: Centre approves promotional incentives for Rupay debit card, low value BHIMUPI transactions #FinanceIndia #StockMarketNEWS Centre approves promotional incentives for Rupay debit card, low value BHIM-UPI

@StockMarketNEWS Tue 17 Jan, 2023

Posted in: #FinanceIndia #StockMarketNEWS

Centre approves promotional incentives for Rupay debit card, low value BHIMUPI transactions #FinanceIndia #StockMarketNEWS
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.

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)