On the occasion of 126th birth anniversary of Dr. Bhim Rao Ambedkar, PM Narendra Modi will launch mobile application which will be Aadhaar based. This will exclusively serve traders along with incentive schemes to promote the “less-cash” economy in the country and detect the black money running in the parallel economy.
The app will be developed by National Payments Corporations of India. Conventionally, Bharat Interface for Money app runs on the Unified Payment Interface and will launch on 126th birth anniversary of Dr. Bhimrao Ambedkar.
On November 8th, Modi government had made announcement to discard notes of Rs. 500 and Rs. 1000 which costed Rs. 15.44 lakh crore. Since then, Modi government had provided many schemes to discourage the use of cash in the country and instead go for digital transactions.
During December 2016, PM Modi brought up BHIM app for providing facilities like electronic payments by customers. In the month of March, the government also made the provision of Aadhaar Pay which is a new smartphone based app.
Yesterday only, the reporters from PMO had provided information on PM Modi’s further steps to arise the digital payment revolution in India. BHIM Aadhaar platform is for merchants and traders and has several cashback schemes also. Around 75 townships have gone cashless till now.
BHIM-Aadhaar fosters the digital payments and allow Indians to go digital with their biometric data.
PMO mentioned, “Any citizen without access to smartphones, internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform”.
Lakhs of merchants are using BHIM app and almost 27 lakh banks are associated with them to facilitate payments with the help of this app.
After this, PM Modi will also launch referral bonus and cashback schemes.
Till November 2016, the digital transactions were 2,80,000 in number which valued Rs. 101 crore. After March month, the payments have increased by 23 times amounting to Rs. 63,80,000 digital transactions. This made value of Rs. 2,425 crore.
