The Government has modified the BHIM app cashback scheme. Now you would not be able to earn a good monthly amount. However, the first time user would get a bigger amount. The government has changed the scheme as many users were trying to make money from this scheme. It has also withdrawn the merchant cashback scheme. The revised scheme is applicable from 4 July 2018.
The cashback of BHIM is similar to the Google Pay (Tez), Phonepe and Paytm. In fact, these payment apps have snatched a lot of BHIM’s market share riding on the cashback schemes. So BHIM has also come up with a attractive scheme. The scheme has started since 1 April 2018.
The BHIM App Cashback Scheme For New Users
The BHIM cashback scheme is still lucrative and rewarding. But, now it is only for the new users.
First Transaction offer for New BHIM App User
- A new BHIM app user would get the cashback of ₹150.
- You would get the cashback of ₹150 for using the BHIM app. No other BHIM UPI based app is eligible for this app. The Tez, Paytm, Phonepe, SBI Pay etc does not qualify for this very cashback.
- You have to download the BHIM app and make the 10 unique transaction through it. Unique means, you have to send money to 10 different people.
- The minimum value of each 10 transaction should be ₹50.
- This BHIM app cashback scheme for 2018 is not a referral scheme. It means, you are not going to earn anything by referring the BHIM app.
- The incentive will be paid only once per new BHIM app user who completes the ten unique transaction
- The scheme is only for the new BHIM user. You would not be a new user if you are reinstalling the BHIM app.
Also Read: How To Send Money through BHIM App
BHIM Aadhaar Merchant Incentive Scheme
- This scheme is for the merchants who accepts payment through the BHIM app.
- You should declare yourself merchant in the BHIM app.
- The merchant would get 0.5% of the transaction value as cashback.
- The minimum value of the cashback per transaction would be ₹2.
- The maximum value of cahback per transaction would be ₹50.
- The transaction of more than ₹10,000 would not give any cashback.
- You would get the cashack only if you have taken payment using Aadhaar Authentication by the finger print scanner.
- The merchant and customer both should have linked their bank account with the Aadhaar.
- The mobile scanner should be certified.
- The customer may be from any bank and BHIM app is not mandatory for the customer.
- The customer has to give its Aadhaar Number for making payment.
Payment of Cashback
Please note, you would not get the cashback immediately after the transaction. Rather, It may take up to 40 days. The cashback is credited to your bank account befthe ore 10th day of the next month.
The central government is promoting the cashless transactions in various ways. Last year, it has started to give the cashback scheme for the BHIM users and merchants. But, the Google Pay (Tez) and Paytm came with a better scheme. Due to this most of the new customer has adopted the Tez and Paytm. In the August 2017, the BHIM app has a market share of 40.5%, but in the June 2018, it came down to 6.6%.
Meanwhile, The government has waived the MDR (Merchant Discount rate) charges on transaction upto ₹2,000. This waiver is applicable for Debit cards, BHIM UPI and AEPS. This waiver would be available until 31 Dec 2019.