Continuing the announcements for the path India is taking towards a digital environment,Finance Minister Arun Jaitley announced two new schemes to further push the BHIM app. Arun Jaitley said that the BHIM app will be updated with two new schemes which will benefit both individual users and merchants. Also Read - Lost your Aadhaar card? Here's how to download Aadhaar card onlineAlso Read - How to apply for Aadhaar card for your newborn
The two new schemes set to launch for BHIM app include a bonus scheme and a cashback scheme. The bonus scheme will be for the individual users, and the cashback scheme will be for the merchants. We are yet to see how the schemes will play out for BHIM app users. In addition to this, Arun Jaitley also said that BHIM app has 1.25 crore users until now. Furthermore, Arun Jaitley laid out the target that this year would witness 2,500 crore digital transactions through various modes like UPI, IMPS, debit and credit cards, and more. Jaitley also announced that the government would create a payment regulatory board at the RBI this year, since there is no regulator for FinTech companies like Paytm in India.
The most recent development on BHIM app was the integration of UID for Aadhaar-based transactions. Jaitley, also mentioned the upcoming launch of the Aadhaar-based payment system which would use one s biometrics for transactions. He said that this Aadhaar-based system will be for people who do not have a bank account, and who do not have the convenience of using debit cards, and other modes of transactions. This would essentially help the rural community in India. ALSO READ: Union Budget 2017-18: FM Arun Jaitley announces Aadhaar-based smart cards for senior citizens
As said earlier, BHIM app is now enabled with UID for Aadhaar-based transactions. BHIM app users can enter their 12-digit Aadhaar number to make transactions. With this inclusion, the app now provides three modes of payment, the remaining two being mobile number / virtual payment address (VPA) and bank account + IFSC code. BHIM app is based on United Payments Interface (UPI) and has been developed by National Payments Corporation of India (NPCI). The app is available for free on both Android and iOS platforms. ALSO READ: BHIM app now integrated with UID; Aadhaar Pay service to be launched soon
BONUS VIDEO: How to use the BHIM (Bharat Interface for Money) Android App for UPI payments