The scheme is in line with the government’s effort to boost digital payments in India. Under the scheme, acquiring banks will be provided incentives for promoting point-of-sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value UPI transactions for the current fiscal year. The Union Cabinet on Wednesday approved an incentive scheme for promoting RuPay debit cards and low-value UPI transactions. Under the scheme, incentives worth Rs 2,600 crore have been approved for FY23. The promotional incentive is in line with the government’s efforts to boost digital payments in India. 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 UPI transactions for the current fiscal year.
In her Previous Budget Speech, Finance Minister Nirmala Sitharaman mentioned.
the government’s intent to financially support the growth of digital payments, with focus on promoting the use of payment platforms that are economic and user-friendly. Also Read | UPI transaction limit: This is how much you can spend using GPay, PhonePe, Paytm daily As a result of the scheme, total digital payments transactions have registered a year-on-year growth of 59 per cent, rising from Rs 5,554 crore in FY21 to Rs 8,840 crore in FY22. Meanwhile, UPI transactions have registered a year-on-year growth of 106 per cent, rising from Rs 2,233 crore in FY21 to Rs 4,597 crore in FY22. The government believes that the incentive scheme will help in building a “robust digital payment ecosystem” in the country. The scheme would also help in promoting UPI Lite and UPI123PAY as economical and user-friendly digital payments.