Lok Sabha was informed on Wednesday that transactions worth Rs 361 crore have so far been done by users with the help of the newly-launched Bhim application for mobile phones. 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 per cent in digital transactions, in India the figure was three per cent. If the figure reaches 22 per cent, it will help cut down black money from the economy, Singh said. To a poser on whether security was in place for digital economy, he said though no system is "101 per cent fool-proof", India being a software-rich nation, it will be able to plug the flaws on its own.