Livemint: May 17, 2017
New Delhi: A referral scheme to expand use of Bharat Interface for Money (BHIM) has gained momentum a month since launch, the National Payments Corp. of India (NPCI) said.
The scheme was one of the two new schemes—cashback for merchants and referral bonus for customers—launched by Prime Minister Narendra Modi on 14 April at Nagpur on the 126th birth anniversary of Dr B.R. Ambedkar.
“This scheme aims at digitally literate people spreading the use of digital payments and getting rewarded. Building a less-cash society can happen only when there is public participation in the project,” A.P. Hota, MD & CEO, NPCI said in a statement on Tuesday.
On 14 April, Modi had said that the time is not far when premise-less and paperless banking will become part of people’s lives, and announced two new incentive schemes by rewarding the referrer and the referee. The schemes will end on 14 October.
“The total targeted outlay by the government for rewarding the referee and referrer is Rs495 crore for a period of six months (from 14 April 2017 to 14 October). The scheme is administered by the ministry of electronics and information technology,” the statement said.
Both the referrer and referee can earn under this scheme. The referrer needs to encourage the referee to download the BHIM App and enter the referrer’s mobile number as the referral code. For both referrer and referee to get their reward, the referee has to make minimum 3 transactions totaling to a minimum value of Rs50. On successful completion of the process, the referrer would get Rs10 and the referee who does the payment would get Rs25.
“The new version of BHIM has been designed in such a way that when a new BHIM user uses it for the first time the referrer’s mobile number would be asked. Based on this information, the referrer would get rewarded. From second transactions onwards the reference will not be required. A new user can also skip this step if he/she would not like any reference to be generated,” the statement added.
The app launched on 30 December has already witnessed close to 20 million downloads.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.