In the New Year, the Indian Prime Minister Narendra Modi has made official today the launch of the Bhim app, which will represent the nation's new mobile payment system. Transactions can be secured via a simple fingerprint. Bhim, whose acronym stands for Bharat Interface for Money, is the Indian bet for a transition towards a cashless economy, which requires only a smartphone to make all kinds of transactions.
On stage at the DigiDhan Mela in New Delhi, Prime Minister Modi used a Google Pixel to show how easy it can be through the use of the app to send money to anyone in seconds with only a phone number and an address for payment. Once connected to the other party and have identified the latter and validated, the transfer becomes a very simple matter and in fact, you only have to enter a pin code, or use the fingerprint identification.
Narendra Modi called BHIM, through which Your thumb is now your bank, urging citizens to make at least five transactions in this way from 1 January. The BHIM application will empower the poor, Dalits, farmers and people from all tribes, he has insisted, as these populations, which carry out most of their cash transactions were the most hassled by demonetization.
Narendra Modi also unveiled a series of measures to facilitate the return to normal liquidity, while putting India back on track for growth. Some decisions should improve the purchasing power of farmers and help SMEs. One of the main advantages of Bhim is the fact that to make it work, it does not require a internet connection. Making the payment is available for users who do not have an Internet plan and is for users who live in areas with a weak signal coverage.
To try to convince many users to use this app, the Indian Prime Minister has introduced a lottery with daily prizes from 1000 Indian Rupees for the first 100 days, when the service is active. Everyone who will make transactions by at least 50 rupees, will be automatically entered to win the daily prize.
Bhim app is already compatible with over 30 lenders and is available for the Android operating system, with support for iOS which will arrive shortly.