Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions
India TV NewsIn a big boost to Digital India initiative, the Centre has approved has approved an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for a period of one year from April 2022. The approved incentive scheme will focus on promoting Point-of-Sale and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year FY 2022-23. Further, the National Payments Corporation of India requested, among other things, for incentivisation of BHIM-UPI and RuPay Debit Card transactions to create a cost-effective value proposition for ecosystem stakeholders, increase merchant acceptance footprints and faster migration from cash payments to digital payments. This incentive scheme will facilitate building of a robust digital payment ecosystem and promoting RuPay Debit Card and BHIM-UPI digital transactions.