In an attempt to promote the digital payments in India, Prime Minister Narendra Modi had introduced the BHIM (Bharat Interface for Money) app late last year. And now, just after a month of its introduction, it has seen more than 14 million registrations.
IT Minister Ravi Shankar Prasad said that "The recently launched BHIM app by the government of India will unleash the power of mobile phones for digital payments and financial inclusion. So far, over 140 lakh people have adopted the BHIM app."
Mr. Prasad had also stated that the government would be launching two new schemes in the form of referral bonus (for individuals) and cash-back scheme (for merchants) shortly to promote the usage of the app further.
Also, Aadhaar Pay - a merchant version of Aadhaar Enabled Payment System will also be introduced very soon to help people who don't have access to debit cards, mobile wallets or smartphones.
Mr. Prasad added that "Digital economy aims for speed, accountability, and transparency. We are also creating an eco-system to make India a global hub for electronics manufacturing. Over 250 investment proposals for electronics manufacturing have been received in the last two years, totaling an investment of Rs 1.26 lakh crore."