Prime Minister Narendra Modi has asked all central ministries and departments as well as states and union territories to set targets for digital transactions through the state-run BHIM (Bharat Interface for Money) mobile application and aim to achieve them by August 15.
This comes in the wake of the fall in the share of BHIM among payment platforms based on the United Payment Interface (UPI) to 6.3% transactions in April from 9.5% in 2017-18, according to data on the website of the National Payments Corporation of India (NPCI). BHIM app has seen an increase in transactions since its launch by the PM on December 30, 2016, but has been losing out of late to other popular UPI platforms such as Google Tez, PhonePe and Paytm. Increase in digital transactions through platforms such as BHIM app could figure in the PM’s Independence Day address on August 15, said people aware of the matter.
BHIM is a smartphone-based app that allows simple, easy and quick payment transactions using UPI. Users can make direct bank to bank payments instantly and collect money using the mobile number or payment address.
NPCI says it is unique payment solution which empowers an individual with immediate send and collects request. There are 95 banks on board the BHIM platform presently along with major bill payment systems.