FM Arun Jaitley Introduced Bonus Scheme & Cash Back Scheme to Promote BHIM App


In order to popularize BHIM App, the finance minister Arun Jaitley has announced two new scheme named Bonus Scheme and Cash Back Scheme to promote BHIM App for the digital transaction. The two new schemes will benefit both individual users and merchants.

The bonus scheme will be for the individual users, and the cashback scheme will be for the merchants. While presenting the budget 2017-18 in Lok Sabha, Arun Jaitley said that about 1.25 crore users people have adopted the BHIM app. Government will launch two new schemes a referral bonus and a cash back scheme for merchants to promote the use of BHIM

Besides, the finance minister also announced that the government would create a payment regulatory board at the RBI this year, since there is no regulator for FinTech companies like Paytm in India. The finance minister also informed that the government will launch soon the Aadhar-based payment system which would use one’s biometrics for the transactions.

He also said that this Aadhar-based payment system will be launched for those people who do not have a bank account, and who do not have the convenience of using debit cards, and other modes of transactions. This facility will be very helpful for rural areas people.

Recently added that the BHIM app is now enabled with UID for Aadhar-based transactions and the BHIM app users can make a digital transaction by entering their 12-digit Aadhaar.

With this inclusion, the app now provides three modes of payment, the remaining two being mobile number / virtual payment address (VPA) and bank account + IFSC code.

However, the BHIM app is based on United Payments Interface (UPI) and developed by National Payments Corporation of India (NPCI).

Now, this app is available for free on both Android and iOS platforms.

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