Banking

PM Narendra Modi launches Aadhar-based wallet app – BHIM

GP News
02 January 2017 - 07:00 AM
Banking
With a view of providing structural support to digital and cashless services, Prime minister Narendra Modi has recently llaunched an Aadhar based mobile payment application named BHIM (Bharat Interface for Money). This application is a revamped version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) at the Digi Dhan Mela event in Talkatora stadium in New Delhi.

According to the Prime Minister, the application can be used in most handsets, including feature phones. The Prime Minister also said while launching the app that the best thing is there is no need for internet connectivity for using the app. 
The application which is available on Android Play Store is expected to curb the need for plastic cards and point of sale (PoS) machines, which are currently the dominant methods for online cash transactions. 
The application also eliminates the external fee payment which is reserved for service providers such as MasterCard or Visa. A maximum of Rs. 10, 000 per transaction is permitted while you can transact Rs 20,000 within 24 hours.