Shopowners! merchants! Get ready to earn some extra bucks. The cashless transaction has become more rewarding. The government would give you 4 times more incentive for cashless transaction. These rewarding transactions are not limited to the BHIM app, Rather all the UPI based transactions are eligible for merchant incentive scheme.
Yes! Government is promoting cashless transaction through the BHIM Merchant Incentive Scheme. Are you aware of this scheme? It has been 6 months since the launch of this promotional scheme. However, merchants give it a cold response because of the small incentive. That is why now the government has made this scheme very lucrative. You can even make ₹1000 per month only by accepting cashless transactions.
How Merchant Cashback Scheme Has Become lucrative
Last Date Extended
The merchant Cashback scheme would have been closed on 14 October 2014. Now, the government has extended it till the 31st March 2018. It means you have 4.5 months more to earn cash back. You can even expect a further extension of this scheme.
Limit of Transaction Reduced
Now, only 20 unique transactions per month would make you eligible for Cashback Scheme. Earlier, 50 transactions were mandatory to participate in this scheme.
More Chance to Get Reward
You would get an incentive of ₹50, if you have done at least 20 unique cashless transactions. Earlier you got ₹100 after completing 50 transactions.
4 times More Incentive Per Transaction
After 50 cashless transactions, you would get ₹2/transaction. Earlier, you used to get only ₹0.50 for every transaction.
Earn Up to ₹1,000/month
Now you can earn ₹1,000 in a month. Earlier, you could earn only ₹300 in a month.
|Merchant Cashback Scheme MONTHLY Reward|
Apart from these benefits, all other rules are unchanged. The limit on the minimum value of the transaction and specific mode of payments are the same. You can learn further details of BHIM Merchant cashback scheme in my earlier post.
How To Participate
Every merchant who receives payments through UPI is eligible for BHIM app cash back scheme. It doesn’t matter you use BHIM app or *99# banking. As long as you are getting payments through UPI platform, you will get cashbacks too. Note that many other UPI apps including PhonePe, SBI Pay and HDFC UPI also use UPI platform for payments. You will also get cashback on these apps too.
Note, you are not required to fill any form or register anywhere. When you use BHIM app and mark yourself as a merchant, you become eligible for the scheme. For it, you need to install BHIM and follow the procedure of BHIM Merchant Account. After successful activation of BHIM, choose ‘I am a merchant’ option from the settings of BHIM app. Fill your business details, address and account type.
Note, BHIM app is the easiest way to make payments. It utilizes UPI payment system to give you instant and secure payment settlements. You can use VPA, mobile number or account number and IFSC to make payments through UPI. Along with that, you can also use BHIM Aadhaar payments. The government also launched BHIM Aadhaar Pay app for merchants. You can receive payments using only customer’s Aadhaar number and biometric using this app.
Even there were cards and other payment modes available already. But it is UPI and BHIM app which concludingly changed the way of payments. More and more people have opted for digital payments just because of BHIM. It is true that BHIM’s ease, convenience, and security played a major role to give it a boost. But we cannot deny the fact that BHIM’s incentive schemes have further boosted the number of BHIM users.
The Indian government is providing attractive cashbacks to merchants through BHIM cashback scheme. It had launched this scheme back in June after the launch of referral bonus scheme for individuals. These schemes were launched to encourage merchants and individuals for UPI payments. UPI is an easy and secure mode to make payments. Hence, people were already opting for it. But these incentive schemes gave it the momentum it deserves. The number of BHIM users has increased significantly after June. And so as the number of transactions through it.
UPI is an easy and secure mode to make payments. Hence, people were already opting for it. But these incentive schemes gave it the momentum it deserves. The number of BHIM users has increased significantly after June. And so as the number of transactions through it.
Despite the popularity of BHIM, cash transactions are still people’s favorite, especially in small towns and villages. But with the extended dates and new rules, we expect that the cash transactions will decrease. The government has also extended the last date for BHIM referral bonus scheme for individuals. You can also enjoy it to get attractive cashbacks.