BHIM cash back scheme extended for merchants till March
What's the story
The cash back scheme, that offers merchants incentives of up to Rs. 1,000 when they accept payments via BHIM application, has been extended.
This scheme was initially launched on April 14 for six months by PM Modi to promote cashless transactions via BHIM app. Now according to the ministry of electronics and IT, this will be operational until March 31, 2018.
Here's more about it.
Information
What is BHIM?
BHIM, the mobile app, was launched by PM Narendra Modi in April 2017, after the demonetization move. It was developed by NPCI and is based on the Unified Payment Interface (UPI). The app facilitates e-payments directly through banks and, thereby, promotes cashless transactions.
Cash back
How to avail it?
Under this scheme, a merchant gets cash back of Rs. 50 for 20-50 transactions and Rs. 2 for every transaction thereafter till Rs. 950. The monthly limit of BHIM cash back scheme is Rs. 1,000.
The merchant has to accept at least 20 transactions a month from the users of BHIM (Bharat Interface for Money). The transaction should not be less than Rs. 25.
BHIM
The advantages of using BHIM
BHIM app users are not required to store money in their app like other digital mobile wallets. They can make a transaction using UPI address, IFSC code and bank account of the recipient or by scanning QR code, generated in the app.
As per National Payments Corporation of India (NCPI), BHIM has crossed 16 million downloads and currently has 4 million active customer base.