BANKING AFFAIRS

Detailed explanation-1: -BHIM Aadhaar Baroda Pay is Bank of Baroda’s digital payment acceptance solution that allows customers to pay for their purchases directly from their bank accounts. The application is especially created for retail merchants who can accept payments with the help of android and biometric devices.

Detailed explanation-2: -BHIM Aadhaar Pay Merchant Incentive Scheme is effective from 1st April 2017.

Detailed explanation-3: -Since the platform is based on NPCI’s AEPS platform, the solution in interoperable provided the partner banks enable the facility to their customers.

Detailed explanation-4: -The BHIM Aadhaar Pay App facilitates the merchants to receive payments from customers through aadhaar authentication. It is a payment interface that permits the merchant to receive payments digitally and enables funds to reach the merchant’s account directly on time. It is an initiative taken to make cashless payments.