In an attempt to push for digital payments after the demonetisation of Rs 500 and Rs 1,000 notes, prime minister Narendra Modi today launched the BHIM app, which enables easier transaction.

“This is the treasury of the poor to digital payments,” the prime minister said in his speech at the first weekly draw for Digi Dhan Vyapar Yojana launched to encourage merchants to push adapt digital payments.

“In two weeks, India will radical shift to digital payments with just their fingerprint with this BHIM we’ve launched today,” Modi said.

Here are all the facts you need to know about the app as explained by National Payments Corporation of India (NPCI), which developed it:

What is Bharat Interface for Money?

Bharat Interface for Money is an app that lets you make easy and quick payment transactions using UPI. Its easier than Wallets! You will not have to fill-out those tedious bank account details again and again. You can easily make direct bank to bank payments and instantly collect money using just Mobile number or Payment address.

How fast is a transaction over Bharat Interface for Money?

As fast as it can get! All payments over Bharat Interface for Money are linked to your bank account and transaction can be completed within few seconds.

(courtesy: Firstpost)