The cash back scheme that offers incentives of up to Rs 1,000 to merchants for accepting payments through the BHIM application has been extended by Government till March.
A note by Ministry of Electronics and IT states that the BHIM cashback scheme will be functional till the 31st March, 2018 for the merchants.
The PM Narendra Modi launched this scheme on April 14 for a period of six months to promote cashless payment through the BHIM app.
The monthly limit of BHIM cashback scheme is of Rs 1,000. A merchant can get cash back of Rs 50 for 20-50 transaction, Rs 2 for every transaction thereafter till Rs 950.
There should be 20 unique transactions from the users of BHIM (Bharat Interface for Money) to avail the benefit with each transaction amounting to minimum of Rs 25.
The app user can make transaction by using UPI address, ISFC code and bank account of the recipient or by scanning QR code that can be generated in the app itself.
Users are not required to store money in the BHIM app, unlike mobile wallet.
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Jatin Bhatia, From ITvoir News Desk