April 15 2017: Prime Minister Narendra Modi yesterday launched BHIM Aadhaar platform for merchants.
The merchant interface of the BHIM App, will pave the way for making digital payments by using the Aadhaar platform. Any Indian citizen can pay digitally using their biometric data like their thumb imprint on a merchants’ biometric enabled device which could be smart phone having a biometric reader. Any citizen without access to smart phones, internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform. Already, 27 major banks are now on board with 7.15 lakh merchants so that they can start accepting payments using BHIM Aadhaar.
|The Prime Minister also launched two new incentive schemes for the BHIM – Cash back and Referral bonus – with an outlay of Rs. 495 crore ( Rs 4.95 billion) for a period of six months. This is to ensure that the culture of digital payments permeates down to the grassroots. Under the Referral bonus scheme both the existing user who refers BHIM 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 cash back on every transaction using BHIM. Both schemes are to be administered by MEITY and implemented by NPCI.
BHIM App has already created a new world record by registering 1.9 crore ( 190 million) downloads in just four months since its launch in December, 2016.
National Payments Corporation of India (NPCI) has extended support to these banks for for BHIM Aadhaar on-boarding:
Public Sector Banks and Private Banks: Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, City Union Bank (Issuer), Corporation Bank, Dena Bank, Federal Bank (ONUS), HDFC Bank, ICICI Bank, IDFC Bank, Indian Bank, IndusInd Bank (Acquirer), Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Punjab & Sind Bank, State Bank of India, South Indian Bank (Issuer), Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank.
Regional Rural Banks (all are issuers): Kerala Gramin Bank and Pragathi Krishna Gramin Bank sponsored by Canara Bank, Chaitanya Godavari Gramin Bank sponsored by Andhra Bank, Baroda Gujarat Gramin Bank sponsored by Bank of Baroda, Andhra Pradesh Gramin Vikas Bank sponsored by State Bank of India.