With the purpose of convincing more citizens to use the BHIM app over tons of other payments apps. The government has now declared a cashback scheme for both merchants and customers. The new scheme comes days later until March 31the Ministry of Electronics and IT (MeitY) extended the BHIM cashback scheme for merchants until March 31. It offers a cashback cost Rs. 51 for new customers and a total of Rs. 1,000 to traders opting the BHIM app.
Customers successfully completing the first financial transaction will accept Rs. 51 cashback. There is not any little limit for the first transaction. This means the customers can make the transaction for an as low cost as Re. 1 to benefit the cashback. Further, for every concentrated transaction with a minimum value of Rs. 100 to any VPA (Virtual Payment Address)/, mobile number, or bank account, the BHIM software will offer a cashback worth Rs. 25. Maximum cashback, in this case, is limited to cost Rs. 500 each month.
Alongside the cashback offered for transactions expensive Rs. 100 or up. The BHIM software is offering cashback on a minimum transaction standard of Rs. 10. For the number of transactions less than 50 but equal to or much than 25, the software will offer a cashback cost Rs. 100, while an Rs. 200 cashback will be given for transactions equal to or more than 50 but less than 100. Without change, the app will grant cashback price Rs.
For traders, the BHIM software offers cashback of 10 percent of the transaction standard with an upper limit of Rs. 50 per transaction. Traders require minimum credit 10 transactions with a minimum transaction value of Rs. 25. Additionally, the software offers a cashback of 10 percent of the transaction value with a superior cap of Rs. 50. This is valid for any bank trader accepting payments through the via BHIM UPI or BHIM app. Minimum five transactions require being credited with a minimum value of Rs. 25 to benefit the cashback.