BHIM: Aadhaar-based app launched to simplify digital payments (What is BHIM App & How does it work)

BHIM is biometric version of UPI, USSD and expected to minimise role of plastic cards, PoS machines

Breaking News -  Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money).

On day 50 of the window provided by the government to citizens to exchange or deposit old currency notes of Rs 500 and Rs 1,000 denominations, the Prime Minister at a 'Digi Dhan Mela' event in the capital, asked citizens to make at least five digital transactions, so as to understand the concept behind e-payments, and then use it extensively.

What is BHIM App & How does it work

 

"Download it on a smartphone or on a feature phone. It is not necessary to have the internet for this app. In the next two weeks, one more work is being done, which will increase the power of BHIM so much that you would be able to withdraw money even with your fingerprints," he said.

BHIM is a biometric and rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data). It is expected to minimise the role of plastic cards and point-of-sale machines, once believed essential for a less-cash society.

"In two weeks, we will make one more accomplishment; its security is being worked on. It will empower BHIM; you'll only require your thumb to pay," said Modi. He added this app would empower the poorest of the poor, with the thumb becoming the new identity.

 

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Digital India: Why people are ignoring bank UPIs and flocking to Paytm instead

Post demonetization, people flocked to digital wallets for mobile payments instead of bank apps

Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy.

Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!”

But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI made mobile payments as simple as sending a message or mail, banks dragged their feet over it.

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• Slip between the cup and the lip

• The Paytm tipping point

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To a question from Tech in Asia on how the Paytm app will be different from UPI-powered apps by traditional banks, Vijay Shekhar Sharma pointed immediately to customer experience. “Banks are not great at rolling out UPI,” he said. But for Paytm, “this is the truest opportunity to build something designed for unique Indian needs.

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Cashless economy: India to see 65% rise in mobile frauds in 2017

Post demonetisation there has been a surge in digital transactions via e-wallets and other online payment gateways

With the surge in digital transactions via e-wallets and other online payment gateways, mobile frauds are expected to grow to 60-65 per cent in the country by 2017, a leading industry body said on Monday.

The joint study by Assocham and research firm EY, titled "Strategic National Measures to Combat Cybercrime", said a secure cyberspace and the government's initiatives in keeping tabs on cybercrime have become an important criteria for business to establish, operate and flourish in any region.

"Mobile frauds are areas of great concern for companies as 40-45 per cent of financial transactions are done via mobile devices and this threat is expected grow to 60-65 per cent," the study noted.

Credit and debit card fraud cases top the chart of cybercrimes and there has been a six-fold increase in such cases over the past three years.

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