Paytm-RBI incident: BHIM UPI announces cashback offer

Paytm, one of India's biggest digital payments companies, is facing a crackdown from the Reserve Bank of India (RBI).

RBI has ordered Paytm to stop credit services for Paytm Payments Bank from March 1, which has left its users in a jumbled state.

Rival brands, on the other hand, are cashing in on the fiasco that has catapulted Paytm into an image repair mode.

BHIM UPI is one of the rival platforms that is wooing customers looking for a stable payments service.

It is the government's own payments service, owned by the National Payments Corporation of India (NPCI).

Its new offer includes a Rs 750 cashback to users when they make a transaction through a credit card.

BHIM UPI said anyone who uses a RuPay credit card linked to the UPI service for payments on BHIM will be eligible for the cashback.

However, details such as the minimum transaction value and cashback credit deadline are unclear.