NPCI’s new initiative, launched by PM Modi and related to the BHIM referral bonus schemes for consumers, has started gaining momentum in the country. The scheme was implemented and launched on April 14, 2017, on the occasion of commemorating the 126th birth anniversary of Dr. Bhimrao Ambedkar. The objective was to encourage the use of digital payments by way of rewarding the referrer and the referee.
How will this scheme work?
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 the referrer and the referee to get their reward, the referee has to make minimum 3 transactions, totalling to a minimum value of Rs 50. On successful completion of the process, the referrer would get Rs.10 and the referee who does the payment would get Rs 25. It is a win-win situation for both who talks about BHIM and who uses BHIM.
The latest version of the BHIM app is designed in such a way that when a new BHIM user uses it for the first time, it will ask the referrer’s mobile number. Based on that particular information, the referrer would get rewarded. However, from the second transactions onwards the reference will not be required. You as a new user can also skip this step if you do not like any reference getting generated.
“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,” says A. P. Hota, MD & CEO, NPCI.