The Union Budget for the Year 2017-2018 has been announced by the Finance Minister Arun Jaitley on Wednesday in the Lok Sabha. While announcing the budget, the finance minister announced two new incentives for the BHIM app users on an idea to boost digital transaction in the country. The government proposed incentives are, the BHIM (Bharat Interface for Money) application individual users will get a referral bonus, and the merchants will get cash back, who accepts payments from BHIM.
While announcing it, the Finance Minister said that nearly 125 lakhs of people have downloaded the mobile application and have been using it for digital transactions, the two new incentives have been launched by the government on the app.
In the official Twitter page of Indian President Pranab Mukherjee, it has been posted earlier, that BHIM app has become one of the most popular mobile application in the country for digital payments. The Finance Minister has stated that a Merchant version of Aadhaar-enabled payments of the application will be launched shortly. The government promised to update the BHIM app to boost its usage. Currently, the mobile application is limited to the Android, and the IOS version will be available shortly.
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Common UPI app BHIM recently integrated with UID, and the app now allows payments using 12 digit Aadhaar number. The biometric-based Aadhaar pay option will be available in the Unified Payments Interface (UPI)- based app soon. In the upcoming weeks, this feature will be available. While using the Aadhaar number for transactions, the users will not be required to carry their mobile phones to the merchant’s place; they can simply share their Aadhaar number (which is already linked to their bank accounts) and verify it themselves using biometrics.
The BHIM app allows the user to pay the transaction using three options. The user can choose any one from the options such as UPI mobile number, UPI address along with account and IFCS details and now Aadhaar number. The government has partnered with 14 banks already, for the roll out of Aadhaar Pay service in the coming weeks and more banks are expected to join hands with the government.