Industry stakeholders call BHIM app a 'game-changer' for cashless payments in India

hiddenDec 31, 2016 11:05:43 IST

Praising the Aadhaar-based mobile payment application, BHIM (Bharat Interface for Money), which was launched by Prime Minister Narendra Modi on Friday, the industry stakeholders said it is a game-changer for cashless payments in India.

"This will be a game changer for cashless payments in India. UPI (unified payment interface) is the most advanced payment system in the world. This will develop the overall payments ecosystem in the country," said Rahul Gochhwal, co-founder Trupay, in a statement.

Earlier in the day, Modi said BHIM app was very simple to use and a thumb impression was enough to operate it.

"Be it a smartphone or feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity. One only needs a thumb. There was a time when an illiterate was called 'angutha chhap'. Now, time has changed. Your thumb is your bank now. It has become your identity now," he added.

"This would be instrumental in further strengthening the digital payment system along with realising his dream of building a cashless economy," said Bipin Preet Singh, founder and CEO of MobiKwik.

"Going forward, we hope that provisions would be made for adding e-wallets on the Unified Payment Interface thereby enabling the people to pay through bank accounts or e-wallets using the BHIM app," he added.

IANS