Indian money goes digital as Modi unveils mobile payment app

The Aadhaar-based mobile payment application was launched at the Digi Dhan Mela in New Delhi and will allow people to make digital payments directly from their bank accounts.

The BHIM payment system will use the Aadhaar platform – the biometric identity authentication system now used by more than a billion Indian citizens – and is expected to be live within the first two weeks of January, 2017. The mobile number which is used to register with Bharat Interface for Money is used to match the bank accounts linked against it.

Once installed open the app.

The screenshot showing the success in payment How does BHIM work? Your mobile number is your payment address, and once you have linked your bank account with the app, you can start transacting in flash.

The banks which aren’t supported by BHIM can also receive payments using IFSC code or MMID. Using BHIM, people can send or request money from others. One can check your bank balance and transactions details on the go.

After the fingerprint features is introduced, even the mobile phones would not be required for transactions.

For ease of payments, one can use QR codes.

“A washer man will be able to get loan from bank with the use of BHIM app by showing records of his transaction”. At once maximum transaction of Rs.10000 is possible and maximum Rs.20000 is possible within 24 hours. The app now supports Hindi and English and new languages might be added soon. More languages will be added later. But BHIM directly connects the bank accounts with a safe platform, thereby saving you time and hassles of maintaining multiple wallets.

He said boosting digital connectivity will “do wonders for our nation”, adding that the day was not far off when the cash-based transaction will turn completely digital. This facility is right now not available on any e-wallet, which makes BHIM a superior technological product, compared to any other e-wallet. Modi also stressed that BHIM app is designed in such a manner that it would assist the common man to switch to digital transactions in the most convenient manner.