In order to convince more users to download the app, the government has now announced a cashback scheme, which is not only for the customers but the merchants as well.
Payments app are attracting the users with attractive cashbacks or coupons.
The move comes days after the Ministry of Electronics and IT (MeitY) extended the BHIM cashback scheme for merchants until March 31.
This is not for the first time that the government has been offering cashbacks for the promotion of BHIM app.
Well, there is also cashback schemes for the merchants.
Under the new cashback scheme, customers who complete the first successful financial transaction will get a cashback of Rs 51. This means the customers can make the transaction for an as low amount as Re. 1 to avail the cashback. Also, for every transaction for a minimum of Rs 100 to any VPA (Virtual Payment Address)/ UPI ID, bank account, or mobile number, the BHIM app is offering a cashback of Rs 25 however the cap on this has been set to Rs 500 per month. The minimum transaction value should be Rs 100.
Cashback of Rs 100 will be given by the app to the customers making transactions between the 25 to 50 numbers and users who will do more than 50 transactions but less than 100 transactions will get cashback of Rs 200.
Likewise, for 50 or more but less than 100 transactions, you'll get Rs. 200 cashback and for more than 100 transactions, you will get Rs. 250 cashback.
Speaking of the cashback opportunities for merchants, the BHIM app provides a cashback of 10% of the transaction value with an upper cap of Rs 50 per transaction for this the merchants will need to credit at least ten transactions with a minimum value of Rs 25.
The merchants on the BHIM App will get cash back of 10 per cent of the transaction value - a maximum of Rs 50. The latest one to be added to the list is the BHIM app. The Prime Minister had unveiled Bhim in December, after demonetisation, to boost digital payments.