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Centre approves promotional incentives for Rupay debit card, low value BHIM-UPI transactions

Updated: Jan 11, 2023 11:54:53am
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Centre approves promotional incentives for Rupay debit card, low value BHIM-UPI transactions

New Delhi, Jan 11 (KNN) The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved Rs 2,600-crore incentive scheme to promote Rupay debit card and low-value BHIM-UPI transactions (person-to-merchant) in FY23.

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.

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The Union Cabinet has also approved the setting up of three national-level multi-state co-operative societies under Multi-State Cooperative Societies (MSCS) Act, 2002.

Earlier in 2021, the Cabinet, chaired by PM Modi, had approved an incentive scheme to promote RuPay Debit cards and low-value (upto Rs 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.

As a result, total digital payments transactions have registered a year-on-year growth of 59 per cent, rising from 5,554 crore in FY2020-21 to 8,840 crore in FY2021-22. BHIM-UPI transactions have registered a year-on-year growth of 106 per cent, rising from 2,233 crore in FY2020-21 to 4,597 crore in FY2021-22.

With the aim to promote digital payments transactions across the country, the government has been taking up various initiatives. 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 the month of December 2022.  (KNN Bureau)

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