Prime Minister Narendra Modi today launched BHIM-Aadhaar platform for merchants. This biometric-based payment system makes paying with the help of thumb impression a reality, in Nagpur. On the occasion, PM Modi said that soon people’s mobile phone will become ATMs. “The day is not far when premises-less banking will become and reality and mobile phones will play the most crucial role in it.”What is Aadhar
What is Aadhar Pay:
Aadhaar Pay is the merchant version of the Aadhaar Enabled Payment System (AEPS). It will especially benefit those who do not have debit cards, mobile wallets, and mobile phones.
BHIM Referral Bonus Scheme (For Individuals)
The Referral Bonus scheme will incentivize existing BHIM users for bringing new users on the BHIM platform and encouraging the new users to do transactions with others using BHIM or by referring new users on BHIM. Hence, the bonus will be paid to both the referrer and the new user of BHIM (referee). The referral will be considered successful only after 3 unique successful financial transactions have been completed by the new user.
On completion of minimum 3 unique successful transactions totaling only Rs 50 to any 3 unique users (either to customers or to merchants), the referrer and the referee will be notified about the bonus amount via notification in BHIM app. The referrer will get Rs 10 per successful referral, while the new users will get Rs 25 for downloading and transacting from BHIM App.
BHIM Merchant Cashback Scheme
The scheme incentivizes not a just one-time adoption of BHIM by merchants, but will also encourage transactions via BHIM mode (either QR code or VPA or Mobile number or ‘Pay to Aadhaar’). The cashback to the merchant can be up to Rs 300 per month, with each merchant eligible to win up to Rs 1800 in 6 months.
How to make Transaction:
With the new BHIM Aadhaar service, any Indian citizen with a bank account and Aadhaar card can make cashless payments. With a tagline that says ‘New India, New Economy,’ the BHIM Aadhaar app will do away with the need of having a smartphone, the internet, and credit/debit cards to make digital payments.
Merchants will need a smartphone and the biometric-enabled device to read the biometric data. And all you need is your 12-digit Aadhaar number and your thumb. So, the next time you go to a nearby general store, a shopping mall, an electronics store or even to buy milk or vegetables, you don’t need to carry your wallet or smartphone.
To make a transaction, the merchant will need to enter your Aadhaar number in the app, select your bank account, enter the amount and scan your fingerprint on the biometric device. That’s it. Now, your fingerprint is your bank and your identity.