Earlier on December 30, 2016, PM MODI launched BHIM app. It was an effort to enable fast, secure and reliable cashless payments through mobile phones.
BHIM APP – WELL-RECEIVED
Interestingly, the citizens received the app very well. The App hit 10 million downloads within 10 days of its launch.
On Wednesday, Lok Sabha was informed that transactions worth ₹361 crores were made via the newly launched BHIM App.
Rao Inderjit Singh, Minister of State for Planning claimed that BHIM app has eased the process of transactions by bringing all the banks under one platform. Earlier, people had to use different applications offered by different banks to make digital transactions.
In addition to that, he also told, the rate of digital transactions in India at the moment is only 3 percent. Whereas, Scandinavian countries achieved a rate of 90 percent in digital transactions. Further, he also hopes that it will help in evicting the black money if this rate reaches 22 percent.
In response to the question whether security was in place for a digital economy?
Rao said ‘no system is 101 percent fool-proof’. However, as India is a software-rich nation, it is capable of fixing issues on its own.
NEED OF BANKS’ SUPPORT
On Tuesday (February 7, 2017) expecting all state-run banks to join hands with BHIM app by the month-end, Managing Director and CEO of National Payments Corporation of India (NPCI), A P Hota said,
Since the customer base of PSBs is very large, their participation in BHIM is of crucial importance to the success of this app. We are confident that once all PSBs are a part of BHIM, the user base will jump multiple times.
At present, there are 37 banks on BHIM platform. This list includes State Bank of India, Bank of Baroda, Bank of India and Union Bank of India.