HomeNewsEconomyCentre clears Rs 2600 cr scheme to promote RuPay & BHIM-UPI

Centre clears Rs 2600 cr scheme to promote RuPay & BHIM-UPI

The Union Cabinet 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. Union Minister Bhupender Yadav announced the financial outlay of ₹ 2,600 crores for the scheme. 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.

  • This incentive scheme will help in facilitating the building of a digital payment ecosystem and promoting RuPay Debit Card and BHIM-UPI digital transactions.
  • The scheme aims to promote UPI Lite and UPI 123PAY as economical and user-friendly digital payments solutions and will enable penetration of digital payments across all sectors and segments of the population.

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