IntroductionIn order to push digital payments Prime Minister Narendra Modi has launched a new merchant app named BHIM – Aadhaar, for accepting payments from customers using their Aadhaar identity and also launched two schemes named as “BHIM Referral Bonus Scheme” and “BHIM Cashback” schemes for consumers and merchants respectively.
The government has set a budget outlay of Rs. 495 Crore for 6 months for the implementation of the schemes, which have been launched from Nagpur.
BHIM App was launched in December 2016 to provide a one-stop solution for all digital payments which created a new world record by registering 1.9 crore downloads within four months since its launch.
BHIM Referral Bonus Scheme:Under the this scheme, the government would provide cash bonus to both existing and new BHIM app users for referring BHIM app to new users and For every successful referral, Rs. 10 will be credited into the bank account of the beneficiary referrer.
BHIM Cashback Scheme for MerchantsUnder this scheme for merchants, the merchants will get a cashback on every transaction using BHIM (Bharat Interface for Money) and those who install BHIM app for business transaction will get Rs 25 in their bank accounts.
How does it work?
- To earn money through the scheme, you need to refer the BHIM app to a new BHIM and new *99# user and the referral code in this case is your registered mobile number.
- After completing all the required conditions to your newly registered BHIM/*99# account, you will get a referral bonus amount of Rs25 also get a referral bonus amount of Rs10 per person for every complete process done by a referred person.
Some important facts:
- Both schemes are to be administered by MEITY and implemented by NPCI.
- Through this scheme, Merchants will get cash back on every transaction using BHIM, up to Rs 300 per month.
- Any Indian citizen can pay digitally using their biometric data like their thumb imprint on a merchants’ biometric enabled device which could be smart phone having a biometric reader also Any citizen without access to smart phones, internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform.
- Key objectives of the BHIM Cashback Scheme are increasing the number of merchants registered on BHIM and the number of merchant payment transactions using BHIM.
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