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- Government Extends BHIM Cash Back Scheme For Merchants Till March 2018
Government Extends BHIM Cash Back Scheme For Merchants Till March 2018
Press Trust of India | Updated: August 31, 2017 16:12 IST
Highlights
- Cashback incentive extended to encourage further usage of BHIM app
- Rs 1,000 is the monthly limit of the cash back scheme
- BHIM app has been downloaded by 16 million users
New Delhi: The government has extended till March a cash back scheme that offers incentives of up to Rs 1,000 to merchants for accepting payments through the Bharat Interface for Money (BHIM) application. The BHIM cash back scheme for merchants will be operational till March 31, 2018, a note by Ministry of Electronics and IT said.
The scheme was launched by Prime Minister Narendra Modi on April 14 for a period of six months for promoting cashless payments through the BHIM app. Under the scheme, a merchant can get cash back of Rs 50 for 20-50 transaction, Rs 2 for every transaction thereafter till Rs 950. The monthly limit of BHIM cash back scheme is Rs 1,000.
The condition for availing benefit is that at least 20 transactions should have been accepted by the merchant during the month from unique users of the BHIM with each amounting to minimum of Rs 25.
The app user can make a transaction by using UPI address, Indian Financial System Code (IFSC) code and bank account of the recipient and by scanning QR code that can be generated in the app itself. Unlike mobile wallet, users are not required to store money in the BHIM app.
Also Read: Transactions Worth Rs. 1,500 Crore Took Place Via BHIM App, Says Government
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
The scheme was launched by Prime Minister Narendra Modi on April 14 for a period of six months for promoting cashless payments through the BHIM app. Under the scheme, a merchant can get cash back of Rs 50 for 20-50 transaction, Rs 2 for every transaction thereafter till Rs 950. The monthly limit of BHIM cash back scheme is Rs 1,000.
The condition for availing benefit is that at least 20 transactions should have been accepted by the merchant during the month from unique users of the BHIM with each amounting to minimum of Rs 25.
The app user can make a transaction by using UPI address, Indian Financial System Code (IFSC) code and bank account of the recipient and by scanning QR code that can be generated in the app itself. Unlike mobile wallet, users are not required to store money in the BHIM app.
Also Read: Transactions Worth Rs. 1,500 Crore Took Place Via BHIM App, Says Government
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Published: August 21, 2017 19:13 IST
NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.
The campaign aims to take the message of a cash free India to the country, all while educating them on the ways and means to do it.
We aim to reach out to people and educate them on:
1). Digital and financial literacy
2). New generation digital payment solutions
3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions
4). Ease of usage at point of sales
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