Posted 01 Aug 2017 03:34 PM

PM Narendra Modi launched BHIM-Aadhaar App on 15 April 2017, for the merchants so that they can accept payments from customers with ease using their Adhar Card. He also launched two schemes subsequently namely BHIM Referral Bonus Scheme” and “BHIM Cashback” schemes for consumers and merchants. The Govt has an overall budget of Rs 495 crore for 6 months for the successful implementation of the above-mentioned schemes.
The BHIM Referral Bonus scheme works on the referral benefit scheme in which a new user or an existing one will both earn cashback for each successful referral.
The App will help people to make payments without using smartphones. Payments can be made through fingerprint scanner, by accessing the user details through Aadhaar Card linked database.
It will initiate the payment only if the Aadhaar card and biometric fingerprint are linked. This process will make the whole experience hassle-free and more convenient to use whereas the merchants have to purchase fingerprint scanner devices to complete a transaction.
BHIM-Aadhaar pay app is designed only for the merchants and utilizes two main platform developed by the government -- Aadhaar Enabled Payment System (AEPS) for authentication and Aadhaar Payment Bridge (APB) that is a repository. According to the NITI Aayog, these platforms make the payment highly secure.
There are more than 18 million users of BHIM App. The existing Bhim App has a record of 1.9 crore downloads in four months. Digital transactions have been increased by 23 times with 63,80,000 transactions online worth Rs 2425 crore in March 2017 as compared to 2,80,000 digital transactions worth Rs 101 crore till November 2016.
Payments linked to Adhaar card have risen from 2.5 crores in November 2016 to 5 crore in March 2017. The Immediate Payment Service (IMPS) have also experienced a rise of 3.6 crores to 6.7 crores in the short span of time.
This is a commendable move from the Indian Govt, as many countries believe and practice the cashless economy regime and it is high time that we should also join this effort and make our country cashless. As it will help protect our currency from being plagiarized and even the currency notes will not be damaged by any means. Join the army of being cashless!

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