India's Prime Minister Narendra Modi
Photograph by Kevin Frayer — Getty Images
By Fortune Staff
December 30, 2016

Indian Prime Minister Narendra Modi on Friday touted a new mobile banking app as having the potential to “revolutionize” the country as he continues to push its economy away from paper currency.

The banking app, called the Bharat Interface for Money (BHIM), works on top of an already-existing banking platform, Mashable reports. Users are required to register their bank account with the app, set a PIN number and use their mobile phone number as a payment address or create a custom one. BHIM works across all banks, and users can use the app for multiple bank accounts.

“This app is destined to replace all cash transactions,” Modi said. “BHIM app will revolutionize India and force people worldwide to take notice.”

[Mashable]

SPONSORED FINANCIAL CONTENT

You May Like

EDIT POST