The Benow digital payments platform is empowering hundreds of local merchants across Mumbai to accept hassle free digital payments through BHIM and other UPI Apps. Named as ‘BHIM – Enablement Service’, this is cost effective and secure method of accepting payments directly in to the merchant’s bank account, eliminating the issue of dealing with cash on a day-to-day basis. The Benow digital payments platform and apps are powered by YES Bank’s UPI system which allows seamless payments and convenience to the user. The service is also integrated closely with the bank’s API Banking which allows for easy reconciliation and integration with Benow and their merchants.

 

While BHIM and other UPI apps have run up millions of transaction for Peer to Peer payments, merchant payments still constitute only a small proportion. Since merchant payments involve setting up a nodal account, collecting MDR, supporting disputes and complaints, Benow fulfills a distinct need in the market not addressed by other players – especially in the case of small, neighbourhood merchants. With local merchants contributing to a significant proportion of the 100 cr. daily cash transactions that happen across India, Benow intends to contribute to the 2500 cr. digital transaction target set by the Government for FY 2017-18.

Within 72 hours of signing up for Benow’s  BHIM Enablement Service, each merchant is activated with their unique VPA ( Virtual Payment Address) and a QR code – which on being scanned by the customer through the BHIM app or any bank’s UPI app allows them to make payment directly into the mes and send collect request can work on the merchant’s PC, tab or smartphone. The Benow seerchant’s bank account. The merchant can operate this service even with just a feature phone. A full function merchant console to review complete payment history, generate dynamic QR codrvice provides training, settlement support, hand holding and dispute resolution services, helping small merchants transition effectively to accepting digital payments.

Mr. Sudhakar Ram, Founder & CEO, Benow says, “We believe that NPCI and the Government have taken significant steps in accelerating digital payments through BHIM and UPI services. The customer response to BHIM has been overwhelming. Independent players like us, with the sponsor ship of partner friendly banks like YES Bank, will now step up the merchant base to accelerate merchant payments through UPI. The initial response of merchants in Mumbai has been encouraging and we are now ready to scale up this service to many other cities across India.”

Mr. A.P Hota, Managing Director & CEO, NPCI adds, “Having created the UPI backbone, we are happy that independent players like Benow have stepped in, with the support of partner banks to deliver innovative products and service to expand usage of digital payments across various segments. I am happy that Benow is focusing in the local merchant segment which has the maximum number of cash transactions today. By providing the service that can empower these small merchants to effortlessly accept payments through BHIM and other UPI platforms, Benow can play an important role in expanding digital payments in the country.”

Mr. Ritesh Pai, Senior President & Country Head, Yes Bank, adds, “At YES Bank, we believe that partnership s with innovative, independent players is the way to accelerate adoption of digital technologies in India. YES Bank was the first bank to focus on enabling person to merchant transactions on UPI and we are glad to extend this with partnership with Benow, whose focus on local, neighbourhood merchants makes them unique in creating a platform for daily needs purchases to go cashless – enabling kiranas, vegetable vendors, and, small restaurants and food stalls to accept digital payment from their customers.”

“We started with Benow digital payment platform in three of our stores in Mumbai and have found it quite interesting. Before demonization,we found that 14-15% transactions in cashless mode, but December onwards it grew to 34-35%. Thanks to Benow platform which enables customers to make easy payments without any hassle. We now plan to expand this digital platform and BHIM & UPI apps to other stores in Mumbai and rest of India.” - Sudhakar Sharma, CEO, Wellness Forever

 

Even small merchants like us can benefit from Benow digital payment platform and BHIM apps which eliminates the use of cash and small changes which has always been an issue with the shop owners. Now with BHIM and UPI apps, the shop owners can concentrate on day to day business without having to bother about handling cash. - Vijay Yadav, Owner, Geeta Fast Food

 

Prime Minister launches BHIM - Aadhaar platform

Prime Minister Narendra Modi recently launched BHIM-Aadhaar platform for merchants to facilitate digital payments and unveil cash back and referral bonus schemes for the BHIM app at Nagpur.

 

"BHIM-Aadhaar, the merchant interface of the BHIM App, launched by the prime minister, will pave the way for making digital payments by using the Aadhaar platform," Mr. Dilip Asbe, Chief Operating Officer of National Payments Corporation of India (NPCI) said on the sidelines of the press conference organised by Benow. "This will enable every Indian citizen to pay digitally using their biometric data like their thumb imprint on a merchants' biometric enabled device which could be smartphone having a biometric reader," Mr. Asbe added.

 

Already, 27 major banks are now on board with 3 lakh merchants so that they can start accepting payments using BHIM Aadhaar, Mr. Asbe pointed out.

Modi will also felicitate the winners of the mega draw of the two major incentive schemes to promote digital payments, - Lucky Grahak Yojana and Digidhan Vyapaar Yojana.

 

Further, to ensure that the culture of digital payments permeates down to the grassroot, Mr. Asbe said the prime minister will also launch two new incentive schemes for the BHIM cashback and referral bonus schemes. Under the cashback and referral bonus schemes, incentives totaling Rs 495 crore will be given to merchants for accepting payments through BHIM and existing users for referring it to others.

 

"The launch of BHIM-Aadhaar app and the launch of the two schemes cash back and referral schemes by the prime minister will provide a major impetus to the digital payment revolution in India," NPCI chief said.




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