SENSEX   34273.03    -27.44  (-0.08%)      SENSEX   31697.13    50.67  (0.16%)      |  Gold   30606.00    -136.00  (-0.44%)    |  Silver  38856.00   -221.00 (-0.57%)

Latest News:

Govt likely to offer higher cashbacks for opting Bhim app


Mumbai: In an attempt to boost digital transactions, the government may give higher cashback incentives on payments made through the Bhim mobile app starting from August 15.

The Bharat Interface for Money (BHIM) app was launched by the Narendra Modi government in December 2016 after the demonetisation of Rs 500 and Rs 1000 notes. The app which is operated by the National Payments Corporation of India (NPCI), currently has cashbacks ranging from Rs 10 to Rs 25.

According to the Times of India, NPCI Managing Director and CEO Abhaya Prasad Hota said that the government is already aware that more cashback incentives are required to attract users and a government approval is expected by August 15. He added that a new version of the Bhim app will also be rolled out soon.

The provision for higher cashback incentives have become necessary as other digital payment apps like Paytm and PhonePe are offering massive cashbacks to lure customers.

The BHIM app which works on a Unified Payments Interface (UPI) which is capable of handling multiple bank accounts and various banking features, including merchant payments, in a single mobile application.

The Indian government has encouraged digital payments ever since demonetisation as an attempt to reach the goal of a "cashless economy." It had allocated around Rs 45o crore for cashback incentives to be implemented for six months starting April 14, which was BR Ambedkar's birth anniversary.

According to data available till the end of June, the app had over 16 million users, of which four million were active users.

Hota said that the new version, Bhim 1.4, will be launched with exciting features to increase the number of transactions in the app. Several updates will be available including the Bharat Quick Response (QR) code which will enable shops to accept electronic payments through credit/debit cards or UPI through scanning a QR code.

Comments (0)

No comments yet.

Leave a comment


No trackbacks yet.