Honesty and transparency is the essence behind PM Modi’s BHIM Aadhaar Pay app…
As India treads ahead on the path of cashless economy, hacking and info leaks remind us about the perils of digitization. Lately, a few celebrity and institutional Twitter handles were hacked by anonymous hackers—a critically alarming situation that requires us to upgrade and fortify online defense. For cyber cons, robbing you off your monthly savings is as easy as paying bills using mobile wallet. The success of digital transactions in India depends on how the battle between hackers and bankers rolls out. Backing mobile wallets using a secure, identity-based system will help tech-experts resolve this problem.
India Goes Digital with ‘Secure’ BHIM Aadhaar Pay App
Moving one step ahead in this direction, PM Narendra Modi launched the BHIM-Aadhaar Pay app, which is guarded by thumb impressions. The telecom ministry is hopeful that newly revamped app will provide a sound ecosystem for online transactions under ‘Digital India’ initiative.
In last two years, Indian banks have opened 28 crore bank accounts for the economically weaker sections. Using BHIM in public proceedings will ensure that financial benefits of government schemes directly reach deprived beneficiaries.
In case you’re still getting used to this idea, here’s all you need to know about BHIM.
5 Things you Ought to Know about BHIM App
- You don’t need to access internet, smartphones, credit or debit card to receive payments via BHIM app.
- You just need an Aadhaar-linked bank account to send/receive payments. All transactions are authenticated via thumbprint scanning. The app uses biometric data to confirm user identity.
- The sender must download BHIM app on his smartphone and connect it to his bank account. In case you’re a merchant, you need to link your phone with a biometric scan machine. Once the customer verifies his fingerprint on machine, you can proceed with digital transactions. The payment is made via bank accounts.
- The app doesn’t require you to have smartphones, but you must have an Aadhaar-linked bank account. The merchant, however need mobile phones for accepting payment.
- At present, 27 banks and 3 lakh merchants are on board with BHIM.
Benefits of Using BHIM App
With BHIM Aadhaar app, you don’t have to pay MDR (Merchant Discount Rate), as in case of debit/credit card payments made via PoS machines.
- Both users and merchants get incentive on digital payments.
- You can earn Rs 10 under referral bonus scheme if you refer this app to a new customer.
- Government runs timely cashback offers on each transaction made using BHIM app.
The Do’s & the Don’ts of Digital Transactions
- Link your accounts with Aadhaar and PAN cards.
- Use a password-protected smartphone for transactions.
- Never access your bank accounts on shady computers and phones.
- Don’t share your bank or Aadhaar card details with other people.
BHIM-Aadhaar app is in for modifications in future. Once patented, it’ll serve as a case study for economic institutions. With the other countries looking forward to replicate this model, BHIM will soon bring about an economic revolution in digital India.
