BHIM app users have made transactions worth Rs 361 crore so far: Govt

Transactions worth Rs 361 crore have so far been made using the newly-launched Bhim app for mobile phones.

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BHIM is a digital payments solution app based on the Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI).

Transactions worth Rs 361 crore have so far been made using the newly-launched Bhim application for mobile phones, Lok Sabha was informed today.

Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users.

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Earlier, the consumers had to use different applications offered by various banks for digital transactions. Responding to supplementaries during Question Hour, he said while Scandinavian countries have achieved a rate of 90 per cent in digital transactions, in India the figure was three per cent.

Also read: BHIM app explained: Here’s what this new UPI-based app does

If the figure reaches 22 per cent, it will help cut down black money from the economy, Singh said. To a poser on whether security was in place for digital economy, he said though no system is “101 per cent fool-proof”, India being a software-rich nation, it will be able to plug the flaws on its own