BHIM Cashback and Referral bonus schemes launched

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Nagpur | April 14, 2017: Prime Minister Narendra Modi  also launched  two new incentive schemes for the BHIM – Cashback and Referral bonus – with an outlay of Rs. 495 crore for a period of six months. This is to ensure that the culture of digital payments permeates down to the grassroots. Under the Referral bonus scheme both the existing user who refers BHIM and the new user who adopts BHIM would get a cash bonus credited directly to their account. Under the Cashback scheme the merchants will get a cashback on every transaction using BHIM. Both schemes are to be administered by the Ministry of Electronics and Information Technology (MEITY) and implemented by the National Payments Corporation of India, NPCI.
 BHIM App has already created a new world record by registering 1.9 crore downloads in just four months since its launch in December, 2016. India has also seen an unprecedented increase in number of transactions made using several user-friendly digital payment methods.
Until November 2016, the volume of all digital transactions was 2.8 lakhs  which amounted to Rs.101 crore in value terms. In just four months, by March this year, volume of payments using various digital payment modes has shot up 23 times amounting with 63.8 lakh digital transactions for a value of  Rs. 2,425 crore. Aadhaar Enabled Payments have increased from 2.5 crore in November 2016 to over 5 crore in March 2017. Immediate Payment Service (IMPS) transactions have also increased from 3.6 crore to 6.7 crore during the same period.