5 million users download BHIM app in four days1 min read . Updated: 04 Jan 2017, 12:19 AM IST
Around 700,000 transactions done through the BHIM app within four days of its launch
New Delhi: Within four days of launch, Bharat Interface for Money or BHIM, an app developed by the government, has attracted 5 million users and enabled close to 700,000 transactions, according to CEO of Niti Aayog, Amitabh Kant.
The impressive numbers indicate the growth potential of the digital payment business in the wake of a cash crunch induced by demonetisation.
BHIM was launched on Friday by Prime Minister Narendra Modi to promote digital transactions using Unified Payments Interface, a bank-to-bank fund transfer system backed by the Internet and smartphones, using phone numbers linked to banks.
The app developed by the National Payments Corp. of India is available for download in the Google PlayStore for Android smartphones. An IoS version is expected to be launched in 10 days.
The app is linked to over 30 private and public sector banks such as State Bank of India, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, Union Bank of India and Kotak Mahindra Bank.
Amitabh Kant tweeted on Tuesday that around 1.5 million bank accounts had already been linked with the app and more than 1.4 million payment addresses been created. Payment address is an address which uniquely identifies a person’s bank account.
Within two days of its launch, the app became the top free app on Google PlayStore.
Currently, there is a limit of Rs10,000 per transaction and Rs25,000 in a day for transfers done through the bank account. The app, which is currently available in Hindi and English, is expected to be launched in other regional languages soon.