PM Narendra Modi launches BHIM, a UPI-based payment app

"Prime Minister Narendra Modi launched the 'BHIM: Bharat Interface for Money', a real time cashless transaction scheme at the DigiDhan Mela on 30 December, and said that with the augmentation of a digital payments system, the thumb has become the bank and identity of a person, adding that the app will be epitome of a stringer economy."

"Earlier, an illiterate person was associated with the thumb impression, but now, your thumb has become your identity and bank and this new app BHIM, will be unique in the world, as it will be an epitome of a strong economy," he said.

Pitching for digital payments Prime Minister Modi said, "In two weeks, we will make one more accomplishment, it's security is being worked on. It will empower BHIM and you will only require your thumb to pay."

"Wait for that day when people would be notified about their eligibility for loan. This app BHIM is integrating banking onto one common platform," he added.

The Prime Minister also criticised the Opposition, saying he did not have medicine for those who are pessimistic but added that there are lots of opportunities for those who are optimistic in their approach.

Prime Minister Narendra Modi will address the nation tomorrow evening on the impact of his demonetisation drive.

Modi said, "Some leaders said, "Khoda pahaad, nikli chuhiya" (Dug a hill, found a rat). I wanted to tell them to I aimed at dragging that rat out of the hill, that rat which burrows and makes the hill hollow. I wanted to make sure the foodgrains my farmers produce are not eaten away by such rats."

Prime Minister Modi also launched Aadhar Pay and the rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data).

Prime Minister Modi recently announced two award schemes named 'Lucky Grahak Yojana' for retail consumers and 'Digi Dhan Vapar Yojana' for small businesses to encourage digital payments during his 27th edition of 'Mann ki Baat' address.

The winners will get a minimum of Rs 1,000 through a lucky draw, while the winners will be chosen on a daily and weekly basis under the Lucky Grahak Yojana, merchants who have won under the Digi Dhan Vyapar Yojana will be announced every week.

The first 'Digi Dhan' mela (fair) was organised in Gurugram, Haryana on Monday and was inaugurated by Haryana Chief Minister Manohar Lal Khattar.

-ANI