Modi on Friday said the BHIM-Aadhaar digital payments platform can revolutionise the Indian economy by enabling each Indian to pay digitally using their biometric data on a smartphone. Both schemes are to be administered by MEITY and implemented by NPCI.
"The whlole world is discussing about the Aadhaar initiative of India", he said.
In order to verify the payment, the customer would require scanning their fingerprint on Merchant's fingerprint reading device.
The Aadhaar card is an identity card based on their biometric and demographic data.
Similarly, Aadhaar Enable Payments have doubled from 2.5 crore in November 2016 to over five crore in March 2017, and Immediate Payment Service transactions jumped from 3.6 to 6.7 during the same period.
He was addressing a programme to mark the culmination of "Digi Dhan Mela" organised by the NITI Aayog at the divisional sports stadium located in Mankapur area. So, it was no wonder Modi discovered new qualities of Dalit icon saying it was Ambedkar who gave sound economic foundation to the country.Added Modi: "Like Lord Shiva, Ambedkar too consumed poison (of humiliation and caste insults) but never expressed bitterness for it or showed vengeful attitude". As for the users, they just need to have the 12-digit Aadhaar code. Hence, helping the government accelerate its digitization campaign further.
Hailing it as an important step towards digitalization, PM Modi has declared that BHIM-Aadhaar Pay app has the power to revolutionise India.
IDFC Bank became the first Indian bank to launch Aadhaar-Pay based mobile app for merchants. While APB will serve as a repository between banks and customers, AEPS will authenticate the online process. "But we have the opportunity to live for the nation", he said. Twenty seven major banks, along with 715,000 merchants are on board the platform. Only the merchant needs to install the app on their smartphone and link it with a biometric scanning device to accept payment.
On Thursday government has announced that from now onwards married women can use their maiden names for applying the passport. Once all the details are validated, you are ready to receive payments through the system. Modi also said the BHIM app was making an impact on people across the county and that the DigiDhan movement is a "Safai Abhiyaan" aimed at fighting against corruption. You will now be receiving a cashback of ₹10 directly to your Aadhar-linked bank account whereas the merchant you refer will receive ₹25.
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