The Economic Times
4 days
It is equally important to ensure that the money is spent. I would identify just three to five pan-national investment programmes (or revised and aggressive targets for existing programmes) that can absorb increased allocations. I would also announce a transparent and regular monitoring system for these programmes. Recapitalise banks substantially For the financial sector I would do three things. I would allocate a significant amount to expand the coverage of low end payment platforms, specifically BHIM. I would also set aside a significant amount for recapitalization of banks reeling under NPL pressures but disburse this under stringent conditions. I would also do away with the tax on interest income on bank deposits for individuals (not trusts or companies) to revitalize its role as a safe and attractive saving instrument. Cash in on govt land pool To gather resources, I would go in for aggressive monetization of the large pool of land available both with government departments as well as public sector companies.
The Economic Times
5 days
The Economic Times
6 days
Till date, Genpact’s employees have answered more than 5,000 calls in English and Hindi. Srinivasan added that most of the queries have been around the procedures to be followed while making online payments, followed by questions on BHIM and Paytm. “There is a lot of education, the kind of questions are very basic. BHIM, the government’s UPI app is the subject of many queries,” said Sandeep Sen, chief executive officer, Aegis, adding that essentially the objective is to educate buyers and sellers such as small kirana stores on how to conduct digital transactions. Aegis has provided 30 employees out of its Kolkata centre. Intelenet too is offering 30 seats from its Mohali centre for the project and expects to incur a cost of around 30 lakh for the entire exercise. “We started it three weeks ago and plan to review it in the first week of February and come back to the government to prove there is merit in the exercise,” Singh said.
The Economic Times
7 days
NEW DELHI: Your Aadhaar card could soon become a universal payment ID. In a few weeks, the government will unveil a feature for payments through the Bharat Interface for Money (BHIM) app by simply entering the 12-digit Aadhaar number. Transactions where Aadhaar is listed as a payment ID on the BHIM app will not require any biometric authentication or prior registration with the bank or Unified Payment Interface (UPI). This will make it more mainstream since almost one-third of India already has Aadhaar numbers, which have been linked to their bank accounts. UIDAI is currently working with banks and the National Payments Corporation of India (NPCI) and expects to roll out the feature in the “next few weeks.” Ajay Bhushan Pandey, chief executive of Unique Identification Authority of India (UIDAI), told ETthat almost 38 crore people have already linked their bank accounts with Aadhaar and can receive payment directly from the UPI app without having to register first.
The Economic Times
7 days
Your 12-digit ID could soon become the Aadhaar of a cashless, hassle-free lifeThe government will soon unveil a feature for payments through the Bharat Interface for Money (BHIM) app by simply entering the 12-digit Aadhaar number.
The Economic Times
11 days
The Economic Times
13 days
IT is hard to gauge BHIM’s identity as a consumer app without understanding the Unified Payment Interface (UPI) platform that powers it. The UPI concept itself was made possible by the National Payments Corporation of India (NPCI), an umbrella organisation set up in 2006 at the behest of the Reserve Bank of India for all retail payment systems of the land. It is singularly responsible for paving the way for tech startups to work with commercial banks on one hand and serve customers like you and me on the other. UPI needed all banks to become interoperable with the UPI technology (between February and June 2016), which is no mean task. NPCI took two extra months to ensure as many banks as possible were on board a compact system. UPI is how apps like PhonePebuilt in less than a year — help make the inter-banking experience as simple as email for customers.
The Economic Times
13 days
How PM Modi is helping spawn a tech ecosystem for the poor through 'basic' BHIM appYou may not remember this mobile app in some years as much as you’ll remember the digital payment ecosystem that Bharat Interface for Money spawned.
The Economic Times
13 days
IT is hard to gauge BHIM’s identity as a consumer app without understanding the Unified Payment Interface (UPI) platform that powers it. The UPI concept itself was made possible by the National Payments Corporation of India (NPCI), an umbrella organisation set up in 2006 at the behest of the Reserve Bank of India for all retail payment systems of the land. It is singularly responsible for paving the way for tech startups to work with commercial banks on one hand and serve customers like you and me on the other. UPI needed all banks to become interoperable with the UPI technology (between February and June 2016), which is no mean task. NPCI took two extra months to ensure as many banks as possible were on board a compact system. UPI is how apps like PhonePebuilt in less than a year — help make the inter-banking experience as simple as email for customers.
The Economic Times
13 days
The official said people are also looking at the future where most financial transactions are slated to become Aadhaar-enabled, which will be card-less and pin-less, like the BHIM App.
The Economic Times
14 days
The Economic Times
15 days
It is an absolute pre-requisite for Digital India," he said. When asked by when will the public wifi hotspots become a reality in India, Sharma said the regulator's mandate is to provide recommendations and framework. "Implementation is not our mandate. So, we will create such conditions or try to give recommendations that will ensure that these proliferate," he added. Digital payment channels have seen massive uptake and rise in transactions after demonetisation was announced on November 8. According to the government data, UPI transactions -- which allow users to transfer funds from one bank account to another using a smartphone -- grew 1,342 per cent, from 3,721 such transactions a day on November 8 to 53,648 on December 25. In value terms, it grew 647 per cent, from Rs 1.93 crore a day to Rs 14 crore, during the same period. On December 30 last year, Prime Minister Narendra Modi launched an indigenous digital payments app BHIM for fast and secure cashless transactions using mobiles.
The Economic Times
15 days
The Economic Times
17 days
..." Speaking at a session on 'Startups and innovations which have social impact in India' at the Youth Pravasi Bharatiya Divas here, he said, "What we are pushing now is digital payment in a very big way and it is a huge disruption with several innovative methods. "India has created a back end in terms of biometric which will enable India...," he said, highlighting recently launched BHIM app and Aadhar enabled payment system initiatives. Pointing out that India is the only country with a billion mobile and billion biometric, Kant also noted that India is largely a cash driven economy. He said whatever the biggest attempts of demonetisation and push for digital payment, only 2 to 2.5 per cent of Indians pay taxes, so India needs to move from a non-formal to a formal economy. "It is impossible for India to become a 10 trillion economy like this.
The Economic Times
18 days
NEW DELHI: When Prime Minister Narendra Modi launched the Bhim app last week, the common platform for the Unified Payment Interface (UPI) was touted as the next big thing that would help widen the adoption of cashless transactions in the country. Yet, the National Payments Corporation of India (NPCI), the agency that handles all retail payment systems in the country, is "getting impatient" with companies such as Flipkart, Amazon, Paytm and Indian Railway Catering & Tourism Corporation for taking time to integrate with UPI, which forms the core of Bhim. That’s because customers who have downloaded the app arent finding enough avenues to use it because merchantsespecially online ones that are expected to generate the bulk of such payments – have been slow to warm up to the new system. AP Hota, managing director, said NPCI is "not very happy" with the 70,000 UPI transactions a day, the figure before the Bhim app was launched on December 30.
The Economic Times
19 days
Mashable
19 days
India's big push to go digital and embrace epayment solutions could soon have the backing of a major player: Google. SEE ALSO: BHIM app will replace all cash transactions in India: PM Modi Google CEO Sundar Pichai said today the company is thinking and working hard to bring some of its services that will work on top of the Unified Payments Interface. The UPI is India's audacious project to make person-to-person and e-commerce transactions swifter and easier . Speaking about UPI, Pichai said, "I think it's a bold and courageous move and it is a platform shift for the underlying economy to try and digitize how cash moves around and we are excited by it," he said in an interview with NDTV , adding that such major moves often take time to play out. Read more... More about Finance , Money , India , Upi , and Sundar Pichai
The Economic Times
21 days
NEW DELHI: For about two months till the launch of the Bharat Interface for Money (BHIM), more than a dozen people at a New Delhi company slogged it out, spending sleepless nights to ensure that the app was safe and that the security loopholes were plugged before it went live. This dedicated team comprised employees of Lucideus Tech, one of the cybersecurity companies that provided security for the app developed by the National Payment Corporation of India and launched by the Prime Minister on Friday. "We literally worked all night for the last few weeks on the app. Over a dozen people at Lucideus were working exclusively on this," said Saket Modi, chief executive of the company. Lucideus has in the past worked with organisations such as ICICI Bank, Standard Chartered, IndiGo and KFC. BHIM, the mobile app based on the Unified Payments Interface (UPI), is initially available only on Android devices.
The Economic Times
22 days
How Team Lucideus spent sleepless nights to make Modi's BHIM app invincible An authentication takes place between the bank and the user’s mobile number registered with the bank. The third is the UPI PIN, set by the user.
The Economic Times
22 days
How Team Lucideus spent sleepless nights to make BHIM invincibleAn authentication takes place between the bank and the user’s mobile number registered with the bank. The third is the UPI PIN, set by the user.
The Economic Times
22 days
She had described the new Bharat Interface for Money (BHIM), named after B R Ambedkar, as a lottery app and had slammed the PM for this.
The Economic Times
24 days
Android Police
24 days
Just in time for the new year, India's Prime Minister Narendra Modi has today officially launched the BHIM app, the country's new mobile payment solution. BHIM (which stands for Bharat Interface for Money) is India's bet to push the switch to a cashless economy, requiring nothing more than a smartphone to make any sort of transaction. On stage at the DigiDhan Mela in Delhi, Modi used a Google Pixel to showcase the app, demonstrating how easy it is to send money to anyone in just seconds with nothing more than a phone number or payment address. Read More India launches BHIM app to replace cash with digital transactions was written by the awesome team at Android Police .
Daily Mail - India
24 days
BHIM app is meant for common people to make payments directly from bank account to another bank account using just the mobile number of payment address.