Digital India Current Affairs - 2020

UPI to be launched globally after hitting One Billion transactions in October

The Government of India in its major boost towards cash less digital economy launched the Unified Payments Interface (UPI) channel. The transactions through the channel has reached One Billion in the month of October

Highlights

  • The milestone has been achieved after three years of launch of technology backed payments solution. The system was built by National Payments Corporation of India (NPCI)
  • The platform is one of the fastest growing initiatives of GoI and also the fastest adoption among all other payment systems anywhere in the world.
  • The system is to be taken to the global market. The plan is to be executed by NPCI. The team will first launch UPI in Singapore and then in UAE.

UPI

The UPI was launched before demonetization in 2016. It enables the users to send money from their account to any account without entering bank details. The transactions in UPI are made using email ids and QR codes. The main objective behind the launch of UPI was to promote digital payments.

Govt launches BHIM 2.0

Union Minister of Electronics and Information Technology (MeiTY) Ravi Shankar Prasad unveiled a slew of new initiatives and programmes, including BHIM 2.0 that packs-in new functionalities, supports additional languages and has increased transaction limits.

He also launched a host of new initiatives including MeitY Startup Hub (MSH) portal, Indian Software Product Registry and selected Incubation Centres under Technology Incubation Development for Entrepreneurs 2.0 (TIDE 2.0).

TIDE 2.0– It is aimed at strengthening nearly 2000 technology based startups in areas of national concern by taking advantage of emerging technologies as well as empowering 51 incubation centers across the country.

About Bharat Interface for Money (BHIM)

BHIM is a UPI based payment interface application that allows real time fund transfer. It is developed by National Payments Corporation of India (NPCI) and was launched in December 2016. It is in line with government’s vision of Digital India.

BHIM 2.0 Features

The upgradation has added a bunch of new functionalities and has made app more feature-rich and effective.

The new version of BHIM also supports three additional languages- Konkani, Haryanvi and Bhojpuri, over and above existing 13.

Other features-

  • ‘Donation’ gateway
  • Increased transaction limits for high value transactions- increasing the existing cap of Rs. 20,000 and now up to Rs. 1,00,000 from verified merchants.
  • Llinking multiple bank accounts
  • Offers from merchants
  • Option of applying in IPO
  • Gifting money