Page 36 - Banking Finance December 2017

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Y Access transaction history and Request Balance To establish the referral relationship between referrer and
anytime referee needs to enter the referral code of the referrer at
the time doing the first financial transaction.
Y Create, reset or change UPI PIN
Y Report issue and call bank facilities are given to The referral code field will appear on the transaction page
lodge complaints and will be visible only to the new BHIM user at the
transaction process.
Y FAQ section is created in the app to answer all the
queries of BHIM On completion of minimum 3 unique successful transaction
totaling to Rs.50 to any 3 unique users, The referrer intimate
Y Available in 2 languages English and Hindi
about bonus amount via notification in BHIM app.
12. Benefits of BHIM: The bonus will be credited to the bank accounts of the
Y Single App for sending and receiving money and referrer and referee after meeting the eligibility criteria.
making merchant payments
Merchant Incentive Scheme:
Y Go cashless anywhere
Merchant can download and install the BHIM App in his
Y Added security of Single click 2 factor authentication
phone to self declare himself/herself as merchant tab on
Y Seamless money collection through single BHIM App.
identifiers, reduced risks ,real time
Once the user click on the "I am merchant" then He/she
Y Mobile no. or Name used to create Virtual Payment has to fill in appropriate details asked by the BHIM App.
Address
The scheme applied to all merchants who receive payment
Y Best option to move the society cashless on BHIM App or *99#.
Y Send and collect using Virtual payment address or Reward section in BHIM app would display the cash back
account no & IFSC
received to the merchant.
Y Payment through single app in your favorite language
Merchant can use any mode available on BHIM to collect
Y 24X7, 365 days instantaneous money transfer the payment from the customer.
13. Transfer Limits: On achieving the cash back incentive slab as defined for the
merchants, NPCI initiates the cash back process using NACH
Y Maximum limit per transaction is Rs. 10000 per
platform.
transaction
Vision of the BHIM is to be the best payments payment
Y Maximum limit per day is Rs. 20000
channel. We here see from the table and the graph how
volume and amount of transaction is increasing from BHIM
There is limit of 20 transactions per account per bank Charges in comparison with other channels.
for using BHIM: The charges for BHIM is one time hard
binding SMS charges depending on the mobile operator Month No of Banks Volume Amount (Rs.
standard SMS charges of your operator. For *99# the charges live on BHIM in Millions)
are Rs.0.50/- for one transaction. It is upto bank's discretion Dec-16 31 42716 18.54
to levy any charges on the customers for using BHIM.From Jan-17 35 1717696 3564.99
NPCI there is no charges levied upon the customer.
Feb-17 44 1970338 6231.45
BHIM Referral scheme: Mar-17 44 2459877 8231.01
Apr-17 44 3186688 10021.50
Customer Referral scheme: This scheme is intended to
incentivize an existing user of BHIM to bring new users on May-17 44 3975750 13067.25
the BHIM platform and doing transaction through BHIM. Percentage 41% 8307% 70381%
Increase from
Hence, the bonus will be paid to both the referrer and the
Dec 16 to
new user. Referral will be considered successful only after 3
May 17
successful financial transactions to any UPI user performed
by the referee. Data source NPCI web site

36 | 2017 | DECEMBER | BANKING FINANCE

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