Transactions worth Rs 361 crore have been made using the newly-launched BHIM application for mobile phones, Lok Sabha was informed on Wednesday.
Minister of state for planning Rao Inderjit Singh 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 supplementary during Question Hour, he said while Scandinavian countries have achieved a rate of 90% in digital transactions, the figure in India was just 3%.
If the figure reaches 22%, it will help cut down black money from the economy, Singh said.
When inquired if there was adequate security to safeguard a digital economy, he said no system is “101% fool-proof” but India will be able to plug the flaws as it is a software-rich nation.