New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year from April 2022.
The approved scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions in FY23 has a financial outlay of Rs 2,600 crore.
According to the PIB press release, under the scheme, acquiring banks will be provided financial incentives, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for the current financial year.
The Finance Minister, in her speech on the Budget 2022, announced the government’s intent to continue the financial support for digital payments announced in the previous Budget, with a focus on promoting the use of payment platforms that are economical and user-friendly
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