For convincing more citizens to use the BHIM app over tons of other payments apps, the government has now announced a cash back scheme for both customers and merchants. It offers a cashback worth Rs. 51 for new customers and a total of Rs. 1,000 to merchants opting the BHIM app.
When we finish our first financial transaction, we will receive Rs. 51 cash back. There isn’t any minimum limit for the first transaction. So that the customers can make the transaction for an as low amount as Rs. 1 to get the cash back. Further, for every unique transaction with a minimum value of Rs. 100 to any VPA (Virtual Payment Address)/ UPI ID, bank account, or mobile number, the BHIM app will offer a cashback worth Rs. 25. Maximum cashback, in this case, is limited to Rs. 500 per month.
The number of transactions valued Rs. 100 or above, the BHIM app is offering cashback on a minimum transaction value of Rs. 10. For the number of transactions less than 50 but equal to or more than 25, the app will offer a cashback worth Rs. 100, while a Rs. 200 cashback will be given for transactions equal to or more than 50 but less than 100. Similarly, the app will offer cashback worth Rs. 250 for the number of transactions equal to or less than 100.
The merchants on the BHIM App will get cash back of 10 per cent of the transaction value – a maximum of Rs 50. Other bank merchants who receive UPI payments through BHIM App will get cashback of 10 per cent of transaction value, a maximum of Rs 50.