New Delhi: The government has extended till March a cash back scheme that offers incentives of up to Rs1,000 to merchants for accepting payments through the Bharat Interface for Money (BHIM) application.
“The BHIM cash back scheme for merchants will be operational till 31 March 2018," a note by ministry of electronics and information technology (IT) said.
The scheme was launched by Prime Minister Narendra Modi on 14 April for a period of six months for promoting cashless payments through the BHIM app. Under the scheme, a merchant can get cash back of Rs50 for 20-50 transaction, Rs2 for every transaction thereafter till Rs950.
The monthly limit of BHIM cash back scheme is Rs1,000. The condition for availing benefit is that at least 20 transactions should have been accepted by the merchant during the month from unique users of the BHIM with each amounting to minimum of Rs25.
The app user can make transaction by using UPI address, ISFC code and bank account of the recipient and by scanning QR code that can be generated in the app itself. Unlike mobile wallet, users are not required to store money in the BHIM app.