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PM Narendra Modi launches BHIM-Aadhaar platform, with incentives

LiveMint logoLiveMint 14-04-2017 Livemint

New Delhi: Prime Minister Narendra Modi on the occasion of Ambedkar Jayanti formally launched the BHIM-Aadhaar linked app along with cashback and referral bonus schemes to give impetus to the digital payment revolution among merchants and users.

The app will allow users to make cashless or digital payments using their biometric enabled device such as their thumb imprint on a merchant’s biometric enabled device or even their smartphones.

To encourage more users to switch to digital payments, the BHIM-Aadhaar Pay comes with cashback and referral bonus schemes for both merchants as well as customers.

For every successful referral, both users (the one referring and the new customer) can earn Rs10 which will be directly credited to their accounts.

The merchants too will get bonus on every transaction using BHIM. Under the cashback and referral bonus schemes, incentives totalling Rs495 crore will be given to merchants for accepting payments through BHIM and existing users for referring it to others, PTI reported earlier.

Already, 27 major banks are now on board with 3 lakh merchants so that they can start accepting payments using BHIM Aadhaar.

The Modi government is targeting 2500 digital transactions during the current financial year.

Modi also addressed a function on the occasion of 126th birth anniversary of Dr Bhim Rao Ambedkar. The Prime Minister stressed that the BHIM-Aadhaar platform would empower the people the same way Dr Ambedkar empowered them by giving the Constitution of India.

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