Both Apps uses Unified Payments Interface (UPI) technology to transfer money between any two individuals and between an individual and a merchant.
"Friends, the government of India has provided you a good opportunity. The new generation is almost getting free of cash transactions. The new generation does not need cash. The new generation believes in digital payments," Modi said in his monthly radio programme 'Mann Ki Baat'.
According to R Gandhi, recently retired as the Reserve Bank of India’s Deputy Governor said, "Right now we are trying to do all things including Aadhaar Pay, UPI, BHIM and simultaneously trying to work on MDR (merchant discount rates) on card payments."
Regarded as the father of the Indian Constitution, Ambedkar was a Dalit icon who fought against atrocities on Dalits
Prime Minister Narendra Modi today paid tributes to dalit icon B R Ambedkar on his 126th birth anniversary
Aadhaar enabled payment system has made digital payments possible for even those who do not have mobile phones.
BJYM activists, led by their chief Poonam Mahajan, today launched a week-long campaign to popularise the BHIM application by helping policemen download the e-payment app.
Cyber security firm FireEye said the apps were infected with malware that could allow hackers to steal user credentials.
Transactions done through the Unified Payments Interface (UPI) have seen a massive jump, in what would be a boost to Prime Minister Narendra Modi’s push towards digital payment.
Facebook-owned messaging app WhatsApp could soon make a foray into digital payment services starting with India and is looking to hire a digital transactions head for the country.
A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China.
As customers reduce their dependence on banks for their financial needs, fintech firms are spreading their focus to a wide range of products.
IT Secretary Aruna Sundarajan said the government was looking to rationalise charges on digital transactions as part of its push for a less-cash economy.
Indigenous digital payments app BHIM, launched by the central government last December for fast and secure cashless transactions, has recorded 18 million downloads so far, Niti Aayog CEO Amitabh Kant today said.
Latest RBI data suggest that measures implemented to push digital transactions haven’t been able wane citizens off the “touch and feel” of cash.
Cyber security has become a hot-button topic particularly after demonetisation gave a huge filip to digital payments. However, banks have still not put in adequate security measures to prevent cyber fraud.
"It is not worth commenting now," Mobikwik chief business officer Vineet K Singh said here today when asked how did he perceive relevance of wallets at a time when the government was pushing for Aadhaar-based biometric payment systems.
The government has shifted the responsibility of promoting digital transactions in the country to the Ministry of IT and Electronics (MEITY) from NITI Aayog.
Digital payment can check black money and play a key role in fighting graft, Prime Minister Narendra Modi said today as he asked the youth to become an "anti-corruption cadre" as part of the "cleanliness" drive.
Speaking to CNBC-TV18, Amitabh Kant, CEO of NITI Aayog, said the government was also pushing for an Aadhaar app and a reduction in the Merchant Discount Rate.
The government will launch within a month two schemes -- the Referral Bonus Scheme for individuals and Cash-back Scheme for merchants -- to promote the indigenous digital payments app BHIM.
"There has been over 17 million downloads of the BHIM app so far," Kant said at a press meet.
Minister of State for Law and IT PP Chaudhary today said that government's digital payment application BHIM may take lead among the most successful branded software products in the country.