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.
PIB Mum/Nag : MD/NS/SA