Bharat Interface for Money (BHIM) App has rolled out new cashback plans for its customers as well as merchants, coinciding with the 127th birth anniversary of Dr. B R Ambedkar.
The move comes days after the Ministry of Electronics and IT (MeitY) extended the BHIM cashback scheme for merchants until March 31.
The customer cash back scheme gives users up to Rs 750 cashback every month, while merchants can get cash back up to Rs 1000 per month.
"Great news for @NPCI_BHIM users!! @NPCI_NPCI announced alluring #BHIMCashback plans for new and existing users, for 'customers' & 'merchants' both," Digital India said in a Tweet.
This is not for the first time that the government has been offering cashbacks for the promotion of BHIM app. Last year too, the government launched two new schemes - BHIM Referral Bonus Scheme and BHIM Merchant Cash back Scheme - to increase the number of users. Under BHIM Referral Bonus Scheme customers earned through referral bonuses.
The new customers will get a cash back worth Rs. 51 for new customers and a total of Rs. 1,000 to merchants opting the BHIM app.There isn't any minimum limit for the first transaction. This means the customers can make the transaction for an as low amount as Re. 1 to avail the cashback.
BHIM App will also give out Rs 25 cash back for every unique transaction done via VPA/UPI ID, account number or mobile number. The minimum transaction value should be Rs 100. Users can earn a maximum cash back of Rs 500 per month.
Also, the BHIM app is offering cash back on a minimum transaction value of Rs. 10. For the number of transactions less than 50 but equal to or more than 25, the app will offer a cashback worth Rs. 100, while a Rs. 200 cash back will be given for transactions equal to or more than 50 but less than 100.
The merchants on the BHIM App will get cash back of 10 per cent of the transaction value - a maximum of Rs 50. Other bank merchants who receive UPI payments through BHIM App will get cashback of 10 per cent of transaction value, a maximum of Rs 50.
Operated by the National Payments Corporation of India (NPCI), the Bhim app works on the Unified Payments Interface (UPI). The Prime Minister had unveiled Bhim in December, after demonetisation, to boost digital payments.