NEW DELHI : The Union Cupboard on Wednesday gave its nod to a ₹2,600 crore incentive scheme, geared toward boosting transactions completed via unified funds interface (UPI) and promote Rupay debit playing cards.
“The scheme, which has been authorized for fiscal yr 2022-23, will present incentives on using UPI (BHIM) for low-value transactions,” an official assertion mentioned.
Beneath the scheme, buying banks can be offered monetary incentive, for selling Level-of-Sale (PoS) and e-commerce transactions utilizing RuPay Debit Playing cards and low-value BHIM-UPI transactions for the present monetary yr 2022-23.
This incentive scheme will facilitate constructing of a sturdy digital fee ecosystem and selling Rupay Debit Card and BHIM-UPI digital transactions.
“In-line with the target of ‘Sabka Saath, Sabka Vikas’, the scheme may even promote UPI Lite and UPI 123PAY as economical and user-friendly digital funds options and allow additional deepening of digital funds within the nation, throughout all sectors and segments of the inhabitants,” the assertion reads.
The federal government can be taking varied initiatives for promotion of digital funds throughout the nation. Over previous years, digital fee transactions have witnessed large development. In the course of the Covid-19 disaster, digital funds facilitated functioning of companies, together with small retailers, and helped in sustaining social distancing.
UPI has achieved a report of 782.9 crore digital fee transactions with a price of Rs. 12.82 lakh crore in December 2022.
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Supply: Live Mint