ENA Economy 2023-01-11 11:54:53 <p><span style="font-size:14px"><strong>New Delhi, Jan 11 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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. <em><strong>(KNN Bureau)</strong></em></span></p> 31901 https://knnindia.co.in/news/newsdetails/economy/centre-approves-promotional-incentives-for-rupay-debit-card-low-value-bhim-upi-transactions 2023-01-11 11:54:53 knnindia.co.in