Bharat Interface for Money (BHIM) app, the government promoted application for the Unified Payments Interface, is now offering cashback offer for both its customers and the merchants. As part of the offer, user can avail cashback up to Rs 750 per month while merchant can claim cashback up to Rs 1,000 every month. Also Read - Exclusive: Jio Pay with UPI now available to Jio Phone users in India, here's first lookAlso Read - Buy now, pay later: Why micro-credit is exactly what India needs right now
The offer is available for both new and existing users and it counters similar offers from apps such as Google Tez. The details of the cashback offer was tweeted by Ravi Shankar Prasad, Union Minister for Information Technology and Digital India, the body governing digital transformation of services across the country. Also Read - WhatsApp not authorized to go live with UPI full scale operations, RBI tells Supreme Court
Here is how the cashback offer works:
BHIM app will offer a cashback of Rs 51 to new users on successfully completing their first transaction using the application. In order to initiate the first transaction, mobile users will have to download the app from Google Play Store or Apple App store and register with their mobile number. Users will then have to link their back account and successfully complete their first transaction. The first transaction should be of value Rs 1 or more to be eligible for Rs 51 cashback.
BHIM users can increase total cashback earned during a month by simply increasing the number of transactions carried out using the app. If the number of transactions carried out during a month is equivalent to 25 or more, but less than 50 then BHIM users stand to get Rs 100 as cashback.
For 50 or more but less than 100 transactions, the app users stand to get Rs 200 as cashback while for more than 100 transactions, the app will rewards its users with a cashback of Rs 250. The app states that all of these transaction should be of value Rs 10 or more.
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If you’re a merchant using the app then you stand to get cashback equivalent to 10 percent of the transaction value (maximum of Rs 50). Other back merchants receiving UPI payments through the BHIM app will also be eligible for 10 percent cashback of the transaction value.