The Economic Times
17 hours
The Economic Times
a month
NEW DELHI: On Tuesday, an internal review meeting was conducted in the ministry where presentations on digital banking were given to union minister for electronics and IT, Ravi Shankar Prasad. According to an official in the know, in the meeting it has been decided that all banks will be given instructions that all accounts have to be net banking enabled by 31st March. Currently, there are 30-35% of accounts in which customers have opted not to enable netbanking. “Banks are being instructed to persuade people to enable netbanking,” the official told ET. The person added that a person who has downloaded BHIM app and wants to transact but doesnt have netbanking facility will be allowed to conduct the transaction by the bankers if the person’s telephone number is authenticated in the system. One of the highlights of the meeting was that success rate of Bharat Interface for Mobile (BHIM), which was launched by the prime minister Narendra Modi in December has been high.
Beijing Bulletin
a month
The Economic Times
a month
The Economic Times
a month
The Economic Times
2 months
MUMBAI: The National Payments Corporation of India (NPCI) said that it is hoping all Public Sector Banks (PSBs) will join Bharat Interface for Money (BHIM) by the end of this month. BHIM is the common platform across the nation for making simple, easy and quick payment transactions using Unified Payments Interface (UPI). 37 banks are a part of the BHIM platform including PSBs like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India. The PSBs which will go live very soon on the platform are Corporation Bank, Punjab and Sindh Bank and five associates of State Bank of India. NPCI is working with these seven banks to ensure that all of them are a part of the platform by the end of this month. "Since the customer base of PSBs is very large, their participation in BHIM is of crucial importance for the success of this app. We are confident that once all PSBs are a part of BHIM, the user base will jump multiple times," said Mr. A. P. Hota, MD & CEO, NPCI.
The Economic Times
2 months
The Economic Times
2 months
The Economic Times
2 months
The Economic Times
2 months
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
2 months
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
3 months
It is a living and breathing platform that enables immediate payments. And it was a wake-up call for banks to get their technology act together. Bharat Interface for Money (or BHIM) is another of UPI’s progeny and applications. The buzz in the tech sphere is that it is the shape of things to come — read, technology and micro-lending. If BHIM has had something other apps dont, it is Prime Minister Narendra Modi’s voluntary endorsement. This counts for a lot in a land where banking access is abysmally low and faith in technology stillborn for more than 500 million people. Unsurprisingly, Modi’s endorsement helped BHIM achieve the same number of downloads in 10 days that a slicker PhonePe app clocked in five months. But here’s the thing: PhonePe is a standalone business and business enabler for parent company Flipkart. Paytm is a red-blooded digital wallet business.
The Economic Times
3 months
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
3 months
It is a living and breathing platform that enables immediate payments. And it was a wake-up call for banks to get their technology act together. Bharat Interface for Money (or BHIM) is another of UPI’s progeny and applications. The buzz in the tech sphere is that it is the shape of things to come — read, technology and micro-lending. If BHIM has had something other apps dont, it is Prime Minister Narendra Modi’s voluntary endorsement. This counts for a lot in a land where banking access is abysmally low and faith in technology stillborn for more than 500 million people. Unsurprisingly, Modi’s endorsement helped BHIM achieve the same number of downloads in 10 days that a slicker PhonePe app clocked in five months. But here’s the thing: PhonePe is a standalone business and business enabler for parent company Flipkart. Paytm is a red-blooded digital wallet business.
The Economic Times
3 months
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
3 months
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
3 months
Android Police
3 months
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 .
The Economic Times
3 months
The name of the app -- BHIM (Bharat Interface for Money) -- is in recognition of the contributions of Ambedkar for the uplift of poor and marginalised sections.
Mashable
3 months
India's Prime Minister Narendra Modi today announced a new app to encourage more Indians to pay online in the aftermath of invalidation of most circulated cash last month . Called Bharat Interface for Money (BHIM), the app works on top of the country's UPI mobile banking platform and uses a mobile number as the payment address. The app, which has the simplest user interface for any UPI-enabled app to date, is positioned as a substitute for plastic cards and point-of-sale terminals. SEE ALSO: Inside India's plan to substitute cash with its citizen's fingerprints To use BHIM app, a user is required to register their bank account with the app, set a UPI PIN for the account, and use their mobile number as payment address. Users also have the option create a custom payment address. The biggest selling point for the app is it works across all banks and users do not need to use separate apps in case they have multiple accounts in different banks.
The Economic Times
8 months
The Economic Times
9 months
The Economic Times
10 months
The Economic Times
10 months