Speaking at the DigiDhan Mela, an event organised to celebrate the success of digital currency push, PM Modi also reiterated that digital transactions will be rewarded with raffle-like cash prizes from the government.
The BHIM app comes with basic features such as the ability to send or receive money, linking of accounts, saving profile of the user, changing the language, recording beneficiary details and providing balance enquiry.
While using wit and humour to target his political opponents, who have been criticizing demonetization , PM Said that the drive was aimed at catching the "mouse" that eats away the nation's wealth.
"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.
The BHIM app will empower the poorest of the poor, he said. "It is for the small merchant, farmers in far-flung areas, tribals. That's why its name has been borrowed from the man who sacrificed his life for the downtrodden," the prime minister said.
He dedicated the new app to Dr B.R. Ambedkar and said: "The mantra of Dr Ambedkar was to work for the uplift of the poor. And the biggest power of technology is that it can empower the poor."
Prime Minister said that the mobile app is being improved upon so that in time,only your thumb will be needed to make a payment. You will eventually not be dependent on the internet, on smartphones, your thumb will be your bank."
While saying that for those with a positive mindset, India has several opportunities, PM Modi added that “ the day is not far when people will get loans in five minutes”.
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