Bhim App: Right from downloading the app to making the transactions, the customers are entitled to receive cashbacks at every level
In order to woo more customers to use the Bhim App, the National Payments Corporation of India (NPCI)-led United Payment Interface (UPI) application BHIM has rolled out a bouquet of cashbacks to customers as well as to the merchants. Right from downloading the app to making the transactions, the customers are entitled to receive cashbacks at every level. The customers are eligible for receiving the total amount of cashbacks worth Rs 750 every month.
As you download the Bhim app that follows the UPI system, you stand to receive Rs 51 cashback on successfully completing first financial transaction for Bhim app users.
A. Besides this, you can earn earn a cashback of Rs 25 for every unique transaction with a minimum transaction value of Rs 100. The maximum cashback through this channel is Rs 500 per month.
The Bhim App users also stand to earn more cashback for the more number of transations.
B. For the number of transactions that are more than 25 but fewer than 50, the incentive would amount to Rs 100.
In case the number of transactions are over 50 but fewer than 100, the incentive would be Rs 200. However, one can earn as much as Rs 250 cashback for more than 100 transactions every month.
The cashbacks accrued in A and B can bring the total cashback to Rs 750 per month. Not only customers, the Bhim app even offers cashback to merchants also.
Merchant: The Bhim user user will be eligible for the cashback of 10% of the transaxtion value with an upper cap of Rs 50 per transaction. To be able to earn the cashbacks, the minimum number of credit transactions should be more than 10 and the minimum transaction value should be over Rs 25.
Mobile app BHIM or Bharat Interface for Money enables wire transfer of money via the Unified Payment Interface (UPI) interface. Developed by the National Payments Corporation of India (NPCI), BHIM was launched on December 30, 2016. Using the BHIM app, a user can make payments using details such has mobile number, name and Aadhaar number, without having to share own bank account details.