As of now, BHIM App users get cashbacks ranging from Rs 10 to Rs 25 max. On the other hand, wallets like Paytm and MobiKwik are providing larger offers and cashbacks to lure users.
This may change now, as starting this Independence Day, National Payments Corporation of India (NPCI) will introduce massive cashbacks and offers for BHIM App users.
NPCI operates and manages BHIM App.
BHIM Users Will Now Get Actual Cashback
As per NPCI MD & CEO A. P. Hota, they have proposed the cashback offers to the Govt., and is right now awaiting their approval.
He said, “We have communicated to the government that the cashback incentives need to be increased so that more people will start using it. We are waiting for the approval from the government which is expected by August 15.”
As of now, the only cash incentive offered by BHIM App is for referral. If person A refers BHIM App to person B, then person A will get Rs 10 and, person B will get Rs 25.
But now, it seems, that BHIM App will roll out cashbacks on using their app for payments, incentives for using the app to pay to merchants and more.
Details are still awaited.
QR Code To Be Implemented
Meanwhile, AP Hota also informed that a new QR code based payment mechanism would be rolled out in the BHIM App, which will make it even more easier for the app users to transfer money.
QR Code is one of the most popular and preferred method to pay money on Paytm.
The new version of BHIM App: 1.4 would be released on August 15th, powered with QR code platform, and new cashback offers.
He said, “We are also in the final stages of launching version 1.4 of BHIM, which will make transactions smoother on the app. Among other updates, Bharat quick response (QR) code will be integrated into the app which should be another booster for increasing transactions on BHIM.”
Last month, UPI based transactions breached 1 crore mark, as the usage is witnessing faster growth, compared to e-Wallets.
As per RBI data, usage of e-Wallets is decreasing, compared to UPI, and this is excellent news for NPCI.
Uber, WhatsApp, Hike, along with IRCTC has already adopted UPI based payment platform, and several other brands will likely opt for UPI, as the process to transfer money is much simpler, and easy.
Do you think UPI and BHIM will beat Paytm and MobiKwik one day? Do share your views by commenting right here!