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PM Narendra Modi to launch release BHIM-Adhar interface enabling digital payments using biometric data in Nagpur

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Prime Minister Narendra Modi. VOA

New Delhi, April 13, 2017: One would now be able to make digital payments without having a mobile phone, Internet connection, debit or credit card as Prime Minister Narendra Modi would on Friday release BHIM-Adhar interface enabling digital payments using biometric data.

The new interface would be launched in Nagpur during the 126th birth anniversary celebrations of Bhim Rao Ambedkar.

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A statement issued by the NITI Aayog said that the BHIM-Adhaar merchant interface would pave the way for making digital payments on the Aadhaar platform using biometric data like thumb imprint on a merchant’s biometric enabled device.

“Any citizen without access to smart phones, Internet, debit or credit cards will be able to transact digitally through the BHIM-Aadhaar platform, thus realizing Ambedkar’s vision of social and financial empowerment for all,” the statement said.

It added that 27 major banks were already on board with around three lakh merchants so that they can start accepting payments using BHIM-Aadhaar.

During the event, Modi would also launch two new initiatives to push digital payments – cash back and referral bonus schemes – with an outlay of Rs 495 crore for a period of six months.

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“Under the referral bonus scheme, both the existing user who refers BHIM (Bharat Interface for Money) and the new user who adopts BHIM would get a cash bonus credited directly to their account.

“Under the cashback scheme, the merchants will get a cashback on every transaction using BHIM,” the statement added.

CEO NITI Aayog Amitabh Kant said that the launch of BHIM-Aadhaar App and the launch of the two schemes – cashback and referral schemes – would provide a “major impetus to the digital payment revolution in India”.

During the event, the Prime Minister would also declare about 75 townships going “less-cash” where the deployment of payment acceptance infrastructure is complete and all the families are covered under training programs.

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“Only those townships which have reported more than 80 per cent of the total number of transactions being done through digital modes of payments during the review period are included in this list,” the government said.

These townships are likely to generate over 1.5 lakh digital transactions every day thereby leading to about 5.5 crore digital transactions in a year, it added.

During the event, Modi would also felicitate the winners of the mega draw of the two major incentive schemes to promote digital payments – Lucky Grahak Yojana for customers and Digidhan Vyapaar Yojana for traders.

Modi had in December 2016 announced lucky draw schemes for people who use digital payment methods including e-banking, mobile banking and e-wallets.

He had announced that apart from regular prizes, one big bumper draw would be held on the occasion of Ambedkar Jayanti in which the winning price would be in crores.

Later same month, he launched BHIM app, an Aadhaar-based mobile payment application to promote and make digital transactions easier. (IANS)

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Paytm Becomes The Only Payment App Offering NEFT Transactions 24/7

It is now the only app offering more than 200 payment use-cases for everyday payment needs, widely accepted at over 14 million offline retail stores

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Paytm Logo. Wikimedia Commons

With the Reserve Bank of India (RBI) making online NEFT transfers 24/7 on all days including weekends and holidays from Monday, India’s digital payment leader Paytm has become the only payments app offering three ways to pay 24×7 seamlessly, within the same “Money Transfer” flow via UPI, IMPS and now NEFT mode.

Millions of users can pay up to Rs 10 lakh per transaction instantly from their Paytm App using NEFT powered by Paytm Payments Bank, the company said in a statement.

This extends Paytm’s leadership in the payments market where UPI P2P (peer-to-peer) apps such as Phone Pe and Google Pay are restricted to Rs 2 lakh per transaction.

“We offer all-important payment methods and are the only platform where users can pay instantly using NEFT, IMPS, UPI, Wallet, and cards. With this increased limit, we are confident that more users will prefer our services for their day to day payments,” said Satish Gupta, MD and CEO, Paytm Payments Bank.

paytm
Not charging extra for digital transactions: Paytm. Wikimedia Commons

This also benefits the corporates and businesses who hold Paytm Payments Bank current account as now they can pay up to Rs 50 lakh per transaction 24×7.

So far, IMPS facility allowed 24×7 fund transfers online but it had a limit of Rs 2 lakh that has now been increased.

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“While other banks have separate interfaces for different payment modes, Paytm is the only payment app that seamlessly suggests the best way to transfer money based on the transaction amount in a hassle-free way,” said the company.

It is now the only app offering more than 200 payment use-cases for everyday payment needs, widely accepted at over 14 million offline retail stores. (IANS)