BHIM app may take on Paytm by offering more cashback: Report
By Team Asianet Newsable | First Published Aug 7, 2017, 7:09 PM IST- BHIM app has crossed 16 million downloads.
- BHIM app plans more cashback for its users.
- The final decision will be made around August 15.
While the BHIM app was launched amid much fanfare, other mobile wallets are believed to be more popular. Now, to combat the popular Paytm, government has decided to offer higher cashback for those who opt for transactions via BHIM app.
Bharat Interface for Money (BHIM) app was launched by the PM Modi led government in December last year. It was launched just post the demonitisation announcement and was aimed at boosting digital payments.
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According to a report in The Times of India, NPCI Managing Director and CEO Abhaya Prasad Hota said that the government has been told about the need to increase cashback and incentives offered for those using BHIM. So far, it offers cashback ranging from Rs 10 to Rs 25.
The final decision will be made around August 15. This means, we can expect an announcement related to the BHIM during this Independence Day. BHIM app has crossed 16 million downloads with 4 million active user base. However, to boost usage it will have to compete with the likes of Paytm that offer massive cashback.
An earlier report had highlight the referral scheme wherein users can refer the app to others. The referrer can get Rs 10 if he or she manages to encourage the referee to download the BHIM App, use the referral code and make three transactions amounting to as low as Rs 50. On the other hand, the referee will get Rs 25.
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