Indian Prime Minister Modi launches UPI-based mobile payment app

Wednesday, January 4, 2017

NEW DELHI: Urging people to make digital payments a “habit” to make the country a cashless economy, Prime Minister Narendra Modi on Friday launched a mobile app for the Unified Payment Interface (UPI). The application, which will be common across all banks and financial institutions, is called BHIM (Bharat Interface for Mobile).

In his 40-minute speech at Talkatora Stadium in New Delhi during the inauguration of the DigiDhan Mela, Modi time and again evoked Dr Bhim Rao Ambedkar — father of the Indian Constitution – and drew parallels between his contribution towards the upliftment of the downtrodden and the idea behind the BHIM mobile app.

“Right now, business happens by the way of [currency] notes and coins. That day is not far when all business transactions will be conducted through the BHIM app,” the prime minister said in Hindi.

Source: Economic Times (link opens in a new window)

fintech, mobile finance