Prime Minister Narendra Modi on Friday launched BHIM-Aadhaar platform for merchants.Upping the ante to further minimise the usage of cash in the economy, Prime Minister Narendra Modi said the government’s ‘DigiDhan’ movement for digital payment is a step towards curbing the menace of corruption.
Prime Minister also launched two new schemes under the BHIM app for referral bonus to individual users and cash-back for merchants to incentivise them.
The app is particularly aimed at helping people make payments digitally using their biometric data like their thumb imprint on a merchants’ biometric-enabled device which could be smartphone having a biometric reader.
According to NITI Aayog, as many as 27 major banks are now on board with 3 lakh merchants so that they can start accepting payments using BHIM Aadhaar.
During the launch of BHIM-Aadhaar platform, the prime minister announced two new incentive schemes, BHIM cashback and referral bonus schemes.
Here are the key features of these two new schemes
BHIM Referral Bonus Scheme (for individuals)
1) The Referral Bonus scheme will incentivise existing BHIM users for bringing new users on the BHIM platform and encouraging the new users to do transactions with others using BHIM or by referring new users on BHIM. Hence, the bonus will be paid to both the referrer and the new user of BHIM (referee).
2) The referral will be considered successful only after 3 unique successful financial transactions have been completed by the new user.
3) On completion of minimum 3 unique successful transactions totalling only Rs 50 to any 3 unique users (either to customers or to merchants), the referrer and the referee will be notified about the bonus amount via notification in BHIM app. The referrer will get Rs 10 per successful referral, while the new users will get Rs 25 for downloading and transacting from BHIM App.
4) Any Indian citizen can pay digitally using their biometric data like their thumb imprint on a merchants’ biometric enabled device which could be smart phone having a biometric reader.
5) Any citizen without access to smart phones, internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform.
6) Already, 27 major banks are now on board with 7.15 lakh merchants, so that they can start accepting payments using BHIM Aadhaar.
For more details Watch this video to know how to refer BHIM app to get referral bonus.
BHIM Cashback scheme for Merchants
Key objectives of the BHIM Cashback Scheme are
1) Increasing the number of merchants registered on BHIM
2) Increasing the number of merchant payment transactions using BHIM
3) The scheme incentivises not just one-time adoption of BHIM by merchants, but will also encourage transactions via BHIM mode (either QR code or VPA or Mobile number or “Pay to Aadhaar”). The cashback to the merchant can be up to Rs 300 per month, with each merchant eligible to win up to Rs 1,800 in 6 months.
4) Under the Referral bonus scheme both the existing user who refers BHIM and the new user who adopts BHIM would get a cash bonus credited directly to their account.
5) Under the Cashback scheme, the merchants will get a cash back on every transaction using BHIM. Both schemes are to be administered by MEITY and implemented by NPCI.
6) The government has set aside Rs 495 crore towards this scheme, which will be disbursed over a period of six months.
For more details Watch this video to know how merchants can get cash-back on each digital transaction made through BHIM app.