Prime Minister Narendra Modi launched BHIM-Aadhaar platform for merchants. This biometric-based payment system makes paying with the help of thumb impression a reality, in Nagpur. On the occasion, PM Modi said that soon people’s mobile phone will become ATMs. “The day is not far when premises-less banking will become and reality and mobile phones will play the most crucial role in it.
The launch of the biometric-based payment system on the occasion of the birth anniversary of the Father of Indian Constitution Dr Bhim Rao Ambedkar is expected to mark the start of a new transaction culture in the country. While launching the BHIM App, a digital payments app, on December 30, PM Modi had talked about the Aadhar Pay for the first time. “Download it (BHIM) on a smartphone or on a feature phone. It is not necessary to have the internet for this app. In the next two weeks, one more work is being done, which will increase the power of BHIM so much that you would be able to withdraw money even with your fingerprints,” PM Modi said at the event.
The BHIM-Aadhaar payment platform is expected to make digital payments easy even for people who cannot read or write. Moreover, it is expected to end people’s dependence on credit or debit cards and reduce cash transactions. In the start of this month, IDFC Bank had first launched the Aadhar Pay within its network.