PM Modi’s demonetization scheme was one of the most turbulent events to have rocked the financial landscape in the recent years. However, things are now quieting down as people make their peace with the new notes. To ease the transition and drive cashless transactions, PM Modi also launched the BHIM app on the 30th of December.
Well, the app seems to be working its charm. In a mere 10 days since it was first launches, the BHIM app has generated over 10 million downloads! That is almost 1 million downloads a day — more than what some of the most popular applications can claim for themselves.
The announcement came from none other than Prime Minister Modi, on Monday.
Delighted to know that in a span of 10 days there have been over 10 million downloads of the BHIM App. BHIM App has made transactions faster and easier, thus making it popular among the youth. The App is also beneficial for traders.
He also added that,
The BHIM App is a fine example of Make in India and how technology is being effectively used to end the menace of corruption and black money.
The app combines UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service) services to bring cashless transactions to the fingertips of almost everyone in possession of a mobile device. While UPI is meant mainly for smartphones, the USSD service (which works by having the consumer dial a particular number) is meant to let folks with feature phones conduct transactions that involve their money.
The app is currently available in Hindi and English and offers support for the Android platform. That is expected to change however, with multi-language support along with an iOS version on the horizon. The app has been developed by the National Payments Corporation of India (NPCI) and currently supports 32 banks. However, users can also choose to send money to non-UPI supported banks through the beneficiary’s IFSC code and account number.