BHIM Aadhaar Pay

BHIM Aadhaar Pay

Bharat Interface For Money
Prime Minister Narender Modi Launched BHIM(Bharat Interface for Money) Aadhaar Pay on eve of Ambedkar Jayanti in Nagpur. It is a biometric based payment system which enable us to make payment with help of thump impression. This will be a major step towards cashless economy.

Customers need not to have smartphone or debit and credit cards for this type of digital payment. There is no need of POS machine or ewallet. Merchants need to have fingerprint reader which connected to their smartphone having Aadhaar Pay app. Also cost of biometric scanner is very less as compared to POS machines.

Merchants need to have this BHIM Aadhaar Pay app which can be downloaded from Google Play Store and iOS Play Store. Once validated it can be used to accept online payment from customer Aadhaar linked bank account to merchant bank account. Customer need to authenticate the transaction with thumb impression which is saved in Aadhaar Database.

For Aadhaar Pay client just need to mention 12 digit Aadhaar number  and they can choose to pay from any of their Aadhaar linked bank accounts. It is easy way of payment even for people who cannot read or write, no password is required, only thumb impression is sufficient. Merchants pay Merchant Discount Rate(MDR) in case of Debit and credit card transactions but in case of Aadhaar Pay merchants are not required to pay MDR. There is no extra charge for merchants or customers on transactions using BHIM..

BHIM is based on Unified Payment Interface (UPI) which directly linked with customers bank account unlike ewallets like Paytm, Mobikwik etc. So there is no need to transfer money to ewallets. There is new incentive scheme for BHIM users- BHIM Cashback Scheme(for merchants) and BHIM Referral Bonus Scheme(for individuals). This will help in curbing black money and making transparent transaction system.

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