Union Budget 2017: Govt announces two new incentives to promote BHIM app

Union budget 2017: The BHIM app is being used by over 125 lakh people, said Finance minister Arun Jaitley

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The BHIM app, which stands for Bharat Interface for Money, is being used by over 125 lakh people, announced Finance Minister Arun Jaitley as he presented the Union Budget 2017-2018. The budget announcement also puts a significant push on the idea of boosting digital payments in India, an area where the NDA government has put particular focus.

The government will launch two new scheme to promote the use of the BHIM app. One will be referral payments for individuals, and the other will cashback for merchants who accept payments from BHIM.

Earlier President Pranab Mukherjee’s official Twitter handled had posted that BHIM has become one of the most popular mobile app-based payment mechanisms in the country. The Finance Minister also announced that a Merchant version of Aadhaar-enabled payments will be launched shortly. The government has also promised an update to the BHIM app as well in order to boost usage.

BHIM was recently integrated with UID and now allows payments using Aadhaar number. The Unified Payments Interface (UPI)-based app will get biometric-based Aadhaar Pay option as well, but that feature is yet to roll out. It is expected to launch in the coming weeks. The iOS version of the app was promised earlier, but has yet to be launched.

BHIM also allows payments via UPI using the mobile number or UPI address along with Account +IFSC details. Currently, the government has 14 banks on-board to facilitate payments via Aadhaar Pay, with more to join soon.

In order to make payments via Aadhaar, a user needs to tap on Send money, then on the three dots at the top of the menu. Options for Aadhaar Pay and Accounts + IFSC should open up. Tap on Aadhaar as the option, type in the number, then if it is linked to a bank account, they can transfer the required amount.

Prime Minister Narendra Modi announced the digital payments app BHIM from National Payments Corporation of India (NPCI) on December 30 last year. The digital payments app was downloaded more than 5 million times on Android

 

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