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New Delhi: Transactions worth Rs361 crore have so far been made using the newly-launched Bhim application for mobile phones, Lok Sabha was informed on Wednesday.

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 convenient for the users.

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% in digital transactions, in India the figure was 3%. If the figure reaches 22%, it will help cut down black money from the economy.

To a poser on whether security was in place for digital economy, he said though no system is "101% fool-proof", India being a software-rich nation, it will be able to plug the flaws on its own.

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