Government may give Bhim users cashback bonanza on Independence Day

Prime Minister Narendra Modi had unveiled BHIM in December, after demonetisation, to boost digital payments. The Independence Day, government will offer higher cashback if consumers opt for digital transactions using the BHIM app which is operated by the National Payments Corporation of India (NPCI).
  • The expected cashbacks are between Rs 10 and Rs 25.
  • NPCI has asked the government to increase the cashback as other payment apps such as Paytm and PhonePe offer cashbacks aggressively for customer acquisition and repeat transactions.
  • Currently, if a person refers BHIM to another, she will get Rs 10 as bonus and the person referred to will get Rs 25 as cashback.
  • The payments app recently crossed a user base of 16 million with 4 million active customers at the end of June.
  • NPCI is in the final stages of launching version 1.4 of BHIM, which will make transactions smoother on the app.
  • Bharat quick response (QR) which enables shops to accept electronic payments from cards or UPI with the customer scanning the QR will be integrated into the app which will be another boost for increasing transactions on BHIM.

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