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 1000 on a monthly basis.
Digital transactions are on hype now a days and Government of India is also pushing its BHIM app to increase the cashless transaction and for the same it has launched special cashback offers for both customers as well as merchants. The offer is also tweeted by the official Digital India account.
After telecom, the next big war that we are seeing these days is between the e-wallets or digital wallets. The leading e-wallets in the country including government’s launched BHIM app are neck and neck to earn more users. Taking a cue from its rivals, the government announced a BHIM cashback scheme under which user can receive a cashback of up to Rs 750 every month.
Before you understand how this scheme works and how can you become eligible for the cashback, it is worth knowing that this scheme was launched by Prime Minister Narendra Modi on April 14, 2017, to promote cashless payments through the BHIM app. The scheme was extended till March 31 for the merchants and the monthly limit for merchants under this cashback scheme is up to Rs 1000.
The government on April 14, 2018 has now announced new offer which gives you a cashback worth Rs 750 for the customers. So now customers can earn cashback worth up to Rs 750 while merchants can earn up to Rs 1000.
In this scheme, customers who complete the first successful financial transaction will get a cashback of Rs 51. The transaction can be of any amount as there is no set minimum limit. The BHIM app will offer a cashback of Rs 25 on every transaction with a minimum value of Rs 100 to any UPI ID, back account, virtual payment address or mobile number. In this case, however, maximum cash back is limited to Rs 500 per month.
In other offers, for transactions of Rs 100 or above, there’s a cashback offer on a minimum transaction value of Rs. 10. If a user makes the number of transactions less than 50 but equal to or more than 25, BHIM app will offer a cashback worth Rs. 100. If the transactions equal to or are more than 50 but less than 100, a cashback of Rs 200 will be given. Likewise, BHIM app will offer cashback worth Rs. 250 for the number of transactions equal to or less than 100.
For merchants also, the BHIM app is offering cashback of 10 percent of the transaction value with an upper limit of Rs. 50 per transaction. All the merchants need to do is credit minimum 10 transactions whose value should of Rs 25. Further, there’s a cashback of 10 percent of the transaction value with an upper cap of Rs. 50. These cashback offers are available and valid for any bank merchant who’s receiving payments through BHIM UPI or the BHIM app. Merchants will have to ensure that minimum five transactions are credited with a value of Rs. 25 to avail the cashback.