Current Affairs + Answer Writing Classes by ForumIAS

Admissions to the Revision Classes for Mains ( Current Affairs+ Answer Writing ) is now open at the Offline Center in New Delhi. Click here to know more and enroll.. Note : Rs. 1000 OFF for all MGP Students , valid till July 11. Email student@forumias.academy to request refund of Rs. 1000 or Visit our Offline Center at http://is.gd/ForumIAS
   

BHIM launched (Bharat interface for Money )

Will work through fingerprint and is the next big Idea towards Cashless economy


Your views invited in the context of the current Indian scenario,where the smartphone using population is almost equal to those not using it.

Still many Indian elderlies are not much conversant with android and the internet world.

Please be polite and balanced in views.
Your comments should express the pros and cons and shouldn't show any particular inclination.

Mods: Please note that this is just for getting views and doesn't intend to create any chaos.

You can close or delete if things go out of control.
God has been generous. Now is my turn to prove he wasn't wrong
#myquote.

hindi literature optional. PREPARING NOTES FOR HINDI and would like to see notes of others.interested aspirants can contact here or @ daanveerakarna@gmail.com
·

Comments

  • edited December 2016
    Jan dhan accounts and other accounts which are seeded with aadhar card does not need smartphone for payments.
    Just an authentication of finger print is enough to transact.

    Most of the shops in the coming days are expected to have finger print scanners. People only have to remember the bank name and no need of any account details.
    To make payment, one just has to scan their fingerprint and the transaction is done.
    Will be very helpful for those who can't afford to buy and for those who are not comfortable with smartphones.

    People will still have the option to transact using cash.

    Only issue is of data security, which the govt should take care.
    There is news in the air that quantum encryption may be employed in future with our country going all digital. Let's see how it pans out.
    Good Bye. See you Later.
    ·
  • edited December 2016
    I wrote something something without reading. :sweat_smile: forgive me oh karna. :D
    Good Bye. See you Later.
    ·
  • hey bros and their sis.... download BHIM app from here: https://play.google.com/store/apps/details?id=in.org.npci.upiapp
    ·
  • I have sbi maestro debit card and it does not have expiry date, so not able to set mpin to use UPI, anybody having any solution?
    ·
  • As far as my knowledge for such cards 01/2049 works fine.Or try other options if this doesnt work. .do inform if it helped.
    God has been generous. Now is my turn to prove he wasn't wrong
    #myquote.

    hindi literature optional. PREPARING NOTES FOR HINDI and would like to see notes of others.interested aspirants can contact here or @ daanveerakarna@gmail.com
    ·
  • mandawar said:

    I have sbi maestro debit card and it does not have expiry date, so not able to set mpin to use UPI, anybody having any solution?

    hey @mandawar bro..... for expiry date add 5years 8month to the starting date
    ·
  • mandawar said:

    I have sbi maestro debit card and it does not have expiry date, so not able to set mpin to use UPI, anybody having any solution?

    hey @mandawar bro..... for expiry date add 5years 8month to the starting date
    This doesnt work for sure .try 01/2049..this wil.
    God has been generous. Now is my turn to prove he wasn't wrong
    #myquote.

    hindi literature optional. PREPARING NOTES FOR HINDI and would like to see notes of others.interested aspirants can contact here or @ daanveerakarna@gmail.com
    ·
  • mandawar said:

    I have sbi maestro debit card and it does not have expiry date, so not able to set mpin to use UPI, anybody having any solution?

    hey @mandawar bro..... for expiry date add 5years 8month to the starting date
    This doesnt work for sure .try 01/2049..this wil.
    OK :(

    as you can see I am @CreditCardCVV so i don't use small things like ATM and debit card......
    ·
  • mandawar said:

    I have sbi maestro debit card and it does not have expiry date, so not able to set mpin to use UPI, anybody having any solution?

    hey @mandawar bro..... for expiry date add 5years 8month to the starting date
    This doesnt work for sure .try 01/2049..this wil.
    OK :(

    as you can see I am @CreditCardCVV so i don't use small things like ATM and debit card......
    Hahaha :+1:

    God has been generous. Now is my turn to prove he wasn't wrong
    #myquote.

    hindi literature optional. PREPARING NOTES FOR HINDI and would like to see notes of others.interested aspirants can contact here or @ daanveerakarna@gmail.com
    ·
  • same issue as with these:-
    1.aadhar- security of huge data, in this case shopkeeper's authenticity n servers prone to b hacked with millions of biometric data at stake
    2.jan dhan-not every1 hs a bank account + yet to b linked with aadhar +mobile number
    3.it must need fast internet connectivity for on the spot transactions between two databases-banks n aadhar- here again connectivity issue lingers for various regions for our country
    4. trust on digital payments -needs continuous efforts to build digital literacy
    plus points-same as goes with digital payments plus no transcations cost
    @pizza its an app?hw without smart phone then?
    He is out there holding your hand...
    ·
  • peace said:

    same issue as with these:-
    1.aadhar- security of huge data, in this case shopkeeper's authenticity n servers prone to b hacked with millions of biometric data at stake
    2.jan dhan-not every1 hs a bank account + yet to b linked with aadhar +mobile number
    3.it must need fast internet connectivity for on the spot transactions between two databases-banks n aadhar- here again connectivity issue lingers for various regions for our country
    4. trust on digital payments -needs continuous efforts to build digital literacy
    plus points-same as goes with digital payments plus no transcations cost
    @pizza its an app?hw without smart phone then?

    Yes it's an app, similar to Paytm but much more reliable faster and with lots of options.
    Without smartphone, please see my 1st comment on this thread.
    Good Bye. See you Later.
    ·
  • ok for jan dhan
    ^correction needed here
    He is out there holding your hand...
    ·
  • ias bas schemes ko fancy names dene mein hoshiyar hote hai.
    ·
  • edited December 2016
    Biggest issue is of data security and breach. Infact technology giants like USA and Russia are vulnerable to cyberattacks and in recent months there was loss to PSB amounting to lakhs of crores. If this is the case, our financial security will become prone to external forces as till now no technology is full proof.
    We can do digitalisation in a phased manner but not revolutionising it. Demonetisation is a good step but it has not yielded desired results since during these 50 days, no politician is behind bars. Infact only middleman is being caught.
    Best possible way is to give people choice for transaction and make them aware of benefits of digital payments. It will take time, but will be sustainable. We cannot remove corruption but can definitely weed out corrupt (by passing lokpal bill which has it's Genesis in 1960's but gained momentum during 2011)
    ·
  • Digital payments can go a long way by ensuring that people get digitalised, not through coercion or technology but by removing social barriers. If we are shackled by our redundant customs, and want to become digital economy it will definitely lead to self contradiction and shallow development
    ·
  • Similar is the case with payment apps like paytm. I mean I have first hand experience of not getting refund two times in a row
    Customer care is not responsive so there may be a lack of trust on these apps
    ·
  • Regarding demonetisation, it is a good idea with unplanned executive action. I read in Hindu that 500 rs notes were printed after 8 November furthering the cash crunch. Demonetisation is linked to digital payments because 2000 rs notes have less liquidity, 500 rs notes are very less in circulation and small denomination notes can be used only for daily purchases.
    ·
  • What is unique about BHIM?

    BHIM (Bharat Interface for Money) is a digital payments solution app based on Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI). BHIM is just like a cover what is inside is the UPI’s fabulous payment mechanism.

    What makes BHIM important?

    There are different digital wallets like Paytm, which are basically prepaid wallets that require to transfer money from your bank account to the prepaid wallet. But in the case of BHIM (UPI), there is no such money transfer, no recharge as the money is stored with the bank. This type of arrangement became possible as both UPI and BHIM are sponsored by NPCI which is an offspring of RBI. The trust factor is big and the banks are ready to join UPI because of the ‘government factor’. The authorization of the transaction under BHIM will be done by the banks themselves (mechanically) as money used under BHIM are with the bank accounts. The authentication (executing the payment) should be done by the customer through his mobile phone.

    In this context, BHIM can disrupt the existing private sector mobile/digital wallets. Future of BHIM is to be seen curiously because though small, there are several minuscule transaction costs related with digital payments. For example, if BHIM is to be used for buying goods, merchants should make arrangements with their banks. Banks here will charge the merchants and the latter may put it on customers. Hence some sort of a fees will be charged on BHIM transactions as well. Such issues will come only after the ‘promotional period’ of BHIM is over.

    Background

    The NPCI is rocking with digital payment innovations. Its UPI is a payment interface that allows payments digitally by using virtual addresses. The real id and bank account number are not exposed under UPI and that makes it superior to the swiping based PoS.

    Under UPI, banks have their own UPIs and individuals should use separate virtual ids with respect to each account.

    Now the government has launched an app called BHIM to enable the user to use only one UPI app in the form of BHIM - a prototype of a payment wallet app for making all UPI based payment functions.

    BHIM is unified UPI app based on a single UPI enabled bank. In the case of UPI, app of each bank was necessary to execute the transaction. But in the case of BHIM, only one bank account is to be attached to facilitate transaction to any bank.

    What is the difference between prepaid wallet like Paytm and BHIM?

    In the case of a prepaid digital wallet like paytm, the money should be transferred to the paytm wallet. The main feature of BHIM is that as a digital wallet, it is based on the bank account. It is not a prepaid wallet like paytm where money is stored. Rather, the money here is stored with the bank.

    What is the main peculiarity of BHIM? How it differs from Digital wallets?

    BHIM is an app connecting the user to the UPI’s payment platform. It is not a digital wallet like the Paytm. Here, BHIM will use the bank account of the user which is attached with the UPI.

    BHIM is based upon the UPI platform developed by NPCI and it is designed as a supportive app for UPI.
    BHIM app can be used to send and receive money to other non-UPI accounts or addresses.
    Money can be send via IFSC and MMID code to people who don’t have a UPI-based bank account.
    QR based digital payments can be made through BHIM: Here, the user should create his own QR code for a fixed amount of money, and then the merchant can scan it for deduction.

    Found thjs article from this link: http://www.indianeconomy.net/splclassroom/324/what-is-unique-about-bhim/
    be a UPSC killer than a UPSC lover
    ·
Sign In or Join to comment.

Welcome!

We are a secret self-moderated community for Civil Services preparation. Feel free to join, start a discussion, answer a question or just to say Thank you.

Just dont spread the word ;)

Sign in or join with Facebook or Google

Subscribe to ForumIAS Blog