Friday, April 14, 2017

Everything you need to know about BHIM Aadhaar service

Everything you need to know about BHIM Aadhaar service

On the occasion of Dr. Babasaheb Bhimrao Ambedkar’s 126th birth anniversary, PM Modi launched the new BHIM Aadhaar service in Nagpur. It is a merchant interface of the BHIM app that will allow users to make digital payments using their fingerprint.Here's Everything you need to know about BHIM Aadhaar

Among the currently available digital payment modes — BHIM app, Bharat QR and mobile wallets among others — one needs to have a smartphone and an internet connection to make a transaction. There is also USSD-based mobile banking service for feature phones, where you can send and receive money without an internet connection. It is as simple as checking your mobile balance. However, for all these modes of digital payments, you need a mobile phone. This is what BHIM Aadhaar aims to change

What is BHIM Aadhaar and how does it work?

With the new BHIM Aadhaar service, any Indian citizen with a bank account and Aadhaar card can make cashless payments. With a tagline that says ‘New India, New Economy,’ the BHIM Aadhaar app will do away with the need of having a smartphone, the internet, and credit/debit cards to make digital payments.

As of now, 27 major banks are on-board with the platform along with 300,000 merchants who will start accepting payments using the new platform. It will use Aadhaar Payment Bridge and Aadhaar-Enabled Payment System to authenticate the transactions.

Merchants will need a smartphone and the biometric-enabled device to read the biometric data. And all you need is your 12-digit Aadhaar number and your thumb. So, the next time you go to a nearby general stores, a shopping mall, an electronics store or even to buy milk or vegetables, you don’t need to carry your wallet or smartphone.

To make a transaction, the merchant will need to enter your Aadhaar number in the app, select your bank account, enter the amount and scan your fingerprint on the biometric device. That’s it. Now, your fingerprint is your bank and your identity.

Modi on Friday launched two other incentive schemes that go with the Bhim app – a cashback scheme and one on a referral bonus – with a budget of Rs 495 crore for six months. Under the referral bonus scheme, both existing and new users who refer the Bhim app to others will get a cash bonus credited directly to their accounts. Under the cashback scheme, merchants will get a cashback on every transaction they carry out using the app.

Everything you need to know about BHIM ,  Bharat Interface for Money App


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