The latest initiative from the government supported payment interface offers cashbacks for both merchants and customers on a monthly basis.
Government-backed Bharat Interface for Money(BHIM) app is providing its merchants and customers with a new cashback offer which allows users to avail as much as Rs 750 every month while merchants can bag close to Rs 1,000 on a monthly basis. The offer was announced by Union Minister of IT and Digital India, Ravi Shankar Prasad who tweeted the details of the new offer.
The offer is already available in the BHIM app which was launched by Prime Minister Narendra Modi in December 2016 whose adoption has only increased after the success of Google Tez, Paytm and PhonePe. The move is thus expected to spark users to make more transactions via BHIM and thus encourage cashless transfers on a daily basis.
The new scheme allows first-time customers to avail a Rs 51 cashback on completing a transaction, which can be done upon installing the BHIM app from the Google Play or Apple App Store. Once that is done, users will have to register their mobile number and also link their bank account to the app after which a cashback of Rs 51 will be provided even if the transaction was for a mere amount of Rs 1.
There are also regular monthly cashbacks that can be earned on a monthly basis as a customer if every transaction made is of value Rs 10 or more. For every 25-50 transactions made per month, the app will provide Rs 100 cashback and similarly, users who make 50-100 number of transactions on a monthly basis will be able to redeem a Rs 200 worth of cashback. For transactions of more than 100 within a month, you will be offered Rs 250 cashback.
In case of merchants, BHIM is offering 10 percent of the value of a transaction as cashback provided the maximum cashback offered to be Rs 50. Merchants from other payment solution will also be able to redeem this 10 percent cashback if the UPI payment is made through BHIM.
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