India’s Prime Minister Narendra Modi announced the launch of BHIM (mobile application) to encourage a new age economy that will be driven more and more by digital transactions.
Bharat Interface for Money (BHIM), is an aggregator for all UPI-based services offered by banks. BHIM enables practically anyone with a smartphone to seamlessly transfer or receive money instantly. Whether you want to receive payments, or send money to someone, you can get going in a few quick clicks. It took me less than a minute to download, install and make a payment. As long as you know how to navigate your way through a simple android smartphone, you will have no trouble at all with BHIM.
By 2017, the number of smartphone users are estimated to reach 340 million, which is 30% of our total population. For non-smart phone and non-internet users, USSD transfer system is a great alternative. It is already available in 11 regional languages and is a good option for rural citizens. Wallets like PayTM have also started supporting off-line and non-smart phone options. Widespread adoption of BHIM (and other payment apps and wallets) will completely revolutionize how transactions take place in our country. The pace of adoption is going to be mind boggling. What would have happened over 6-10 years in the normal course will now happen over 6-10 months.
India will soon set a shining example to rest of the world on how to become a digitally driven and a more accountable economy.