Budget 2017: Bonus, cash-back schemes to promote BHIM

Govt hopes to accelerate BHIM usage

GN Bureau | February 1, 2017


#Cashless Economy   #Budget 2017   #BHIM  

The government will promote BHIM, its mobile-based payment system, with  'referral bonus' and 'cash back' schemes, finance minister Arun Jaitley announced in the 2017 budget.

The government's BHIM stagnates at five million downloads.

Jaitley also announced that a merchant version of the IDFC Aadhaar Pay system will be launched soon. Aadhaar Pay currently allows users to make direct payments to each other without debit cards or other devices via bank accounts that have been linked to the Aadhaar number. The merchant version will allow shops and others to accept payments from Aadhaar Pay. Some 20 lakh Aadhar-compatible PoS machines will be deployed to popularise Aadhaar-based payments.

The finance minister also announced plans to deploy 10 lakh PoS machines across the country.

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