In a bid to push digital payments, the Narendra Modi government is all set to bring in new offers and incentives, which will make the payment through digital medium visibly cheaper in comparison to cash in hand. The latest move will give some attractive offers to the users of BHIM and the Bharat Bill Payment System (BBPS), as per a ministry note. The promotion of cashless transactions was announced as a key policy objective of demonetisation, the latest move comes to boost the momentum of digital transactions.
The improved supply of currency notes has made cash the preferred mode of payment again, on the other hand, the competition intensifies among private mobile-wallet operators. The upcoming offers could include cashbacks and reward points for BHIM users. In order to boost payments, the government is looking to promote BHIM, while on the other hand, it is ensuring compliance with a strict cybersecurity protocol.
Government is taking up a number of measures to boost digital payments. On Wednesday, it was reported that businesses across India can now accept Paytm and BHIM UPI payments for 0 pct fee. The announcement was made by Paytm on Wednesday morning when it clarified that there will be no charges for receiving payments in your bank account. To start accepting the payments, the users will only have to visit: paytm.com/business. This news comes days after Paytm had integrated BHIM UPI, the government’s mobile payments interface, onto its platform with an aim to double its monthly user base over the next two years.
Bharat Interface for Money (BHIM) is a government launched mobile app aimed for easy and quick payment transactions using Unified Payments Interface (UPI). User can make instant bank-to-bank payments and Pay and collect money using Mobile number, Bank a/c and IFSC code, Aadhaar number or Virtual Payment Address (VPA). BHIM has the facility to scan & pay through QR code.
The application users can check transaction history and can also raise complaint for the declined transactions by clicking on Report issue in transactions. BHIM is available in 8 regional languages (Tamil, Telugu, Bengali, Malayalam, Oriya, Gujarati, Kannada, and Hindi) for better user experience. Users can also make transactions from their feature phones as well by dialing *99#.