GOVERNMENT EXTENDED BHIM CASH BACK SCHEME FOR USERS TILL MARCH 2018
BHIM cash back scheme
Government has extended cashback scheme till March 31, 2018 a note from the ministry of electronics and information technology (IT) said. Cashback offers incentives up to Rs. 1,000 to merchants for accepting the payments through the Bharat interface for money (BHIM). This Scheme was launched by Narendra Modi on April 14 for a period of 6 months to promote cashless payments through the BHIM application. Under this scheme, the merchant can get cashback of Rs.50 for transaction 20 to 50, Rs. 2 for each transaction after that up to Rs.950.
- Monthly limit of BHIM cashback scheme is Rs.1,000. Condition for obtaining benefits is that at least 20 transactions should have been accepted by the merchant during the month with unique users of the BHIM with each amounting of Rs.25.
- The app user's can perform transactions using the UPI address, ISFC code and scanning the QR code that can be generated in the application itself. Dissimilar mobile wallet, users are not required to store money in the BHIM application.
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