BHIM Merchant Account Registration and Cashback Offers, Reward Points up to Rs 300. PM Narendra Modi on Friday launched BHIM aadhaar pay app and two new offers to reward BHIM users. These two schemes are: i. BHIM Merchant Cashback Scheme, ii. BHIM Referral Bonus Scheme.
BHIM Merchant Account Registration Procedure- BHIM APP Merchant Cashback Offers, Reward Points
BHIM-Aadhaar Platform Launched With Incentives for Customers and Merchants
Prime Minister Narendra Modi on Friday launched two new offers to reward BHIM users. These two schemes are:
BHIM Referral Bonus Scheme (For Individuals)
The Referral Bonus scheme will incentivize existing BHIM users for bringing new users on the BHIM platform and encouraging the new users to do transactions with others using BHIM or by referring new users on BHIM. Hence, the bonus will be paid to both the referrer and the new user of BHIM (referee). The referral will be considered successful only after 3 unique successful financial transactions have been completed by the new user.
On completion of minimum 3 unique successful transactions totalling only Rs 50 to any 3 unique users (either to customers or to merchants), the referrer and the referee will be notified about the bonus amount via notification in BHIM app. The referrer will get Rs 10 per successful referral, while the new users will get Rs 25 for downloading and transacting from BHIM App.
BHIM Merchant Cashback Scheme
The BHIM Merchant Cashback Scheme incentivises merchants to use the BHIM mode (either QR code or VPA or Mobile number or “Pay to Aadhaar”) for business transactions. For up to 50 to 100 transactions, merchants will be rewarded Rs. 100 cashback every month. For more than 100 transactions, the merchant stands a chance to receive Rs. 50 paise per transaction till up to Rs. 200 per month (max) – leading up to Rs. 1,800 for six months. Cashback is normally credited to the merchant’s account on the 7th of every month. There is one more caveat though; you are only eligible for cashback, if out of your 50 customers, 20 are unique and non-repetitive. This scheme is mainly to increase the number of merchants registered on BHIM, and also increase the number of merchant payment transactions using BHIM app.
Step by step Procedure to Create/Register Merchant Account in BHIM App
1. First Download the latst version of BHIM Application.
2. Open the BHIM App and click on ” I am a Merchant tab”
3. Fill the appropriate information regarding your Business and click on Confirm button
4. Then, Start receiving payments from your customers
5. For up to 50 to 100 transactions, merchants will be rewarded Rs. 100 cashback every month
6. For more than 100 transactions, the merchant stands a chance to receive Rs. 50 paise per transaction till up to Rs. 200 per month (max)
7. Your Reward will be seen “Reward Section of the App”
8. Become a valid merchant by receiving 50 payments from 20 unique users.
9. It is a monthly programme and cashback is received before 7th of next month.
BHIM APP Merchant Cashback Offers
BHIM Cashback scheme for Merchants: Key objectives of the BHIM Cashback Scheme are
1) Increasing the number of merchants registered on BHIM
2) Increasing the number of merchant payment transactions using BHIM
3) The scheme incentivises not just one-time adoption of BHIM by merchants, but will also encourage transactions via BHIM mode (either QR code or VPA or Mobile number or “Pay to Aadhaar”). The cashback to the merchant can be up to Rs 300 per month, with each merchant eligible to win up to Rs 1,800 in 6 months.
4) 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.
5) Under the Cashback scheme, the merchants will get a cash back on every transaction using BHIM. Both schemes are to be administered by MEITY and implemented by NPCI.
6) The government has set aside Rs 495 crore towards this scheme, which will be disbursed over a period of six months.
What is BHIM Aadhar app?
BHIM Aadhar is a new Aadhar Payment App is a new Android smartphone application being launched by the Narendra Modi government to encourage the use of digital payments. BHIM Aadhar Pay smartphone payment app would also eliminate the fee currently being charged by the private card companies such as ‘MasterCard’ and ‘Visa’.
Who should install BHIM Aadhar Pay app?
Aadhar Pay App is need to be installed by merchants only i.e. only the shopkeepers, showrooms need to install bhim aadhar pay app and the users who wants to pay using aadhar pay only need to link their aadhar number with their bank accounts. Shopkeepers/ Merchant can download bhim aadhar pay to take payments from customers from their aadhar linked bank accounts using their biometric scan.
How to download BHIM Aadhar Pay app?
Merchants would just need to download the Aadhar Pay App and connect their smartphones to the biometric scan machine to accept the payments from customers. The merchants would also be required to connect their bank accounts and register themselves on the app.
The application can be downloaded from the Google Play Store by searching for ‘BHIM Aadhar Pay‘ and clicking the download link.
How it works?
Merchants would be required to download the BHIM Aadhar Pay payment app on their android smartphone connected to a biometric reader. The biometric reader is currently available for just Rs 2000. If a customer wants to make payment, then he/she just need to enter his Aadhar Number in the app and select the bank from which the payment is to be made and use the biometric scan as the password for the transaction.
Upon entering the Aadhar Number, the app would automatically fetch the bank accounts linked with your Aadhar number, then the customer can make the selection of bank for payment as per his/her choice.