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"BHIM will curb black money and create financial equality" - GSTV ENGLISH - Latest English News, India, World, Sports, Bollywood, Business

"BHIM will curb black money and create financial equality"

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The new indigenously developed payment app 'BHIM' (Bharat Interface for Money) has been named after the main architect of Indian constitution, Bhim Rao Ambedkar. Through this app, Bharat Ratna Bhim Rao Ambedkar's name will take the centre-stage in India's economy. The day is not far, when people will conduct their business through this app.

This app will create financial equality in the Country, as envisaged by Dr. B.R. Ambedkar ’ said Ramesh Jigajinagi , Union Minister of State, Ministry of Drinking water and sanitation.

Prime Minister Narendra Modi has been introducing many welfare Schemes for the Developments of Dalits, backward classes and financially backward class people. Indeed, BHIM will curb black money system and create equality in the society. It will support them, he said.

BHIM is a biometric payment system app using Aadhar platform, and is based on Unified Payment Interface (UPI) to facilitate e-payments directly through bank. It was launched to stress on the importance of technology and digital transactions. It can be used on all mobile devices, be it a smartphone or a feature phone with or without internet connection, he added.

The payments through the new system (BHIM App) can be made by just a thumb impression after the bank account is linked with Aadhaar gateway. Indeed, the technology through BHIM will empower poorest of the poor, small business and the marginalised section.

Recalling that India, once described as golden bird (Sone ki Chidiya), became poor due to certain mistakes, Our PM’s visions to regain the Country’s potential and its past glory once again. The Prime Minister also appealed to the people to undertake at least five transactions daily through mobile phones and let the country lead the digital movement.

The new app is expected to minimise the role of plastic cards and point of sale machines. The app will eliminate fee payments for service providers like MasterCard and Visa, which has been a stumbling block in people switching to digital payments.

The app can be used to send and receive money through smartphones. Money can also be sent to non UPI supported banks. Bank balance can also be checked through the app. Currently Hindi and English are supported in the app, with more languages coming soon. Indicating that the e-wallet app will feature fingerprint verification in future, "Only thumb will be needed to make a payment. Thumb will be your bank now". People should utilize the app and support this to curb black money and to create financial equality, he appealed.

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