off.
The app is available on both Android and iOS. The biometric reader is now available for just Rs 2000. Modi said the BHIM app is "unstoppable". Login the app via your Aadhaar number using a fingerprint scanner. To start with there will be no extra charges levied on the payment, as with other digital payment modes like Debit card, Credit card or e-wallets. The solution eliminates the hassles of remembering passwords, account numbers, or setting up of virtual payment addresses and using USSD codes to transfer money. Modi, who has put out 101 posts till date, is also the most "effective world leader" on the platform, a conclusion that was reached based on the comments and likes that his posts garner. There are about 5 Crore merchants in the country at present and only 15 lakh POS machines for a population of more than 125 crore.