BHIM payments: Ravi Shankar Prasad, Information Technology minister on August 24th announced that the Government has launched the integration of BHIM i.e. Bharat Interface for Money with cab aggregator Uber. The Uber app already has several payment options and BHIM is expected to add to the convenience factor for commuters. The cab aggregrator operates in 29 cities in India.
Narendra Modi government, in its bid to eradicate corruption, had scrapped high valued notes of Rs 500 and Rs 1000 notes. It was after the demonetisation move that government actively promoted cashless economy, pushed for digital transactions and launched BHIM app. The app is interoperable with other UPI applications and bank accounts. The app was developed by National Payment Corporation of India, NPCI.
Talking about the app, Ravi Shankar Prasad on July 31st had said that BHIM has logged 2 crore downloads and transactions of Rs 1,500 crore have been made so far.
To promote the app, Prime Minister Narendra Modi on April 14 launched a cash back scheme which offered incentives of up to Rs 1,000 to merchants for accepting payments through BHIM. Under the scheme, the merchants could get cash back of Rs 50 for 20-50 transactions, and Rs 2 for every transaction made there after till Rs 950.
The integration of BHIM app with Uber is expected to further encourage people to make cashless payments.