New Delhi: The Union Cabinet on Wednesday gave its nod to a ₹2,600 crore incentive scheme, aimed at boosting transactions done through unified payments interface (UPI) and promote Rupay debit cards.
“The scheme, which has been approved for fiscal year 2022-23, will provide incentives on the use of UPI (BHIM) for low-value transactions,” an official statement said.
Under the scheme, acquiring banks will be provided financial incentive, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year 2022-23.
This incentive scheme will facilitate building of a robust digital payment ecosystem and promoting Rupay Debit Card and BHIM-UPI digital transactions.
“In-line with the objective of ‘Sabka Saath, Sabka Vikas’, the scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly digital payments solutions and enable further deepening of digital payments in the country, across all sectors and segments of the population,” the statement reads.
The government is also taking various initiatives for promotion of digital payments across the country. Over past years, digital payment transactions have witnessed tremendous growth. During the Covid-19 crisis, digital payments facilitated functioning of businesses, including small merchants, and helped in maintaining social distancing.
UPI has achieved a record of 782.9 crore digital payment transactions with a value of Rs. 12.82 lakh crore in December 2022.
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