PM Modi likens BHIM-Aadhaar to Constitution, says it will revolutionize economy

16 April, 2017, 01:22 | Author: Glen Fletcher
  • Image Credit Burson-Marsteller

The platform allows one to make digital payments without having a mobile phone, Internet connection, debit or credit card.

Providing details about PM Modi's visit, the Nagpur district information office said in a release that he will arrive at the city airport at 10.45 am, from where he will head to Deekshabhoomi to pay homage to Ambedkar on his 126th birth anniversary.

Delighted to be here on #AmbedkarJayanti.

Through yesterday's launch, the government has linked Aadhaar to a payment system called BHIM-Aadhaar Pay, in which customers can make payments from their bank account using their fingerprint rather than a password.

A special cash-back scheme has also been launched for merchants, who use BHIM-Aadhaar Pay app. The lack of trust around Aadhaar data security coupled with lack of full proof security in using thumb impression on a device at a random store is sure to act as strong deterrents in the path of BHIM Aadhaar process.

To avail of this service, a customer has to first link his bank account to his Aadhaar number.

Merchants would just need to download the Aadhar Pay App and connect their smartphones to the biometric scan machine to accept the payments from customers. Soon the poor of the country will chant Digidhan, Nijidhan. The merchant will use only the Aadhaar number of the user while the user can choose which bank account to use for the transaction.

The Aadhaar Pay platform was launched past year on December 30th.

Calling it a complete game changer, the PM said BHIM-Aadhaar would positively impact several lives across India.

Nearly 40 crore bank accounts are already linked to Aadhaar.While customers won't have to pay any additional charges, merchants and banks that have deployed point of sale (PoS) machines will get an incentive of 0.25% of the transaction value for each one through the BHIM-Aadhaar platform.

The BHIM Referral Bonus Scheme is made for individuals and will incentivise existing BHIM users for bringing new users on the BHIM platform and encouraging the new users to do transactions with others using BHIM or by referring new users on BHIM.

"I am extremely honoured to be visiting Nagpur tomorrow (Friday), on the very special occasion of Ambedkar Jayanti", he said in a tweet on Thursday.

The Centre believes that Bhim-Aadhaar - also known as Aadhaar Pay - will make online payments easier for the illiterate and those without mobile phones or online wallets. The central government has reportedly invested Rs 495 crores for a period of six months in the scheme.

Until November 2016, the volume of all digital transactions was 2,80,000 which amounted to Rs 101 crore in value terms.

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