BHIM App Current Affairs

NITI Aayog signs SoI with Sushant Singh Rajput to promote Women Entrepreneurship Platform

NITI Aayog has signed Statement of Intent (SoI) with noted media personality and entrepreneur Sushant Singh Rajput to collaborate and support its flagship Women Entrepreneurship Platform (WEP) initiative. In his new role, actor turned entrepreneur will support NITI’s initiative for women entrepreneurs, to fund women-led startups to establish a vibrant, enabling entrepreneurial ecosystem for women of the country. He will also promote Bharat Interface for Money (BHIM) digital payments app for cashless economy by appearing in various video, print and social media campaigns of NITI Aayog. He will also support NITI Aayog in promoting Women Transforming India Awards 2018 with theme ‘Women and Entrepreneurship’.

Women Entrepreneurship Platform (WEP)

NITI Aayog had launched Women Entrepreneurship Platform (WEP) in March 2018 on the occasion of the International Women’s Day.

Objectives

  • Build ecosystem for women across India to realize their entrepreneurial aspirations, scale-up innovative initiatives and chalk-out sustainable, long-term strategies for their businesses.
  • Power vibrant entrepreneurial ecosystem through enabling network of industry collaborations, partnerships, mentors and peer-to-peer connect.

WEP helps aspiring women entrepreneurs in three different ways which is manifested as its three pillars. They are

  • Ichha Shakti: Motivating aspiring entrepreneurs to start their enterprise.
  • Gyaan Shakti: Providing knowledge and ecosystem support to women entrepreneurs to help them foster entrepreneurship.
  • Karma Shakti: Providing hands-on support to entrepreneurs in setting-up and scaling up businesses

Month: Categories: India Current Affairs 2018

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Prime Minister launches BHIM-Aadhaar platform

Prime Minister has launched BHIM-Aadhaar platform from Nagpur. BHIM-Aadhaar platform is the merchant interface of the BHIM App that has been launched for making digital payments using the Aadhaar platform. BHIM App was launched in December 2016 to provide a one-stop solution for all digital payments. The App created a new world record by registering 1.9 crore downloads within four months since its launch.

the newly launched BHIM-Aadhaar platform will help people to pay digitally using their biometric data like thumb imprint on a merchant’s biometric enabled device like a smart phone or a biometric reader. The App needs to be installed only by merchants and they need to connect their smartphones to the biometric scan machine to accept the payments from customers. The customers who want to pay using this app needs to link Aadhaar number and biometic fingerprint to complete a transaction.

Significance

  • The most significant aspect of this BHIM-Aadhaar platform is that it enables all those citizens without access to smart phones, internet, debit/credit cards to make digital transactions.
  • It eliminates the need to pay the fee currently being charged by the private card companies such as ‘MasterCard’ and ‘Visa’.
  • For merchants, it would eliminate the need for long waiting period and hassle of procuring a new POS (Point of Sale) machine.
  • For customers, it eliminates the hassle of remembering passwords, account numbers, or setting up of virtual payment addresses and using USSD codes to transfer money.

Offer schemes

Prime Minister has also launched two new offers rewarding BHIM users. Both the schemes will be administered by Ministry of Electronics and Information Technology (MeitY) and implemented by National Payments Corporation of India (NPCI).

BHIM – Referral Bonus Scheme

Under this scheme, both the existing BHIM users and the new users will get a cash bonus credited directly to their account. This scheme incentivizes the existing BHIM users to refer new users to BHIM. Upon completion of minimum 3 unique successful transactions amounting to Rs 50 to any 3 unique users, the bonus will be paid to both the referrer and the referee.

BHIM – Cash back Scheme

Under this scheme, merchants will get cash back on every transaction using BHIM. The merchants can get cashback of up to Rs 300 per month, with each merchant eligible to win up to Rs 1800 in 6 months.

Month: Categories: India Current Affairs 2018

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