The government has increased the cashback scheme available for merchants till March till the month of March. The traders get the incentive of the incentive up to Rs.1000 on receiving payment from Bhima App. This cashback scheme has been increased to 31 March 2018. The Ministry of Electronics and IT has been released in the note in this regard.
Monthly limit of cashback 1000 rupees
Prime Minister Narendra Modi launched this scheme on April 14. Under this, cashback was offered for the next six months after promoting cashless payment for Bhim App. Under this scheme, the trader can take a cashback of 50 rupees on 20-50 transactions. It can take a cashback of 2 rupees on each transaction. Monthly limit of cashback is 1000 rupees.
No need to deposit money in Bhim App
In order to take advantage of this scheme, the trader will have to accept atleast 20 transactions through the Bhim App from the unique user in M month. Each transaction should be of minimum 25 rupees. The user can use the Bhim App to transact through the UPI address, ISFC code and the bank account of the money-taker and the QR code scan. This app will be generated automatically. Like mobile wallet, there is no need to deposit money in the Bhima app.