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To promote digital payments in the country, the central government approved a scheme of Rs 2600 crore in the cabinet meeting held on Wednesday. Under this, users will be given financial incentive on low cost transactions done through BHIM UPI and RuPay debit cards.
This incentive will be given by the bank. Under the scheme, banks will be given financial incentives to promote ‘Point of Sale’ (PoS) payment machines and e-commerce transactions using RuPay and UPI in the current financial year.
An official tweet said, “The Cabinet approved the incentive scheme to promote small amount transactions between individuals and merchants through RuPay Debit Card and BHIM-UPI.” This will help in creating a robust digital payments ecosystem. Low-cost and easy-to-use UPI Lite and UPI 123 Pay will also be promoted under the scheme.
