This is amazing for people who extensively use digital wallets and cashback for different products and transactions. BHIM App is the new thing giving out straight cashback plans to customers, merchants!
BHIM is a mobile application built by National Payments Corporation of India (NPCI), based on the concept of UPI for quick and easy online payments, simply using your mobile phone.
To further fortify the future of Digital Wallets in India scene, the ministry has directed companies to give out cashbacks and offers to pump up usage and awareness for all the users. Customers and merchants both are eligible to take advantage of cashbacks and offers. All digital wallets are trying to give out more flexibility to the users for increased usage. The wallets need to be super simple with the facility of private payment which gives a big break to provide additional facilities. BHIM is one exclusive app that gives out cashback ranging from the first time use to regular transactions.
New customers are offered huge cashback for just joining the platform, completing the first transaction. The platform just needs to be linked to the registered mobile number and link your bank. The new customers can make, For example, customers using BHIM, the customer can make a transaction value to as low as Rs 1 and receive Rs 51 cash back in return. Also, get a cashback upto Rs 750 cashback every month which is enormous. An additional Rs.25 for every unique transaction.
A customer will receive Rs 25 cashback for every unique transaction with a minimum transaction value of Rs 100 and or more. Much such cashback is placed in the application to encourage people more and more.
What is a merchant cashback scheme?
When we talk about merchant cashback scheme, they are eligible to earn cash back every month. Sponsoring cashback plans is not a new practice for the Government. The BHIM app is popular for promoting digitization in the country with bank transfers.
E-Wallets aka mobile wallets are of course a great way of doing transactions using plastic money/ prepaid card and avoiding the hassles of paper money.
Read more: What is a Prepaid Card?
Steps to Using e-Wallets:
- Download any e-wallet on your phone
- Add cash to the wallet
- Now make payments using the money added to the wallet.
The innumerable perks of having an e-wallet is the number of discounts and offers you get through various discounts, cashback, incentives and even freebies! You not only get exciting offers but also save huge amounts. These wallets store your payment information permanently and hence are rest assured of their wallets being used incessantly. Your personal details and money are safe when you pay using a digital wallet.
E-Wallet is basically making online shopping easier with a fabulous customer experience. The overall impact digital wallets and attached cashback have on the users is impeccable with pre-loaded information for simplification. Pay through digital wallets, keep your transactions secure and realize amazing offers in turn! An e-wallet payment is a just a few clicks job! Most importantly all transactions can easily be viewed and tracked, time and again!
Also read: The Rationale of Digital Wallets
Using e-Wallet is way secure than carrying thick cash or credit card in your physical wallet.