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December 30, 2016

Modi launches mobile payments app BHIM

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Prime Minister Narendra Modi today launched an Aadhaar based mobile payments application named BHIM (BHarat Interface for Money), in the honour of Dr Bhimrao Ambedkar, at the Digi Dhan Mela event in Talkatora stadium in New Delhi. This is a rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data).

Compatible with all Android phones, the app has a maximum limit of ₹10,000 per transaction and ₹20,000 within 24 hours. PM Modi purchased a shawl and a napkin from Khadi Gramodyog using the BHIM app.  The new app is expected to minimise the role of plastic cards and the point of sale machines once believed to be essential for a less cash society.

The app would eliminate the fee payments for service providers like card companies such as Mastercard or Visa, which has been a stumbling block in merchants switching to digital payments making it affordable to even merchants in remote villages, said people familiar with the development. All that it needs is an Android phone with the merchant. 

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