Modi saidBHIM (Bharat Interface for Money) will soon become the centre of economic activity and he urged law and IT minister Ravi Shankar Prasad to get the payment system patented since other countries are looking to replicate the model.
Speaking on the BHIM-Aadhaar App, the Prime Minister said that it is the first-of-its-kind and even several countries want to know how it works.
"Any citizen without access to smartphones, the Internet, debit or credit cards will be able to transact digitally through the BHIM-Aadhaar platform, thus realising Bhim Rao Ambedkar's vision of social and financial empowerment for all", a statement released by NITI-Aayog said. Once the customer's Aadhaar number is entered, the app will show the bank accounts linked with the Aadhaar number. However, before availing of the service, users will have to link the Aadhaar number to their bank account.
Merchant asks the customer to authorise the payment by placing his/her finger on the bio-metric scanner connected to merchant's smartphone. In March, the government launched Aadhaar Pay, a new Android-based smartphone app. The central government has reportedly invested Rs 495 crores for a period of six months in the scheme.
The Aadhaar Pay platform was launched past year on December 30th. "Time is not far when we will have premises-less, paperless banking".
With a maximum merchant cashback of Rs 1,800 in six months, getting 20 lakh merchants on board would entail an outlay of Rs 360 crore, leaving Rs 135 crore for on-boarding customers - at Rs 35 per customer, including the incentive for the referral as well as downloading the app, that's nearly 40 million customers.
Modi today paid tribute to B R Ambedkar at Deekshabhoomi here, where the Dalit icon had embraced Buddhism, to mark his 126th birth anniversary.
Mr. Modi also launched the ambitious "Home for All by 2022" scheme under Pradhan Mantri Awaas Yojana by performing ground-breaking for 21 projects coming up in state. As per the referral bonus scheme, If a merchant adds a person to BHIM app, after 3 transactions by the person, your account will get a credit of Rs 10. "If you refer 20 people a day, you can earn Rs 200", he said. Shedding light on Dr Ambedkar's life, Modi said that the great leader did not have a trace of bitterness or revenge in him despite facing struggles and bitter experiences in his life. Once the app is validated, merchants can use it to take payments.
NITI Aayog CEO Amitabh Kant said that these schemes - to be administered by MEITY and implemented by the NPCI - will provide a major impetus to digital payments in India. It now supports 12 languages. But now, things have changed, technology has made thumbs a source of power. The app was launched on 30 December.
Awards worth Rs 250 crore have been given to boost less- cash transactions, he said.
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