The year 2016 ended with a bang. With the demonetisation drive, India went into a financial frenzy. Banks worked overtime to accept and dispense cash, most ATMS remained shut and India went cashless, literally. What also changed was the popularity of digital payments. Before November, digital payments were slowly becoming popular.
The year 2016 ended with a bang. With the demonetisation drive, India went into a financial frenzy. Banks worked overtime to accept and dispense cash, most ATMS remained shut and India went cashless, literally. What also changed was the popularity of digital payments. Before November, digital payments were slowly becoming popular. But post demonetization, they became a necessity as the cash crunch hit the economy. Among other digital payments, the Unified Payment Interface (UPI) also made its mark. Being linked to your actual bank account, UPI enables you to make transactions directly from your bank account without the use of mobile wallets.
The UPI platform compares favourable to e-wallets on many parameters. And therefore it’s a welcome sight to see the launch of the government-backed Bharat Interface for Money (BHIM) app. It is a mobile payment app which aggregates the UPI-based services offered by all banks. Right now, BHIM is available on Android platforms, and has received over 10 million downloads in a short span after its launch.
However, the one area where BHIM didn’t compare favourably with e-wallets was in marketing and promotions. E-wallets became essential not just because of the cash crunch but also because they were offering users discounts, cashback offers and deals. But with the Finance Minister Arun Jaitley announcing the plans to have promotional offers on BHIM, this UPI app will be hard to ignore.
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BHIM app referral scheme
Under this scheme, a referral code would be provided to you if you are a BHIM app user. You can use this referral code to refer the app to your peers. If anyone downloads and uses the app using your referral code, you get a referral bonus. Here’s how to use this scheme:
You should first download and launch BHIM app on your Android Smartphone
Go to your dashboard displayed on the app home page
You can see your unique referral code or referral link
Share this link or code with your friends and relatives and ask them to download the BHIM app using your referral code
When your friends and relatives download the app, you get an incentive.
BHIM app Cashback scheme
To promote digital transactions and the usage of BHIM app, the cashback scheme is available for merchants. Here are the steps to use this scheme:
First, download and open the BHIM app
Create your UPI address on the app
After creating the address, link your mobile number to the address
Your bank account is then required to be linked
When the mobile number and bank account are linked and you make any transactions using the BHIM app, you get to earn cashbacks.
New to BHIM? Here’s how it works
BHIM is a mobile phone app. You simply have to download the app on your Android-supported mobile phone and register with your mobile number and bank details. After registering with the app, you can send and receive money, and settle bills using a vendor’s QR code. You can also check your bank account balance using the app. You just need three things to use the app – an Android mobile phone, a bank account and a four-digit passcode which you have to register on the app and which is required every time you use the app.
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What are the benefits of using the BHIM app?
The BHIM app is smarter alternative to e-wallets as you can transact directly using your bank account without having to load money into your wallet. Any payments received also goes directly into your bank account without any charges if you use the app as compared to mobile wallets where charges may be levied if you transfer money to your bank account.
The BHIM app is an aggregator which supports UPI-based payments of all banks. Thus you do not have to download each bank’s UPI app for transacting if you have multiple accounts. The single BHIM app is all you need.
BHIM has been launched to fortify the government’s ‘Digital India’ movement and to reduce dependency on cash transactions. It allows your mobile phone to be your digital wallet where you can do transactions without carriage costs. Moreover, the referral and cashback scheme makes the app all the more attractive. So, what are you waiting for? Download the app today and enjoy the benefits.
(The writer is CEO, BankBazaar.com)