UPI - Electronic Gurudev

Jan42017 by Team - The Digital IndianNo Comments

PM Modi’s BHIM app hits 5-mn downloads mark

Technology

The BHIM (Bharat Interface for Money) app has seen 5 million downloads since its launch on December 31, reports Shritama Bose in Mumbai. National Payments Corporation of India (NPCI) MD and CEO AP Hota told FE on Tuesday that the number of user registrations on BHIM so far is 1.5 million. He added financial transactions on USSD (Unstructured Supplementary Service Data) — a digital payments platform for feature phones — had jumped to 7,000-8,000 a day, up from 1,000 a day before November 8. Hota said by March the Unified Payments Interface (UPI) platform can be used to pay utility bills and insurance premiums. He believes more merchants will transact on UPI once the Indian Banks’ Association decides on the interchange rate. “While RBI has capped merchant discount rates, or the ...

All About BHIM app – How to use and Where to download from

Information

Prime Minister Narendra Modi on Friday launched a mobile payment app– BHIM, while addressing the audience at the Digi-Dhan Mela in New Delhi’s Talkatora Stadium. The app is called Bharat Interface for Money (BHIM) has been launched to facilitate e-transactions in the country. “Launch of the BHIM App is significant. In addition to his role in making of the Constitution, Dr Ambedkar was also a great economist. His thesis offers significant insights of various economic issues,” Modi said while launching the app. Developed by the National Payment Corporation of India (NPCI), BHIM is an initiative by the Modi government to enable fast, secure, reliable cashless payments through your mobile phone. With BHIM you can send and receive money, check your balance and even create a custom paym...

Why UPI is getting a cold response while Paytm is riding the wave

Technology

Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy. Its cornerstones were a unique biometrics-based Aadhaar ID for every citizen to enable authentication, and a unified payments interface (UPI) to simplify money transfer. India is on the cusp of leapfrogging. It’s called “India stack.” Tech evangelists helped put it together, and it includes other digital enablers like eSign and a digital locker, all backed by government and the Reserve Bank of India (RBI). Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!” But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI ...