The Central Government has extended the BHIM cash back scheme for Merchants until March 31st, 2018. The Cash Back Scheme will provide incentives up to 1,000 for all the Merchants for making payments digitally through BHIM App.
The Bharat Interface for Money (BHIM), cash back scheme for retailers was launched by our Prime Minister, Narendra Modi on April 14th. Initially, the BHIM cash back scheme is for six months for promoting cashless payments and valid till October 14th. The Ministry of Electronics and Information Technology said, “The BHIM cash back scheme for merchants will be operational until March 31, 2018.”
Also Read: BHIM app cashback offers to take on Paytm
Under the BHIM cash back scheme, merchants can get cash back of Rs 50 for 20 to 50 transactions and after that Rs 2 for every transaction till Rs 950. The BHIM cash back offer for Merchants will have a monthly limit up to 1000.
Merchants should have at least 50 transactions with the BHIM app, and among them, 20 transactions should be from unique users of BHIM application. Only those transactions would be eligible for cash back which is for at least ₹25.
The scheme incentivizes not only the one-time adoption of BHIM by merchants but will also encourage transactions via BHIM mode (either QR code or VPA or Mobile number or “Pay to Aadhaar”). User can make the transactions by using UPI address, ISFC code and bank account of the recipient
The BHIM cash back schemes for Merchants has two main objectives. First one, it increases the number of merchants registered on BHIM app. Second, it increases the number of merchant payment transactions using BHIM. Unlike many mobile wallets like PayTm, users are not required to store money in BHIM app.