Commemorating the 126th birth anniversary of Dr Bhim Rao Ambedkar, Prime Minister Narendra Modi today launched in Nagpur several crucial initiatives to further the digital payments revolution in India.
Commemorating the 126th birth anniversary of Dr Bhim Rao Ambedkar, Prime Minister Narendra Modi today launched in Nagpur several crucial initiatives to further the digital payments revolution in India. These include the launch of the BHIM-Aadhaar platform for merchants as well as cash back and referral bonus schemes for BHIM. BHIM-Aadhaar, the merchant interface of the BHIM App, will pave the way for making digital payments by using the Aadhaar platform. This will enable every Indian citizen to pay digitally using their biometric data like their thumb imprint on a merchants’ biometric-enabled device, which could be a smartphone having a biometric reader.
Any citizen without access to smartphones, Internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform, thus realizing Dr. Ambedkar’s vision of social and financial empowerment for all. Already, 27 major banks are now on board with 3 lakh merchants so that they can start accepting payments using BHIM Aadhaar.
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BHIM App has already created a new world record by registering 1.9 crore downloads in just four months since its launch in December, 2016. More importantly, India has also seen an unprecedented increase in number of transactions made using several user-friendly digital payment methods. Until November 2016, the volume of all digital transactions was 2,80,000, which amounted to Rs 101 crore in value terms.
In just four months, by March this year, volume of payments using various digital payment modes saw an increase of about 23 times amounting with 63,80,000 digital transactions for a value of Rs 2425 crore. Aadhaar-Enabled Payments have increased from 2.5 crore in November 2016 to over 5 crore in March 2017. Immediate Payment Service (IMPS) transactions have also increased from 3.6 crore to 6.7 crore during the same period.