This Independence Day, the Indian Government will supply more cash backs if users choose digital payments using the BHIM. Managed by the NPCI (National Payments Corporation of India), the BHIM app operates on the UPI (Unified Payments Interface). The Prime Minister had rolled out BHIM in December 2016, post demonetization, to drive digital transactions.
NPCI CEO and MD A.P. Hota said to the media that the suggested approval by the government for elevated cash back incentives for BHIM usage is anticipated to come into action from August 15, 2017.This also matches with the aimed introduction of a new variant of BHIM. “We have had a discussion with the government that the cash back incentives require being elevated so that more users will start utilizing it. We are waiting for the endorsement from the government, which is anticipated by August 15, 2017,” Hota claimed further in his statement.
Presently, the version 1.3 of the app is obtainable on Apple Store and Google Play Store and soon a new upgrade of the app (version 1.4) will be rolled. Current referral scheme of the BHIM app is also functional, where the current user needs to promote the new BHIM user to download the BHIM App and enter the mobile number of the referrer as the referral code. Any user who refers BHIM app to another individual receives Rs 10 as an incentive and the user who commences utilizing the app receives Rs 25 as starting cash back.
NCPI earlier declared to the media that its BHIM App crossed a 4 Million active user-base and reached 16 Million downloads. BHIM App is an ordinary platform all around the country for making easy, simple, and quick transactions.
BHIM is an exclusive transaction solution that allows a person with immediate collect and send request. It utilizes an email for Account number/Virtual Payment Address (VPA) and Aadhaar Number/IFSC Code as payment identifier for collecting or sending money instantaneously. NPCI is an umbrella organization for all retail transaction system in the country. It was established with the support and guidance of the Indian Banks’ Association (IBA) and Reserve Bank of India (RBI).