Finance Ministry to increase BHIM’s referral incentives soon

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

After demonetization, the government has launched BHIM app in order to promote digital economy and to fight against black money. But this step doesn’t prove out to be fruitful since it has failed to attract consumers. Therefore, Banks and the National Payments Corporation of India have asked the finance ministry to increase the referral bonus to attract users. The government has considered their requests and may announce revised incentives soon.

Currently, if any person refers BHIM to another, gets ₹10 as an incentive and the person who starts using it gets ₹25 as an initiating cashback. The BHIM app enables payment transactions using the Unified Payments Interface (UPI). Users can make instant bank-to-bank payments and pay and collect money using their mobile phone numbers or virtual payment addresses.

The chunk of UPI transactions comes from BHIM and PhonePe. According to the reports, 45% of the transactions are happening through BHIM and 40% is being driven by Phone Pe. While only 15% share of UPI transactions has been enforced by the thirty-six banks together, which is very low.

UPI clocked 10.2 million transactions in June, a fivefold increase since December. It had a share of only about 1% of the total electronic payment system transactions. According to AP Hota, MD, NPCI, “We are short of our target of 40 million transactions for the first quarter via UPI”.

In the first three months of this financial year, UPI has only clocked 26 million transactions. Bankers said they have apprehensions over the ability to reach the target of 25 billion transactions.

- Advertisement -

Latest News

Restored Jayakar Bungalow in NFAI Pune inaugurated

Pune, Sep 15 (IANS) Union Information and Broadcasting Minister Prakash Javadekar on Sunday inaugurated the newly renovated heritage building...

Yogi, ministers attend session on leadership at IIM-Lucknow

Lucknow, Sep 15 (IANS) For the second consecutive Sunday, Uttar Pradesh Chief Minister Yogi Adityanath, along with other cabinet ministers and IAS officers at...

Modi, Trump at Houston will be all about quid pro quo (Guest Column)

By Robinder Nath SachdevThe ducks seem to be lining up for President Donald Trump to join Prime Minister Narendra Modi at the Indian-American community...

Farmer electrocuted in UP, wife critical

Lucknow, Sep 15 (IANS) A farmer was electrocuted to death while his wife sustained serious injuries in Uttar Pradesh's Chitrakoot district when they came...

Farmers’ woes grow despite hike in MSP

New Delhi, Sep 15 (IANS) While the minimum support price (MSP) set by the government has failed to benefit a large section of farmers,...
- Advertisement -

More Articles Like This