In a bid to extend support to the movement towards increased digital transactions, Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money), at the Digi Dhan Mela event in Talkatora stadium in New Delhi.
Here is all you need to know about this app:
- The app can be downloaded from Android app store
- Merchants need to download the Aadhaar cashless merchant app on their smartphones connected to a biometric reader
- 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
- IDFC Bank along with UIDAI and National Payments Corporation of India have developed this app
- The new app would do away with plastic cards and the point of sale machines
- This app would also 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
