For promoting the usage of BHIM (Bharat Interface for Money) mobile application, Prime Minister Narendra Modi has directed all central ministries, departments as well as states and union territories to set targets for boosting digital transactions and achieve the same by August 15.
This directive has come in the light of BHIM among payment platforms based on the United Payment Interface (UPI). According to National Payments Corporation of India (NPCI), transactions with respect to BHIM have dropped to 6.3 per cent transactions in April from 9.5 per cent in 2017-18.
BHIM app gained lot popularity after its launch by Prime Minister Narendra Modi, however, the app is facing tough competition due to players such as Google Tez, PhonePe and Paytm.
As per the media reports, Prime Minister Narendra Modi has asked cabinet secretary PK Sinha to hold a meeting with the Department of Financial Services for waiving off the transaction charges on BHIM-UPI usage, as per minutes of a meeting held on May 23.
Centre has already waived off charges on BHIM app for small transactions.