On the 126th birth anniversary of Dr. Bhim Rao Ambedkar as a day to introduce several initiatives to further the digital payments revolution, PM Modi will launch BHIM-Aadhaar App today.
The 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 smartphone having a biometric reader. Any citizen without access to smartphones, the internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform. Already, 27 major banks are now on board with three lakh merchants so that they can start accepting payments using BHIM Aadhaar.
In this case, any citizen without access to smartphones, internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform.
Further, the Prime Minister will launch two new incentive schemes for the BHIM – Cashback and Referral bonus. Under the Referral bonus scheme the existing user of BHIM and the new user of BHIM. Both will get a cash bonus credited directly to their accounts. Whereas, under the Cashback scheme, the merchants will get cash back on every transaction made by BHIM.
The Prime Minister will also announce about 75 townships spread all over India as ‘less-cash townships’. With a view to achieving the target of 2500 crore digital transactions during the current financial year.
A less-cash township is one where the deployment of payment acceptance infrastructure is complete. These townships are likely to generate over 1.5 lakh digital transactions every day.
These initiatives would further promote the digital movement. And reinforce the vision of Baba Saheb for social empowerment of all through financial inclusion.