BHIM App users to get cash back for digital transactions: Budget 2017

Among the promotional schemes that the government proposes to launch are referral payments for individuals, and cash back for merchants who accept payments from BHIM.

Written by: Srividhya Iyer

Updated: February 1, 2017, 3:58 PM IST

Share

Share Article

• Facebook
• WhatsApp
• X
• Email
• Telegram
• Linkedin

https://www.india.com/news/india/bhim-app-users-to-get-cash-back-for-digital-transactions-budget-2017-1801797/ Copy

File Image

New Delhi, February 1: While announcing the budget for the financial year 2017-2018, Finance Minister Arun Jaitley gave a further push for digital transactions in the country. In a bid to promote the government’s Bharat Interface for Money App, the government has decided to introduce incentives including cash back offers for users.

The Finance Minister while announcing that approximately 125 lakh people have downloaded the mobile application and are using it for digital transactions, also declared the government’s intention to launch two new programmes with respect to the app.

Among the promotional schemes that the government proposes to launch are referral payments for individuals, and cash back for merchants who accept payments from BHIM. Finance Minister Arun Jaitley had also announced as part of the 2017 Union Budget presentation that a Merchant version of the application will also be launched shortly.

Addressing the Lok Sabha, Arun Jaitley today said, “Nearly 125 lakh people have adopted the BHIM app. Government will launch two new schemes — a referral bonus for consumers and a cash-back scheme for merchants — to promote the use of BHIM.”

The BHIM App has been updated in such a way that it now allows for Aadhaar-enabled payments. However, further updates including the launch of an ios version of the app will also be available shortly. (ALSO READ: BHIM App: How to send and receive money using your Aadhaar card number)

Announcing the updates, A. P. Hota, MD & CEO, NPCI said in an earlier statement, “We are pleased to launch the new upgrade for all BHIM users. The new version offers enhanced security features, superior user experience which makes digital transactions much more safe and secure. We believe this will lead to higher acceptance among customers as well as merchants. At NPCI we remain committed to customer-centric approach by constantly innovating and improvising our services.”

The BHIM app was launched on December 30 by Prime Minister Narendra Modi to promote digital transactions using the Unified Payments Interface (UPI). The system is a bank-to-bank fund transfer system backed by smartphones and internet connections.