Nearly a week after the Union Cabinet approved INR 2,600 Cr in incentives to promote digital payments, the government finally notified the scheme on Monday (January 16). The Centre ratified the scheme in its notification, which aims to promote RuPay debit cards and low-value BHIM-UPI transactions under INR 2,000 for the fiscal year 2022-23. (FY23).
The incentives will be made available to acquiring banks at the rates specified in the order to promote point-of-sale (PoS) and ecommerce transactions. For non-industry programmes, acquiring banks will receive a flat rate of 0.4% as an incentive per transaction for RuPay debit card payments. This amount will be capped at INR 100. For industry programmes, the acquiring banks will get 0.15% per transaction amount, capped at INR 6.