Aadhaar payment app will boost digital payments revolution: PM Modi

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The new interface would be launched in Nagpur during the 126th birth anniversary celebrations of Bhim Rao Ambedkar.

"We have been working towards a digital India for quite some time".

At the function the prime minister also felicitated the winners of the mega draw of the two major incentive schemes to promote digital payments, Lucky Grahak Yojana and Digidhan Vyapaar Yojana, that were launched earlier in order to spread awareness about digitisation. "The Digital India initiative will have a lot of positive impact on various sectors in the country", he said.

Speaking at an event here, the Prime Minister said that every Indian should have a house by 2022, on the 75th anniversary of the country's Independence, and the government was working in this direction. Also, the customers need not to download a digital payment wallet or even a smartphone. The Aadhaar Pay would not need internet to work and people can easily withdraw money just using their fingerprints.

He said, "This DigiDhan movement is a safai abhiyaan (cleanliness movement). It is to fight the menace of corruption", said Modi addressing a public rally here.

He said, "The day is not far when premises-less banking will become and reality and mobile phones will play the most crucial role in it".

Modi said the app, which allows even those without smartphones or those who shop in places that don't have credit/ debit card point-of-sale (PoS) swipe machines to make digital payments, would soon become a case study in global universities and B-schools.

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"It is a huge opportunity for enabling digital transactions as about 99 per cent of adult population is now aadhaar enabled", NPCI managing director and CEO, A P Hota said.

Twenty seven major banks, along with 715,000 merchants are on board the platform.

Under the cashback and referral bonus schemes, incentives totalling Rs 495 crore will be given to merchants for accepting payments through BHIM and existing users for referring it to others. If a person makes another person join the app, then he gets Rs.10 cash in his account.

It will cater to around 40 crore account holders whose Aadhaar card details are linked with their bank accounts and would require only the customer's finger-print for authentication, he said. The schemes will start from 14 April and end on 14 October, he added.

As for the cashback scheme, traders will get a cashback on every transaction made by them.

The benefitsAadhaar Pay is the merchant version of the Aadhaar Enabled Payment System (AEPS). This will enable farmers to transact using their Aadhaar number and biometric authentication to make purchases for fertilisers. According to the press release, at least 15,000 institutions have gone cashless across these 100 rural and urban cities across e the 27 states and 7 Union Territories (UTs) and hundreds of thousands of individuals were helped to open new bank accounts and obtain Aadhaar cards.